New Zealand's government is considering whether to relax a ban on foreigners buying residential property, says Finance Minister Nicola Willis. New Zealand has one of the world's most prohibitive policies on foreigners buying residential real estate. Other than citizens and tax residents, only Australian and Singapore citizens have the right to purchase houses. This is due to the country's pre-existing trade agreements.
The government has acknowledged that it needs more foreign investment to fund economic growth, and this week, it upgraded its golden visa to lure wealthy migrants. However, lawyers who deal with applicants said the foreign buyer ban will remain one of the roadblocks to attracting people.
New Zealand First leader Winston Peters has hinted he may be open to changing his stance in circumstances where serious foreign investors are bringing in substantial amounts of money to create jobs and exports.
