3 million pounds enough to live in new Zealand?
 

Hello there,
My wife and I planning early retirement to new Zealand (both mid-30s) and our daughter with a capital of 3 Million pounds and do not want to work in new Zealand. Our plan is to buy a nice modern 4-5 Bedroom house with at least 2 bathrooms and not less than 1 ha of land with it on the north island to enjoy life and just work on the land and house for joy.
What visa can I get for it and would be 3Mio enough if we consider living a normal lifestyle ( just a nice home and trips to the beautiful countryside) we don't need fancy cars or dining out all the time etc.
Just a normal life just without working. what is the average cost of living without rent as we buy the house in cash?
Location wise rather away from large cities but still able to buy stuff with a drive of about 15-20 minutes.

Thank you for your answers and tipps

Re: 3 million pounds enough to live in new Zealand?
 

Lucky you but the bad news is I dont think there is an early retirement type visa, you would need to look at investment or business and clarify the investment level, how much and how it must be invested, then assess if the resulting income is enough for you plans.

Re: 3 million pounds enough to live in new Zealand?
 

I thought so, I would have to figure out if when we open our own B&B or little cafe on our private land (and pay someone to do the work) something like that would count as an investment or not? I wonder more about cost of living ,car and other insurance, the cost of electricity and household bills (without rent), we just want to be on the safe site knowing we don't need to work anymore with 3Mio Pounds if we move to new Zealand and just can enjoy this beautiful country.We looking about to spend around 1Mio to 1.5Mio dollars for land and house and the rest to enjoy early retirement we thought about 2000pounds a month for bills and food then that would cover us for more than 50years. would that be possible and still have a good amount on site for repairs of house etc etc :fingerscrossed:

Re: 3 million pounds enough to live in new Zealand?
 

hi it is on nz web site, think they wanted $1,000,000 dollars deposited in nz bank, which you could not use, and x amount income for the year
not sure how young you had to be two retire,

Re: 3 million pounds enough to live in new Zealand?
 

No-one on here could sensibly comment on the running costs of a startup business in a location undetermined. As I said before, you need to investigate the business or investment visas and work from there. (Oh and you dont need to keep mentioning the 3mil, we get it, any more and for me you'll start to come across as trolling), such a fund tbh needs to take some professional advice IMHO.

Re: 3 million pounds enough to live in new Zealand?
 

thanks, my plan is not to open a business at all. I want to retire and budget planning is is one of the important things to success if it's in private life or for a business. I'm interested in living cost of a normal life for a family without living the caviar lifestyle but also don't want to eat beans on toast every day and have money spare to enjoy activities and day trips etc. You can invest 5000 or 50Mio in a business but that's not what we want.We want to buy a house and a bit of land stop working just enjoy life and we try to find out if our savings would be enough for that in new Zealand that's all.
:amen:

Re: 3 million pounds enough to live in new Zealand?
 

What benefit is there to NZ in your plan to retire here and just live off your savings? You would need to invest maybe half of your money in a new business so you are adding to GDP. Unsure whether a b & b will fit the bill. Maybe. So you might be left with NZ$3 mil cash just as a guess on my part. The interest from this plus the profit from the investment should be enough to live off. But you would need to get a more official ruling on your visa entitlements.

Re: 3 million pounds enough to live in new Zealand?
 

Good luck then, there isnt a simple visa for that, NZ doesnt have an open door for retirees.

Re: 3 million pounds enough to live in new Zealand?
 

Or for money laundering criminals. But that may or may not be relevant.

Re: 3 million pounds enough to live in new Zealand?
 

Lol :-)

Re: 3 million pounds enough to live in new Zealand?
 

just because I'm in a lucky position to retire early doesn't mean its direct money laundering. some people work their life some people never work and people like me just made a nice amount with working that I can say I can retire.

Re: 3 million pounds enough to live in new Zealand?
 

Lucky you. But you likely can't retire to NZ, unless as others have said, you invest in a business.

Just out of curiosity, if you have what most would consider a comfortable amount for retirement, why NZ? Why not stay in the UK where it's so much easier to travel around. NZ is a long way from anywhere and travel is expensive.

Re: 3 million pounds enough to live in new Zealand?
 

Oh and if you are mid-thirties then 50yrs expenses isnt enough with rising lifespan, inflation and the unknown.

Just sayin

Re: 3 million pounds enough to live in new Zealand?
 

£2,000 = $3,400 So, if you want to sit around go nowhere do nothing and live a frugal life then that's probably enough.
However, I'm sure a millionaire like yourself is more into the finer things in life like fine wine, nice cars and exotic holidays so I don't think your £3m will last you very long.

Re: 3 million pounds enough to live in new Zealand?
 

I agree with others that if you have that amount of money then it would be better to stay in the UK, and enjoy vacations to NZ if you like it that much. I would also suggesr that you think carefully about the idea to stop work in your 30's . It sounds ideal, and I dont know just how you like "working on the land" , but you'd better like it a lot if you plan to do nothing else. Many people who find themselves with a lot of cash, immediately give up their jobs with the idea of "just enjoying life", only to subsequently regret it as they become bored with having nothing to do all day, no commitments, no workplace contacts. NZ is a long way from anywhere you can go for a change, not like Europe, and walking up hills, and on beaches can become a bit monotonous.
You certainly arent going to be in the rich class, and if you dont invest wisely you may find your capital dwindles with inflation. Your two ideas of B and B and a cafe are not great money spinners, and if you plan to employ others to do the work, you will find your profit, if there is one, to be minimal.
If you really think you will be happy doing nothing, then why not rent a place in NZ for say 6 months and do just that and see how you get on ?