Investor Migration Policy Changes

Posted on Thursday, September 8 2011

INVESTOR MIGRATION POLICY CHANGES – Residential property development to become acceptable investments under New Zealand Immigration Investors Category.

On 6 May 2011, the Minister of Immigration, Dr Jonathan Coleman announced a number of changes to the Immigration policy. What is changing in relation to residential property investments ? As from 25 July 2011, an investment of at least $1.5 million in a residential property development will now qualify as an acceptable investment for the purposes of obtaining a residence visa under the Investor Category set out by Immigration New Zealand. Note however that the following conditions must be met:

1. The residential property must be a new development on vacant land;

2. Renovations or extensions to existing developments will not qualify;

3. All regulatory approvals in terms of building consents and resource consents (where necessary)will need to be obtained. The cost of the same will not be permitted to be calculated in the total investment sum;

4. The applicant must intend to make a commercial return in the open market; and

5. Family members or anyone associated with the principal investor must not reside in the residential property development.

The Government has introduced residential property developments as an acceptable form of investment to help rejuvenate the construction sector in New Zealand.

Further information can be obtained from the Department of Immigration website; www.immigration.govt.nz

By Anne Needham: Urban Legal


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Expert's Bio

Anne Needham

I have over 30 years experience in providing excellent residential property legal services to clients. I have an established local (NZ based) practice and also an extensive off shore client base having acted for clients dealing with New Zealand property who are located all over the world - the internet and cellphones have made this so very easy! In addition Rennie Cox/Urban Legal has been providing legal services since 1923 and is now a progressive modern law firm providing a wide range of legal services to clients.

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