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Wealthy foreign investors allowed to buy luxury homes in New Zealand
New Zealand Prime Minister backs $5m property path to lure big investors
AI summary
The government is softening the foreign buyers ban for wealthy investors on the Active Investor Plus visa. They can now buy or build one home valued at a minimum of $5 million, provided they also invest at least $5 million in NZ businesses.
Prime Minister Christopher Luxon says this will attract investment and grow the economy. However, opposition parties argue it will drive up house prices for Kiwis. The government maintains the change affects less than 1% of the market.
New Zealand First leader Winston Peters has previously opposed foreign home ownership.
Prime Minister Christopher Luxon was joined by deputy PM David Seymour and Immigration Minister Erica Stanford for the announcement.
National and NZ First had differing views on foreign investment
Opposition says it will drive up housing costs
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