Investments in real estate are possible, but only under certain conditions. The investment must be in the form of new developments on either new or existing sites; it cannot include renovation or extension to existing dwellings. The purpose of the residential property investments must be to make a commercial return on the open market; it cannot be for personal use and neither the family, relatives, nor anyone associated with the principal investor, may reside in the development.
How can investors buy real estate in Auckland and also gain permanent residency in New Zealand?
I'm looking to move to a part of Auckland where my friends live. Can I get residency there by buying real estate? Are there any limitations I should be wary about especially during the pandemic?
Investors can buy real estate and also gain permanent residency in New Zealand, even if this is not for their own personal use, their family or friends to live in. For a residential property development to be an acceptable investment, the purpose of the development must be to make a commercial return on the open market. Purchasing an existing residential property for rental purposes is not an acceptable investment. Commercial property is an acceptable investment if the property is not residential or for domestic use, the property is used for business purposes, capable of a commercial return, and the purpose of the commercial property investments is to make a commercial return on the open market. Importantly, neither the investor, their family, relatives, nor anyone associated with them, can live in the development.
You cannot buy real estate and use that to gain residence under this category.