New Zealand Banks for overseas investors

[Kay]

My son lives in Japan, and wishes to invest in NZ using some off-shore finance. The problem is that he has recently married a Japanese girl and the loan has to be in their joint names. The ASB (his NZ bankers) say it is impossible for him to open a joint account here without his wife presenting a photo ID personally to his ASB branch here.

Any ideas?

Regards,
Kay

[revdev]

Hi Kay,

If the joint account is being opened with intention to apply for a mortgage, then it would seem to be a reasonable request by the bank.

He (you) could try approaching other banks to see if their criteria is any different.

All the best.

G

[spaceman]

Try westpac

I have an account there.....opened while overseas ...in the name of one of my companies ...two of the directors are foreigners and have never been to NZ.

We have a mortgage ... which is gauranteed by all 3 of us..... all done remotely with emails and power of attornies.

We never had any silly requests like that .... I would guess that the person you dealt with at the ASB was a minimum wage monkey who didn't want to help.
Try again at the ASB telling them that if the continue to impose such a silly requirement that you'll take business elsewhere.

As Adidas say ....impossible is nothing.

Cheers
Spaceman

[TWT]

you could set up a trust for around $650 and then just go gaurentors on the loan and put hte loand in the name of hte ttrust!... this will give you sheildiong to some point from legal perspective.
Cheers.

[revdev]

you could set up a trust for around $650 and then just go gaurentors on the loan and put hte loand in the name of hte ttrust!... this will give you sheildiong to some point from legal perspective.
Cheers.

Hells bells TWT, are you learning a new language over there or what??..I went crossed eyed trying to read that!

G

[Ivanhoe]

Hi Kay!
Give Daniel Feller a ring (Ph: 09 529 1115 Mob: 021 533 360 www.financialpictures.com ) he solved this issue for lots of people and he will get you finance approved too. You can get different opinions and suggestions here on PT, but do you want opinions and suggestions or problem solved?

[captaincrab]

I've settled almost a 1000 units in the last 12 mnths for non-residents. If you grant a limited Power of attorney to an NZ solicitor you can get round it.Have the solicitor open the account. Otherwise Banks like NBNZ, ANZ, Westpac, HSBC and BNZ may require you to have your ID certified at either a sister bank offshore or in front of a NZ Embassy or Consular official. They dont need to fly here but I am currently asking a client to fly from Shanghai to HK to see NBNZ there.

[Kay]

Thanks for all your advice. I will try ASB again, but I think perhaps Westpac or Rabobank would be more user friendly, and then the properties wouldn't all be connected to the same bank. Lots of good hints, thanks.
Kay

[TWT]

I have a broker that has always looked after us..... if you like I can let you know the details?
Cheers
Kiwi

[Kay]

Hi there everyone,
I went along to Westpac today, and they had the thing sorted out without any trouble. They are particularly user friendly for internet banking from overseas. Just needed a copy of the passports, and everything the new joint account was opened ready for the purchase - when the right property comes along.
Thanks.

[Stevegoodey]

Why not approach HSBC in Japan and open an account there then ask for an account in Auckland.

They are surposed to be the global bank.

Steve