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The Overseas Investment Amendment Act restricts certain overseas people from buying residential property in New Zealand.
Migrants with a resident visa can buy property with no restrictions provided they are ‘ordinarily’ resident or meet the ‘commitment to reside’ test. See below.
With some exceptions for Australian and Singaporean citizens, anyone who is not a New Zealand citizen or is not ‘ordinarily resident’ in New Zealand, is an overseas person.
Ordinarily resident is a clear test of four parts – the person must have a Residence class visa, must have lived in New Zealand for the past 12 months, have been present in New Zealand for at least 183 days of the past 12 months, and be a tax resident.
Residence class visa holders as well as Australian and Singaporean permanent residents that are not ‘ordinarily resident’ in NZ can still apply to the OIO for consent to buy one home to live in provided they meet the “Commitment to Reside in New Zealand test”
Commitment to Reside Test
This test is only available to New Zealand permanent residents and other residence class visa holders who do not yet meet the “ordinarily resident” threshold summarized above.
These persons can apply for consent to purchase a single dwelling/home to live in, provided they can demonstrate that they have a commitment to reside in New Zealand, and will use the property as their principal place of residence.
Migration Lawyers can prepare your application & submit this to the Overseas Investment Office.
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