New Zealand eases foreign home ban for wealthy visa holders

New Zealand will relax a near-total ban on foreign home purchases to allow wealthy overseas investors holding the government’s relaunched “golden” visa to buy or build a single residential property worth at least NZ$5 million, Prime Minister Christopher Luxon announced Monday. The exemption, part of proposed reforms to the Overseas Investment Act, is intended to deepen ties with major investors and will not take effect until the changes are passed into law later this year, officials said.

Luxon framed the policy shift as a targeted effort to attract capital and business expertise. "Globally, New Zealand has a deserved reputation as a great place to live and we want to grow our economy," he said in a statement, adding that allowing significant investors to own a home will make the country more competitive in a global market for high net worth migrants. He told reporters that New Zealand is one of many nations competing for international investment and that the government is "competing harder."

The concession applies to holders of the Active Investor Plus visa, reintroduced in April and designed to secure substantial financial commitments to New Zealand businesses. The visa...