Prohibit non-resident entities from buying property in NZ

Prohibit non-resident entities from buying property in NZ

It's clear since the 2008 GFC - and even more so post Brexit and Trumpism - that neoliberalism has outlived its usefulness to the working classes - and now the middle classes - and is living on borrowed time. It would be prudent to manage the transition to whatever comes next rather than leave it in the hands of those who refuse to believe there's anything wrong with neoliberal dogma, or leave it in the hands of demagogues (NZ hasn't got to that point yet but our time will come). Preserve the benefits of neoliberalism (e.g, access to imported goods and foreign markets etc.) while taking more control over one-way capital flows; specifically do not allow NZ to be a safe-haven parking ground for the spare capital of wealthy non-residents which has inflated a dangerously unsustainable property bubble and effectively makes Kiwis tenants in our own land renting from overseas-based absentee landlords. Policy:- Prohibit non-resident entities from buying property in NZ. This would include the cessation of the use of NZ-based corporations and trusts by non-residents to purchase property on their behalf.

Showing 24 reactions

  • Chelsea Finnie
    tagged this with essential 2016-12-03 22:44:29 +1300
  • Jane Pinder
    tagged this with essential 2016-12-03 07:24:46 +1300
  • Michael Shallcrass
    tagged this with interesting 2016-12-02 19:25:30 +1300
  • Tim O’Donnell
    tagged this with important 2016-11-30 21:26:36 +1300
  • Sue Rine
    tagged this with essential 2016-11-29 19:28:44 +1300
  • Dean Wright
    tagged this with important 2016-11-29 07:26:58 +1300
  • Clinton Ulyatt
    commented 2016-11-27 22:11:42 +1300
    Residential property in NZ should be owned by residents. Or Kiwis living off-shore. Not foreigners who do not contribute to the tax base – nor have ever.

    Foreign investment in housing should be restricted to those who are committed to raising their families here or running businesses, whilst living and working in NZ and paying tax (whatever form that takes). The alternative is that hard working NZ’ers become tenants in their own country to overseas investors who are exploiting the weak tax system, due to the absence of a Capital Gains Tax.

    Having already sold many assets to overseas interests, yet again the baby boomers seem intent on lining their pockets at the expense of those who have to live in their wake. Making huge capital gains selling to overseas interests at the expense of the next generation of genuine kiwis (read as tax payers).
  • Clinton Ulyatt
    tagged this with essential 2016-11-27 22:11:42 +1300
  • Emmett Hussey
    commented 2016-11-27 10:44:25 +1300
    Agree 100 % foreigners should not own property in NZ & would go further, only naturalized citizens should be able to own property & until they have lived in NZ 20 years should not be able to purchase more than one residential property.
  • Emmett Hussey
    tagged this with essential 2016-11-27 10:44:25 +1300
  • Jerry Cerveny
    commented 2016-11-27 04:53:02 +1300
    Foreigners shouldn’t be allowed to own reale state in NZ period. Only exception for those holding a work permit and a job offer as a bare minimum and then only for one dwelling and after they leave NZ to be forced to sell within 2 years of leaving
  • Jerry Cerveny
    tagged this with essential 2016-11-27 04:53:02 +1300
  • Gerrard Lilley
    commented 2016-11-26 13:36:48 +1300
    Agree and would like to see some form of tax on people with more than one property.
  • Gerrard Lilley
    tagged this with important 2016-11-26 13:36:48 +1300
  • Josie Carrad
    tagged this with important 2016-11-26 13:19:12 +1300
  • Richard Wyles
    tagged this with important 2016-11-26 11:02:35 +1300
  • Emmett Hussey
    followed this page 2016-11-25 16:31:23 +1300
  • John Evans
    tagged this with important 2016-11-25 15:50:49 +1300
  • Sean McGrath
    commented 2016-11-25 15:35:20 +1300
    Tim, I could go on about this topic for hours, but tried to keep it brief. Perhaps too brief… :)
  • Tim O’Donnell
    commented 2016-11-25 15:31:33 +1300
    I completely agree with the policy suggestion. Not sure about the rest of the conversation.
  • rowan miller
    tagged this with essential 2016-11-25 15:21:21 +1300
  • Laurie Hope
    followed this page 2016-11-25 14:47:18 +1300
  • Nathan Rattray
    tagged this with important 2016-11-25 14:37:18 +1300
  • Sean McGrath
    published this page in Suggestions 2016-11-25 14:31:44 +1300