Foreign investment in New Zealand property
MSI Global’s Doing Business in New Zealand Series: Michael Woodward of Christchurch accounting firm Mackay Bailey talks about foreign investment in New Zealand property.
New Zealand is an incredibly investment-friendly nation, especially when it comes to property – including rural, residential and commercial property. Michael explains that foreign investors do not have to be NZ citizens or even resident in New Zealand to purchase and own property, however, there are Overseas Investment Office (OIO) rules that need to be adhered to. Investments of more than NZ$100 million need approval, as do investments in a range of ‘sensitive land’ parcels – that can be as small as 0.2 of a hectare on foreshore land. That aside, this should not deter investors – there is a huge amount of foreign investment into New Zealand property, especially residential housing. Michael finishes by talking about the competitively priced value of land in New Zealand, the stablity of the economy and the robustness of accounting and legal systems.