Moving money to NZ
Jan 28th 2020, 1:30 pm
#1
Just Joined
Thread Starter
Joined: Sep 2019
Posts: 8
Moving money to NZ
Hi
so we've sold our house in the UK and landing in Tauranga the 10th Feb. Supper excited. Basically we want to buy eventually once we get our residency. My question is would it be better to leave the money in the UK or bring it over now to NZ. I'm not sure what the tax implications would be and what the max amount that we could bring over? Any info would be appreciated. I know it would make sense to talk to a broker , just wanted to see if anyone here had any experience doing the same thing
so we've sold our house in the UK and landing in Tauranga the 10th Feb. Supper excited. Basically we want to buy eventually once we get our residency. My question is would it be better to leave the money in the UK or bring it over now to NZ. I'm not sure what the tax implications would be and what the max amount that we could bring over? Any info would be appreciated. I know it would make sense to talk to a broker , just wanted to see if anyone here had any experience doing the same thing
Jan 30th 2020, 1:09 am
#2
BE Enthusiast
Joined: Jan 2011
Location: New Zealand
Posts: 455
Re: Moving money to NZ
Hi and welcome to NZ! A Currency broker will generally give you a better rate than the high street banks and tend to be easy to do business with. Some firms have offices in New Zealand (such as XE.Com), but as usual, do your own research and find a broker that suits you. With regards to tax, there are no tax implications of moving cash from the UK to NZ. There is no maximum amount so bring as much as you like! Although if you are bringing it in a suitcase, you will have to declare it to Customs on arrive (if over $10,000), but transferring via a currency dealer, no problem.
You should be aware that if you leave the money sitting in a GBP Cash Account, then you may have to pay tax on currency movements once your Transitional Residents Exemption ends (4 years). I'll assume that this is your first time to NZ and that you do qualify as Transitional Resident.
Tax is complex, your should seek professional tax advice to ensure you understand your own obligations.
You should be aware that if you leave the money sitting in a GBP Cash Account, then you may have to pay tax on currency movements once your Transitional Residents Exemption ends (4 years). I'll assume that this is your first time to NZ and that you do qualify as Transitional Resident.
Tax is complex, your should seek professional tax advice to ensure you understand your own obligations.
