NZ Herald quote:
"Overseas buyers will be able to buy apartments off the plan, but they will need to onsell the property once construction is complete."
Huh? This doesn't make any sense to me. I thought allowing foreign investors to buy new housing was effective in increasing housing supply.
But forcing the foreign buyer to sell again instead of invest long-term seems opposite to being an investor and taking an investment position. The sale may even trigger income tax under bright-line rule whether that's 2 years or 5 years.
For a foreign buyer/investor, why bother?
"Overseas buyers will be able to buy apartments off the plan, but they will need to onsell the property once construction is complete."
Huh? This doesn't make any sense to me. I thought allowing foreign investors to buy new housing was effective in increasing housing supply.
But forcing the foreign buyer to sell again instead of invest long-term seems opposite to being an investor and taking an investment position. The sale may even trigger income tax under bright-line rule whether that's 2 years or 5 years.
For a foreign buyer/investor, why bother?
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