A New Zealand bill to prevent overseas buyers from snapping up the country's homes has narrowly passed its first reading. The Overseas Investment Amendment Bill precludes foreign buyers from acquiring residential properties unless they are increasing them for more residential use or converting the land for another purpose. Under current law, a property can be bought by an individual who is not resident in New Zealand, but only if it was purchased before 1 July 2013. so it can be passed before New Zealand ratifies the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
A New Zealand bill to prevent overseas buyers from snapping up the country's homes has narrowly passed its first reading. The Overseas Investment Amendment Bill precludes foreign buyers from acquiring residential properties unless they are increasing them for more residential use or converting the land for another purpose. However, it has come under fire for facing a "truncated select committee process" so it can be passed before New Zealand ratifies the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.