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Wealthy foreign investors allowed to buy luxury homes in New Zealand
New Zealand Prime Minister backs $5m property path to lure big investors
AI summary
The government is softening the foreign buyer ban, allowing wealthy investors on the Active Investor Plus visa to purchase one home in New Zealand. To qualify, individuals must commit to investing at least $5 million in NZ businesses or funds.
The home, whether an existing property or a new build, must have a minimum value of $5 million. Prime Minister Christopher Luxon framed the move as a way to attract investment, while opposition parties warn it will drive up house prices.
New Zealand First leader Winston Peters has previously opposed foreign home ownership.
Prime Minister Christopher Luxon was joined by deputy PM David Seymour and Immigration Minister Erica Stanford for the announcement.
National and NZ First had differing views on foreign investment
Opposition says it will drive up housing costs
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