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New Zealand bans sales of homes to foreigners
New Zealand's parliament has banned many foreigners from buying existing homes in the country - a move aimed at making properties more affordable. The ban only applies to non-residents. Australians and Singaporeans are exempt because of free-trade deals.
New Zealand is facing a housing affordability crisis which has left home ownership out of reach for many. Low interest rates, limited housing stock and immigration have driven up prices in recent years.
[...] [Foreigners] are now banned from purchasing most types of homes - but they will be able to make limited investments in new apartments in large developments.
[...] Chinese investors have been among the biggest and most active offshore buyers of property in the New Zealand market. Also, some wealthy Americans - like Silicon Valley tech billionaire Peter Thiel - have become New Zealand citizens or have bought property in the country. Average prices in New Zealand have risen more than 60% in the past 10 years, while in Auckland - the country's largest city - they have almost doubled.
(Score: 2) by ikanreed on Friday August 17 2018, @01:58PM (1 child)
Because the trick of it is, the only wealth they're moving into the country is exactly enough to own the land.
There really needs to be an international standard that above a certain level of income, hiding assets from taxation is a capital* crime.
* see what I did there, see? SEE? SEE?????
(Score: 2) by JoeMerchant on Friday August 17 2018, @05:29PM
Property tax is an awesome method of wealth extraction... just look at all the empty beachfront mansions in Florida - it's a huge income base for the counties, and nearly 100% of that money is coming into the county from the outside. Not only do they pay property taxes, but they also don't "tax" the infrastructure since they're rarely, if ever, there - no additional traffic on the roads, especially no additional children in the public schools, etc.
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