Don

$2m price tag set for New Zealand residency

17 June 2005 By TRACY WATKINS and NZPA

Big-money investors wanting to live in New Zealand will have to cough up $2 million.


And to test whether their commitment to New Zealand is genuine, the Government will lock away their money for five years, where it will earn interest at no more than the rate of inflation.

Immigration Minister Paul Swain said the rules were being tightened to make sure investors were genuine.

full story http://www.stuff.co.nz/stuff/0,2106,3316210a10,00.html

Don

Shame I can't sell my NZ PR on e-bay...

Franklin

In what way "genuine"? I'm puzzled about this. Are there folks who don't want to genuinely live in NZ yet are willing to buy a house and spend money in NZ? *puzzled*

shepslady

Have to admit this is the craziest scheme they have come up with in a long time. Seems they have it in their heads this is for the good of NZ. Good example of this is Shania Twain trying desperately to purchase a large property near Wanaka in the south Island. She has bent over backwards to accomodate everything they asked of her,even offering to allow part of her land to be used by the general public, free of charge etc but they keep changing things & are seemingly making it impossible for her to purchase the property. Shania Twain is a fantastic ambassador for NZ, she is always talking about NZ on TV here in the US & having someone of her fame etc promoting NZ free of charge has to be a huge help to NZ tourism. I am absolutely dumbfounded by these stupid rules & think in the long run it can only hurt NZ. Honestly cant see what foreign investment in NZ can do to harm the country

Biddy

Agree with you Mrs Shep - however $2m for Shania is probably like small change to the rest of us

shepslady

Yes agree with you that it definately would be like pocket change to someone like Shania but they also placed so many other requirements on her & everytime she agrees to something it seems they ask something else of her. C'mon give the lady a break shes done more than her share to accomodate immigrations wishes I mean to say its not like shes an undesirable now is she

deedee

Perhaps a little late there, Mutt Lange and Ms Twain bought that place about four months ago, and the rules regarding what you can do with high country purchases are no different to NZérs than they are Immo's.The reason it took so long was nothing to do with the rules regarding OIC, its because the old boy who owns the place(not the couple who run it)said "he would never ever sell it to a yank,over my dead body".However, he was talked into it,over the course of six months like many people are by taking 8 million dollars more for it than what its market value was.All the talk of opening up the land to the public was to convince the owner that they had good intensions, unlike many recently purchased places that have had huge fences put up and keep out signs plastered all over.As for the recent planning restrictions, its no different for them than any other local either.The fact is it is a sensitive area, i a very visable spot that nneded careful design....as with all rural or high country sites.
I say theres nothing wrong with increasing the bond, it does only tighten very slack rules,but thats only my opinion.

shepslady

Thanks for that update deedee wonder why its been splashed all over the news here in The US for the last couple of weeks then?? Maybe they are just behind with the news huh?
I tend to agree with you about increasing the bond but doesnt it appear a little high with mention of a $2million bond?? Might be ok for some but rather high for most dont you think??

deedee

Might be ok for some but rather high for most dont you think??

i think thats exactly the point, and one i agree with.
Its not as if there are no other ways to NZ, its not as if they are saying you can't come to NZ unless you have 2mill$, its just making sure those who are serious about this route have a serious commitment to making a decision.
If there was a huge shortage of the type of person that fills this criteria then maybe it would be a different debate, but there isn't, there's thousands of people trying to buy their way into NZ using this direction.All this change is doing is removing another level, no one said it had to be fair, more a case of NZ can be choosey so it will be i guess.