Thinking of Moving to New Zealand? Think Again

Aug 16, 2018

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

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

Delta SkyMiles® Platinum American Express Card

Earn 90,000 bonus miles after you spend $3,000 in purchases within the first three months of card membership. Plus, earn a $200 statement credit after your first Delta purchase within the first three months. Offer ends 7/28/21.

With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.

Apply Now
More Things to Know
  • Limited Time Offer: Earn 90,000 Bonus Miles after spending $3,000 in purchases on your new Card in your first 3 months and a $200 statement credit after you make a Delta purchase with your new Card within your first 3 months. Offer expires 7/28/2021.
  • Limited Time Offer: Plus, get a 0% intro APR on purchases for 12 months from the date of account opening, then a variable 15.74%-24.74%. Offer expires 7/28/2021.
  • Accelerate your path to Medallion Status, with Status Boost®. Plus, in 2021 you can earn even more bonus Medallion® Qualification Miles (MQMs) to help you reach Medallion Status.
  • Earn 3X Miles on Delta purchases and purchases made directly with hotels.
  • Earn 2X Miles at restaurants worldwide, including takeout and delivery and at U.S. supermarkets.
  • Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. *Payment of the government imposed taxes and fees of no more than $75 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
  • Enjoy your first checked bag free on Delta flights.
  • Fee Credit for Global Entry or TSA Pre✓®.
  • Enjoy an exclusive rate of $39 per person per visit to enter the Delta Sky Club® for you and up to two guests when traveling on a Delta flight.
  • No Foreign Transaction Fees.
  • $250 Annual Fee.
  • Terms Apply.
  • See Rates & Fees
Intro APR on Purchases
0% on purchases for 12 months
Regular APR
15.74%-24.74% Variable
Annual Fee
Balance Transfer Fee
Recommended Credit
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.