|Not a member? Sign up now!|
Foreign investors who need help with understanding the implications of the new Overseas Investment Amendment Act 2018, that came into effect 22 October 2018, will find expert advise from property specialist Debs Wallace helpful.
Debs Wallace from the Harcourts Luxury Property Division markets lifestyle, residential and coastal properties in Auckland. She offers a true boutique experience and works with national and international clients to deliver results and has a proven track record of working with buyers including within the Asian community.
Under the new rules an overseas person must intend to live in the property as their home. So they cannot buy a residential property that they intend to use as a rental. The Bill is designed to ensure investments made in New Zealand by overseas persons have a benefit to New Zealand. It is designed to have a major impact on overseas purchasers of New Zealand residential land. It will also have a significant effect on developers and funders of projects involving residential land.
The Bill is technically complex and detailed analysis will be required to determine whether consent is required for acquisitions by overseas investors, and on what basis it may be obtained.
Debs Wallace has been in real estate business since 2002 and is proud to have sold $750 million in property sales within the Rodney area since then – both lifestyle and residential. Her background incorporates a rare combination of banking, international business and sales management experience allowing her to navigate efficiently every part of the sales process. She has previously owned and managed two real estate offices in New Zealand and has a wealth of knowledge within the real estate industry.
Debs can advise clients on what the bill entails, as overseas vendors who want to sell and buy again will need to apply for OIO consent to buy a new home once they sell their existing home. The changes prevent certain overseas people from buying residential property in New Zealand. With some exceptions for Australian and Singaporean citizens, anyone who is not a New Zealand citizen or is not ‘ordinarily resident’ in New Zealand, is considered to be an overseas person.
Debs Wallace can be contacted on +64 21 585 583, +64 9 486 8281 or email@example.com