- Rt Hon Christopher Luxon
Coalition parties have agreed that overseas-based investors with a New Zealand investor residence visa will be allowed to buy a house here, to encourage more investment to grow the economy, Prime Minister Christopher Luxon says.
"The ban on foreigners buying residential housing will remain. However, the Government wants to bring additional investment, skills, ideas and connections to New Zealand, and the Active Investor Plus residency visa allows that.
"It offers residency to a migrant who invests a minimum of $5 million to help grow the economy, passes a good character test, and has acceptable health.
"But, because Active Investor Plus residency visa-holders do not have to be in New Zealand for six months of a year, the foreign buyer ban means some do not meet the threshold for buying a house under the Overseas Investment Act.
"The Government has therefore decided that people with an Active Investor Plus residency visa will be allowed to buy or build one home.
"The minimum value of the house that can be bought or built will be set at $5 million - which equates to less than 1 per cent of New Zealand houses.
"This change navigates a path between those who do not want foreign ownership opened up, and the desire to attract high net worth investors by deepening their connection to our country to help grow the economy.
"There have been more than 300 applications for the Active Investor Plus residency visa since it was re-launched on April 1.
"If all these applications are approved and proceed, it means a potential total minimum investment of $1.8 billion in the New Zealand economy.
"Globally, New Zealand has a deserved reputation as a great place to live and we want to grow our economy. By opening our door just a little to allow significant investors to own a home, we will help attract more of those who want to contribute to the community and country."
Note:
Individuals who received residence visas under the previous Investor 1 & 2 visas will also be eligible.
The Active Investor Plus categories are:
- The Growth category focuses on higher-risk investment, including direct investments in New Zealand businesses. It requires a minimum investment of $5 million for a minimum period of three years.
- The Balanced category focuses on mixed investments, with the ability to choose ones that are lower risk. The minimum investment in $10 million over five years
