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3 million pounds enough to live in new Zealand?

3 million pounds enough to live in new Zealand?

Old Feb 5th 2017, 8:57 pm
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Default Re: 3 million pounds enough to live in new Zealand?

Why are you only allowing $3.5k per month to live? Wouldnt you be bringing in much more than that on interest from your savings alone, assuming you got a visa?
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Old Feb 5th 2017, 9:41 pm
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Default Re: 3 million pounds enough to live in new Zealand?

Originally Posted by goodbyeyorkshire
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
at 1.7 per pound thats about 5 million NZ$. At just 3.5% you will rake in about $110.000 per annum. That is with 38% tax deducted too. So assuming you will not have a mortgage I think you will be okay. The trick appears to be getting the right to become a resident from what others are saying. But I honestly would have thought with that kind of money you will be okay, fiscally, forever.

Interest rates are on their way up so your income will likely increase. It is worth considering a short while ago it was 2 for a pound. That would give you an extra 900k

You are very brave if you get to green light to come and change it up at 1.70, what is probablynigh on the worst forex rate ever for the GBPvNZ$. Good luck with whatever you choose to do.
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Old Feb 5th 2017, 9:44 pm
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Default Re: 3 million pounds enough to live in new Zealand?

$2000 is not enough to live on for a month.

at todays rate 3m = $5,120,131.92.

depending where you live cost of house could be 1million plus.

remember that everything costs here there is no NHS going to the Dr's costs. Dental costs are not funded and some life saving medicines/operations are also not funded so you will take the brunt of all costs. (I refer to that fact that a Kiwi friend had to move to Oz to get funded heart medicine to keep her alive as it is not funded in NZ) so just an example.

I'm not sure there is a visa that will allow you to come and live if you are not actually paying into the infrastructure of the country.?? would be interested to see if you can find one.

You may need to speak to a qualified immigration agent, which is something you won't seen being suggested very often on here
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Old Feb 5th 2017, 10:01 pm
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Default Re: 3 million pounds enough to live in new Zealand?

Originally Posted by goodbyeyorkshire
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
Hi, so as others have mentioned you don't have that many options for retiring in NZ. There are only two retirement type visa's :-


(1) Temporary Retirement Visitor Visa


(2) Parent Retirement Resident Visa


Considering (1), you aren't eligible as you are way too young. You have to be at least 66 years old.


Considering (2), you aren't eligible as you don't have an adult child who is a resident/citizen already in NZ.


Your only options then are :-


(3) Investor 1 Resident Visa


(4) Investor 2 Resident Visa


Considering (3), you aren't eligible as you don't have sufficient funds. Minimum $10 M over 3 years.


Considering (4), this may be your only shot....
You must be an experienced business person who has at least NZ $1.5 million to invest in New Zealand over a 4-year period. You’ll need to be 65 or under, and show you have access to another NZ $1 million in settlement funds or assets.
You'll also need to have a sound business proposal with well researched ideas of costs to set up and likely profits / number of employees you'll need etc etc. and demonstrate knowledge of that industry in NZ. It isn't just as simple as proving you are at least a 3 year experienced business person.
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Old Feb 5th 2017, 10:15 pm
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Default Re: 3 million pounds enough to live in new Zealand?

I knew a couple that opened a B&B & small cafe thinking this would allow them to remain in NZ. It didn't of course and in the end , they had to leave.
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Old Feb 5th 2017, 11:51 pm
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Default Re: 3 million pounds enough to live in new Zealand?

also I think you have to hire at least one kiwi?
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Old Feb 6th 2017, 1:37 am
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Default Re: 3 million pounds enough to live in new Zealand?

If you qualify, get a normal work visa (or whatever), work for required period until you get permanent residence, then retire to your idyll.

Sorted

Last edited by LoCarb; Feb 6th 2017 at 1:44 am. Reason: missing D
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Old Feb 6th 2017, 3:22 am
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Default Re: 3 million pounds enough to live in new Zealand?

I am not familiar with NZ. However, we live in a lower cost country, Thailand. For a retirement visa we are required to have min. of the equivalent if 5500 NZD to qualify. We don't live a luxury life, no caviar & Champagne, no car. I have to pay no utilities, TV license. Yet 5500/month is not sufficient for 2. NZ cost of living is way higher. 3 million at your age won't go a long way considering your age.
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Old Feb 6th 2017, 4:55 am
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Default Re: 3 million pounds enough to live in new Zealand?

Originally Posted by Thairetired2016
I am not familiar with NZ. However, we live in a lower cost country, Thailand. For a retirement visa we are required to have min. of the equivalent if 5500 NZD to qualify. We don't live a luxury life, no caviar & Champagne, no car. I have to pay no utilities, TV license. Yet 5500/month is not sufficient for 2. NZ cost of living is way higher. 3 million at your age won't go a long way considering your age.
I beg to differ. 3 million pounds, even at 33 odd, you would never need to work again if you are diligent. At 3.5% interest (and its only going to rise), that is 105k pounds a year interest gross. I have no accomodation costs, other than bills and I live well on around $30k NZ. Not the high life but a good quality of life. Yes, my clothes are all 2nd hand and I shop very very shrewdly. It all helps. I have a very nice, older car (2007) and a motorbike (1998) and like to feel my life is good in spite of my small income. I have local holidays and spend time away from home now and then away for weekends. You do not need a fortune to have a comfortable way of life.
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Old Feb 6th 2017, 6:47 am
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Default Re: 3 million pounds enough to live in new Zealand?

But Genesis, he wont have £3m. He wants a modern 5 bed house with 1h land 20 minutes from a decent size city ... That will probably cost him $1m or more and I cant see a "millionaire" wanting an old car and secondhand clothes.
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Old Feb 6th 2017, 7:04 am
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Default Re: 3 million pounds enough to live in new Zealand?

Originally Posted by Robbie2010
But Genesis, he wont have £3m. He wants a modern 5 bed house with 1h land 20 minutes from a decent size city ... That will probably cost him $1m or more and I cant see a "millionaire" wanting an old car and secondhand clothes.
Yeah that sounds a FAB retirement. And yes they cant have cake and eat it, but moot anyway, doesnt seem a visa suitable or qualified for and way bigger $$$ needed to comfotably buy your way in.
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Old Feb 6th 2017, 7:41 am
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Default Re: 3 million pounds enough to live in new Zealand?

Originally Posted by Genesis
I beg to differ. 3 million pounds, even at 33 odd, you would never need to work again if you are diligent. At 3.5% interest (and its only going to rise), that is 105k pounds a year interest gross. I have no accomodation costs, other than bills and I live well on around $30k NZ. Not the high life but a good quality of life. Yes, my clothes are all 2nd hand and I shop very very shrewdly. It all helps. I have a very nice, older car (2007) and a motorbike (1998) and like to feel my life is good in spite of my small income. I have local holidays and spend time away from home now and then away for weekends. You do not need a fortune to have a comfortable way of life.
But they wouldn't have that kind of money in the bank as you can't just come over here with money and be a Resident.
In an ideal world that's what the OP wishes to do but it isn't possible. They'd have to invest in a business minimum $2.5M and we all know there'll be little return for at least the first year or two as thats just how it works with a new business. They'll also need $1M leaving in a bank investment without the ability to touch it and then they'll need a 4/5 bed house plus vehicles etc etc at least $2M at todays prices depending where they settle so there's $5.5M gone before you even start living and worrying about the day to day cots. Thats near enough all their capital. Yes there'll be a bit of interest from the $1M bank investment but otherwise the money is spoken for in set up fees.
At 33 and knowing what little option they have with visas I don't think they can do it unless one either works or they get a near immediate return from the business they set up.
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Old Feb 6th 2017, 7:46 am
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Default Re: 3 million pounds enough to live in new Zealand?

Originally Posted by escapedtonz
...or they get a near immediate return from the business they set up.
And that sounds like the very work they want to avoid.
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Old Feb 6th 2017, 8:44 am
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Default Re: 3 million pounds enough to live in new Zealand?

I think you should view the visa category section for investor

On the money launder comments don't take them personally but its a key requirement that will be asked by all professionals in to source of funds. If you cant legitimately answer you will fail the Visa process and may find transferred funds "nationalized"
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Old Feb 6th 2017, 9:40 am
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Default Re: 3 million pounds enough to live in new Zealand?

Originally Posted by Robbie2010
But Genesis, he wont have £3m. He wants a modern 5 bed house with 1h land 20 minutes from a decent size city ... That will probably cost him $1m or more and I cant see a "millionaire" wanting an old car and secondhand clothes.
Why on earth not? Your comments above and previously about him liking 'the finer things in life' strike me as rather judgemental at best. My father is a very wealthy man (self made, sheer hard work before any nasty comments), he drives a 10 year old Skoda, holidays in Cornwall and wears clothes from Primark. Nobody he ever meets would have a clue how wealthy he is, not everybody with money likes to flash it around you know!

I used to work for Bernie Ecclestone, one of the wealthiest men in the UK, and he drove an old car (himself, no chauffeur!) and used to eat his lunch in the local pub every day. Again, if you hadn't known who he was, you wouldn't have had a clue he was worth billions. His wife and daughters however, a slightly different matter.

But my point is that being a millionaire doesn't mean you can't be down to earth.
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