REAA has sent through a news letter to each agency about New Overseas Investment Rules.
Are you overseas investment buyer? Read further to get more information!
Metro NZ Property Management would recommend you to get professional’s advices first before you process your property transaction.
New overseas investment rules live on Monday
The new overseas investment regime comes into effect next Monday, 22 October.
From Monday 22 October, overseas people generally won’t be able to buy residential land in New Zealand unless they have a residence class visa and intend to live here.
Every residential land sale will require a Residential Land Statement which asks purchasers to confirm their eligibility to buy. Everyone, including New Zealanders, will need to complete the statement before their conveyancer can complete the transaction.
The Overseas Invest Office recommends that purchasers who do not have residence class visas see their conveyancers before signing a sale and purchase agreement. Alternatively, the sale and purchase agreement can be made conditional on the consent of the Overseas Investment Office.
You can easily check your situation by click the following link:
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