Property -can we buy or must we rent/build?
Oct 12th 2022, 6:46 am
#1
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Joined: Jan 2016
Location: Suffolk
Posts: 744
Property -can we buy or must we rent/build?
"The Overseas Investment Amendment Act 2018 introduced changes to acquiring residential property in New Zealand."
Buying or Building a house
First question is visa type.
Is the first visa you get a "resident class visa"?
I recall that you start out with a visa, then after years you become a resident, then after years you can become a citizen.
I'm just not clear if the first visa counts as "residence class".
I assume that this applies across all categories, so have people had to build (or rent)?
Or is this a red herring?
Buying or Building a house
First question is visa type.
Is the first visa you get a "resident class visa"?
I recall that you start out with a visa, then after years you become a resident, then after years you can become a citizen.
I'm just not clear if the first visa counts as "residence class".
I assume that this applies across all categories, so have people had to build (or rent)?
Or is this a red herring?
Oct 15th 2022, 5:05 am
#2
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Joined: Oct 2003
Posts: 38,611
Re: Property -can we buy or must we rent/build?
"The Overseas Investment Amendment Act 2018 introduced changes to acquiring residential property in New Zealand."
Buying or Building a house
First question is visa type.
Is the first visa you get a "resident class visa"?
I recall that you start out with a visa, then after years you become a resident, then after years you can become a citizen.
I'm just not clear if the first visa counts as "residence class".
I assume that this applies across all categories, so have people had to build (or rent)?
Or is this a red herring?
Buying or Building a house
First question is visa type.
Is the first visa you get a "resident class visa"?
I recall that you start out with a visa, then after years you become a resident, then after years you can become a citizen.
I'm just not clear if the first visa counts as "residence class".
I assume that this applies across all categories, so have people had to build (or rent)?
Or is this a red herring?
1 - Visa type . Yours is a residency class visa. It is called Parent Residency Visa. It does come with some travel restrictions a bit. That is to ensure you intend on being resident in New Zealand
. Once the application is successful you will have a period of tine to enter the country and start to settle.2 - You start out as resident so you need to be resident. From memory it means primarily being in New Zealand most all of the time. It does not preclude off-shore holidays or travel but why bother.
3 - After a couple of years ( so it used to be) the offshore travel restrictions are lifted and you are considered permanent. You can come and go with a mind to state pension requirements of course.
4 - After 5 years of living in NZ you can apply if you wish to become citizens. Many do not bother as it is fine enough to be PR status.
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You do not have to rent upon arrival. Nor are you commanded to build .
you can do just as any other NZer might do. Stop a while somewhere. Get a lay of the land and then decided where you want to live . If you see a home you like you can buy it or if you see a section you like you can build on that. It is wise though to give that a little time. you can do that by renting for a wee while if you do not want to stay with family.
Oct 15th 2022, 12:32 pm
#3
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Thread Starter
Joined: Jan 2016
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Re: Property -can we buy or must we rent/build?
Thanks.
I had a memory of the rules being changed so that immigrants had to build new to stop them reducing the housing stock.
Different from non-residents buying up bachs or investment properties.
I also had a memory of a proposal to extend the time a Parent had to be resident before permanent residency and citizenship - 10 years for citizenship IIRC.
However that might have been under the old rules before the latest changes.
I've very much lost track after the initial excitement in 2016 when I researched all the rules and had a fair idea of what was going on.
Think I'm going to have to start from scratch and learn it all again.
I had a memory of the rules being changed so that immigrants had to build new to stop them reducing the housing stock.
Different from non-residents buying up bachs or investment properties.
I also had a memory of a proposal to extend the time a Parent had to be resident before permanent residency and citizenship - 10 years for citizenship IIRC.
However that might have been under the old rules before the latest changes.
I've very much lost track after the initial excitement in 2016 when I researched all the rules and had a fair idea of what was going on.
Think I'm going to have to start from scratch and learn it all again.
Oct 19th 2022, 8:25 pm
#4
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Joined: Oct 2003
Posts: 38,611
Re: Property -can we buy or must we rent/build?
Thanks.
I had a memory of the rules being changed so that immigrants had to build new to stop them reducing the housing stock.
Different from non-residents buying up bachs or investment properties.
I also had a memory of a proposal to extend the time a Parent had to be resident before permanent residency and citizenship - 10 years for citizenship IIRC.
However that might have been under the old rules before the latest changes.
I've very much lost track after the initial excitement in 2016 when I researched all the rules and had a fair idea of what was going on.
Think I'm going to have to start from scratch and learn it all again.
I had a memory of the rules being changed so that immigrants had to build new to stop them reducing the housing stock.
Different from non-residents buying up bachs or investment properties.
I also had a memory of a proposal to extend the time a Parent had to be resident before permanent residency and citizenship - 10 years for citizenship IIRC.
However that might have been under the old rules before the latest changes.
I've very much lost track after the initial excitement in 2016 when I researched all the rules and had a fair idea of what was going on.
Think I'm going to have to start from scratch and learn it all again.
Citizenship will be the ten year mark.
Residency v permanent residency just means about the travel in and out of New Zealand and the time restrictions. Everyone starts with residency and then can apply for the permanent residency .
Oct 19th 2022, 8:29 pm
#5
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Joined: Oct 2003
Posts: 38,611
Re: Property -can we buy or must we rent/build?
From RNZ news article as there are a few of these articles around atm.
As in the past, it allows New Zealand residents and citizens to sponsor their parents to come to New Zealand.
Their parents must be "of good health and character" with no dependent children and a "reasonable standard of English". Joint sponsors can pool their incomes to meet a threshold required to get the visa for their parents.
They are able to bring in up to six people under this category, with the income threshold increasing based on the number brought in.
This visa allows indefinite stay, but it only allows them to travel in and out of New Zealand for 10 years after they've arrived - after that, they would need to either seek permanent residence or a variation - basically a renewal - of their travel conditions.
Changes include:
What's changing - Parent category
The Parent Category visa is restarting with some tweaks built in.As in the past, it allows New Zealand residents and citizens to sponsor their parents to come to New Zealand.
Their parents must be "of good health and character" with no dependent children and a "reasonable standard of English". Joint sponsors can pool their incomes to meet a threshold required to get the visa for their parents.
They are able to bring in up to six people under this category, with the income threshold increasing based on the number brought in.
This visa allows indefinite stay, but it only allows them to travel in and out of New Zealand for 10 years after they've arrived - after that, they would need to either seek permanent residence or a variation - basically a renewal - of their travel conditions.
Changes include:
- Increased cap: The number of visas available per year increases from 1000 to 2500
- Sibling sponsors: Allowing siblings to co-sponsor applications to meet the income threshold to bring their parents in (instead of the old system of only allowing partners to co-sponsor)
- Balloting: After the first intake next month, which will only select existing visas
Oct 19th 2022, 8:37 pm
#6
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Joined: Oct 2003
Posts: 38,611
Re: Property -can we buy or must we rent/build?
Another quick read suggests you need to have been in NZ - as an NZ resident - for a year before you can buy a property. <--- click link - 
I find that a bit odd.
However you can buy earlier if you gain a consent. Gah!
I find that a bit odd.However you can buy earlier if you gain a consent. Gah!
To be able to buy a home to live in, you need to apply to the Overseas Investment Office for consent, commit to live in New Zealand for at least 183 days in the following year, and be a tax resident.
Alternatively, if you wait until you are ordinarily resident (have been here for 183 days or more in the past 12 months before you buy), then you will be able to buy property here without having to apply to the Overseas Investment Office for consent.
Alternatively, if you wait until you are ordinarily resident (have been here for 183 days or more in the past 12 months before you buy), then you will be able to buy property here without having to apply to the Overseas Investment Office for consent.
Oct 21st 2022, 8:57 pm
#7
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Re: Property -can we buy or must we rent/build?
Citizenship
This says that you can apply for citizenship after 5 years.
I don't know if it is out of date, or it is that you don't have to apply in the first 10 years if you don't want to.
Visa
This is not well worded.
It says that you can stay indefinitely but elsewhere the visa is for 10 years.
It says that you can apply for permanent residence after the end of this (indefinite) visa but see citizenship above.
Anyway, the first task is to get in.
Rules may well change much sooner that 10 years from now.
This says that you can apply for citizenship after 5 years.
I don't know if it is out of date, or it is that you don't have to apply in the first 10 years if you don't want to.
Visa
This is not well worded.
It says that you can stay indefinitely but elsewhere the visa is for 10 years.
It says that you can apply for permanent residence after the end of this (indefinite) visa but see citizenship above.
Anyway, the first task is to get in.
Rules may well change much sooner that 10 years from now.
Oct 22nd 2022, 4:00 am
#8
DE-UK-NZ-IE-US... the TYP
Joined: Mar 2010
Posts: 2,854
Re: Property -can we buy or must we rent/build?
Citizenship
This says that you can apply for citizenship after 5 years.
I don't know if it is out of date, or it is that you don't have to apply in the first 10 years if you don't want to.
Visa
This is not well worded.
It says that you can stay indefinitely but elsewhere the visa is for 10 years.
It says that you can apply for permanent residence after the end of this (indefinite) visa but see citizenship above.
Anyway, the first task is to get in.
Rules may well change much sooner that 10 years from now.
This says that you can apply for citizenship after 5 years.
I don't know if it is out of date, or it is that you don't have to apply in the first 10 years if you don't want to.
Visa
This is not well worded.
It says that you can stay indefinitely but elsewhere the visa is for 10 years.
It says that you can apply for permanent residence after the end of this (indefinite) visa but see citizenship above.
Anyway, the first task is to get in.
Rules may well change much sooner that 10 years from now.
When I first got PR they put a 2 year RR visa in my passport and another page that was my “residence”. Every time you leave and return they stamp a new residence permit based on the RRV (Returning Residents Visa). After 2 years I was able to apply for a IRRV which is a residents visa that has no expiration date. As you note you CAN apply for Citizenship after you meet certain criteria, but you DONT have to. They have since moved to an E visa, so when I last renewed the UK passport with my NZ visa in it I was able to convert to an E visa, so I have a bit of paper with my UK passport number on it that should allow me to be admitted as a NZ PR when I return. I had to leave for work before I qualified for a citizenship (and would have had to go through an extra hoop even if I did for non NZ related reasons). I have since moved to the US and become a Citizen here because the income/expense/tax equation gives me a much better standard of living here than I would have achieved in the US. My plan before I left NZ for Ireland/US was to become an NZ Citizen and move to Australia.
