Can a non citizen purchase a house in new zealand

In New Zealand, the rules for non-citizens purchasing a house are governed by the Overseas Investment Act 2005 and the Real Estate Agents Act 2008. Here are the general guidelines:

Residency requirements:

To purchase a house in New Zealand, you must be a resident or have a specific type of visa that allows you to buy property. The following types of visas are eligible:

  1. Resident visa: You must have a resident visa, which allows you to live in New Zealand indefinitely.
  2. Work visa: If you have a work visa that allows you to work in New Zealand for a specific period, you may be eligible to purchase a house.
  3. Student visa: If you have a student visa and are studying in New Zealand, you may be eligible to purchase a house, but you must have a specific type of student visa that allows it.
  4. Investor visa: If you have an investor visa, you may be eligible to purchase a house, but you must meet specific investment requirements.

Restrictions:

Even if you have a eligible visa, there are restrictions on the types of properties you can purchase:

  1. Land ownership: Non-citizens can only purchase freehold land, not leasehold land.
  2. Residential property: Non-citizens can only purchase residential property, not commercial or industrial property.
  3. Agricultural land: Non-citizens are generally prohibited from purchasing agricultural land, unless they meet specific requirements.

Additional requirements:

To purchase a house in New Zealand, you may need to:

  1. Meet the good character requirement: You must demonstrate that you are of good character and have no criminal convictions.
  2. Provide financial information: You may need to provide financial information, such as proof of income or assets, to demonstrate your ability to purchase and maintain the property.
  3. Obtain a consent: You may need to obtain a consent from the Overseas Investment Office (OIO) before purchasing a house. The OIO will assess whether the purchase is in the best interests of New Zealand.

Tax implications:

As a non-citizen, you may be subject to different tax implications when purchasing and owning a house in New Zealand. You should consult with a tax professional to understand your specific tax obligations.

Conclusion:

In summary, non-citizens can purchase a house in New Zealand if they have a eligible visa and meet specific requirements. However, there are restrictions on the types of properties they can purchase, and additional requirements may apply. It's essential to consult with a real estate agent, lawyer, and tax professional to ensure you comply with all relevant regulations and laws.