NOW IS THE TIME TO BUY IN
The New Zealand Government has introduced the Overseas Investment Amendment Bill as part of its 100 day commitment to ban overseas speculators from buying existing houses. The intent of the Bill is to ensure that overseas persons who are not resident in New Zealand will generally not be able to buy existing houses or other residential land.
The Bill adds “residential land” to the classes of land that are “sensitive land” under the Act. “Residential land” is defined in the Bill as all land categorised as “residential” or “lifestyle” for rating valuation purposes on the relevant territorial authority’s rating district valuation roll.
We understand the Government intends that the new Bill will not apply to Australian citizens (and possibly to Singaporean citizens).
The Bill is currently before the Finance Select Committee which is due to report back to Parliament on June 30. The legislation will not have retrospective effect and will not apply to a transaction entered into before the Bill is passed into law. Therefore, we encourage any international purchasers [other than Australian Citizens] to act as soon as possible.
Please browse our selection of premiere New Zealand properties and contact us directly via one of our sales associates or directly to one of our 18 offices around New Zealand.
New Zealand Sotheby’s International Realty was founded in 2005 by Mark Harris and Julian Brown. Still privately owned, the company has 18 offices nationally across New Zealand in premium locations. As part of the world’s largest and most prestigious luxury real estate brand our emphasis and attention to detail is showcased in the properties we offer for sale. Our desire is to offer premium property for sale to buyers nationally and internationally.
Wilding Road, Queenstown | Price by Negotiation
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