superchip

we are contemplating the move to N/Z and wondered about the amount of money that we are allowed to take to N/Z for purchase of a house without having to pay the import tax.. Can we put money into a trust fund or whatever.

PB65

Import tax ? Please clarify given assume you are planning to transfer money through the banking system and are not already yet residents ?

superchip

Hi PB65,
You are right, we are not yet residents, and have only recently filled in the Expression of Interest form. We have had a reply, and have been told that we are on the first tier, and will have to wait for the various rotas to be filled . That means that we are on the very beginning of the procedure. We would just like to find out how other people have managed to get their finances sorted out. We will have to sell our house, and with the proceeds of the sale find out what can be used for the purchase of a residence in N/Z.
Regards......
........ superchip

Kotare

What visa are you getting.

superchip

Hi Kotare. Thanks for the reply. I think that the visa we are applying for is called "Special, Expression of Interest. Family Parent Tier 1", having paid the application fee and received a receipt from Immigration N/Z.
I hope that this makes it a little bit clearer.
Regards, Superchip

Kotare

In that case you can bring in as much money as you want. The current exchange rate is dire so you might hope that UK stays in the EU which should give you a blip in your favour. Don't use a Bank for money transfers, use a a good currency broker (Xetrade, Hifx etc) which will save you thousands (literally).

Best wishes

superchip

Hi Kotare
We are concerned about the tax situation when we do transfer the finances to N/Z.
What taxes are we going to get involved with.
superchip

LittleGreyCat

Look back in the forum comments - there is a remarkable lack of taxes.

As far as I can tell for the first 4 years you don't pay any tax on income from the UK - this is just to help you settle in.

You can move as much as you like from the UK to NZ - in fact if you move more than $500,000 I think that this meets the tier 1 requirements without any questions about you or your offsprings' income.

Looks like the more money you bring with you the happier NZ is.

Beware UK taxation, though, on capital gains or rental income.
I think you lose your tax free allowance on these.