Buying from overseas or as a new resident
Residency, visas and time spent overseas change whether you can buy, whether you need Overseas Investment Office consent, and whether your KiwiSaver is available. Kiwis living in London can still use their KiwiSaver. New residents can usually buy but need an IRD number and have to meet a residence test. Check this before you make an offer, not during due diligence.
What it is
The Overseas Investment Act restricts who can buy residential land in New Zealand. Citizens and permanent residents who meet a residence test can buy freely. Other residence-class visa holders may need to show they are ordinarily resident, and everyone else generally needs consent. Every buyer signs a residential land statement at the time of the agreement confirming their status.
Why it matters
Signing the wrong statement is an offence, and finding out at settlement that LINZ will not register the transfer is a disaster. Separately, a returning Kiwi's KiwiSaver may still be available for a first home even while they are overseas, and a new resident's de facto partner may be exempt from the residency test but still needs an IRD number before settlement.
How we handle it
We run a three-step check on every buyer at the start: citizenship or visa, time in New Zealand, and whether an OIO condition is needed in the offer. For buyers bidding from overseas we handle signing by video and set up the authority documents in advance. For KiwiSaver from overseas we coordinate with the provider on the extra proof they need.
Common traps
- Assuming permanent residency is enough without checking the residence test.
- Leaving the IRD number application until settlement week.
- Not including an OIO condition when consent is needed, which makes the agreement unenforceable.
- Signing from overseas without the right witnessing.
Not sure how this applies to you?
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