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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 its foreign buyer ban for wealthy investors on the Active Investor Plus visa. To qualify, individuals must commit to investing at least $5 million in New Zealand over three years.
This change allows them to buy or build one home with a minimum value of $5 million. Prime Minister Christopher Luxon says this will attract investment, while opposition parties fear it will drive up house prices for Kiwis. The legislation is expected this year.
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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