Thinking of Moving to New Zealand? Think Again
If your version of a post-retirement (or post-apocalyptic) getaway plan involves buying property in New Zealand, it might be time to go back to the drawing board.
On Wednesday, New Zealand's government passed a law, called the Overseas Investment Amendment, that will ban foreigners from buying existing homes in the country. The law, created in response to a sharp increase in overseas buyers in recent years, was "designed to make housing more affordable for nationals" (especially first-time buyers) as well as to combat homelessness, according to Business Insider.
Foreign buyers will, however, still be able to purchase property in "new block housing developments."
Only a quarter of New Zealanders currently own a home, down from half in 1991. New Zealanders also face some of the most unaffordable housing prices in the world. And according to a 2017 report from the Real Estate Institute of New Zealand (REINZ), the city of Auckland has seen a 67% increase in the price of housing since 2012.
Associate finance minister David Parker said in a statement that parliament, "believes that New Zealanders should not be outbid by wealthier foreign buyers," and that residents "should not be tenants" in their own land.
And just who are those top buyers? Business Insider reported that the majority come from China and Australia. But there's another group hot on the New Zealand property trail: billionaires from Silicon Valley, like Peter Thiel, who purchased a sprawling piece of property in the upscale Wanaka neighborhood in 2015. Rumor has it he was lining up a place of refuge in the case of a major emergency on American soil.
"New Zealand has become known as a get-away for the super-rich who see it as an escape from crowds, social unrest and as a safe refuge in the event of nuclear war," BI reported.
At this time, buyers from Australia and Singapore remain exempt from the new law, as do foreigners with residency status.
H/T: Business Insider
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| 2X miles | 2 miles per dollar on every purchase |
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Earn 200K miles when you spend $30K in the first 3 months, and an additional 200K miles when you spend $150K in the first 6 monthsLIMITED-TIME OFFER: Earn up to 400K bonus milesAnnual Fee
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Why We Chose It
The Capital One Venture X Business Card has all the Capital One Venture X Rewards Credit Card has to offer and more. It offers an incredible welcome bonus and requires an equally impressive spend to qualify. In addition, the card comes with premium travel perks like annual travel credit. (Partner offer)Pros
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- In addition, the card comes with many premium travel perks such as an annual $300 credit for bookings through Capital One Business Travel.
- Business owners are also able to add employee cards for free.
Cons
- The card requires significant spending to earn the welcome offer.
- Another drawback is that the annual travel credit can only be used on bookings made through Capital One Business Travel.
- LIMITED-TIME OFFER: Earn up to 400K bonus miles: 200K miles when you spend $30K in the first 3 months, and an additional 200k miles when you spend $150k in the first 6 months
- Earn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictions
- Earn 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Business Travel
- With no preset spending limit, enjoy big purchasing power that adapts so you can spend more and earn more rewards
- Empower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with ease
- Redeem your miles on flights, hotels and more. Plus, transfer your miles to any of the 15+ travel loyalty programs
- Every year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings made through Capital One Business Travel
- Receive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and Priority Pass™ lounges, after enrollment
- Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
- This is a pay-in-full card, so your balance is due in full every month