New Zealand Allows Golden Visa Investors to Buy Luxury Homes

Photo: Wikimedia

New Zealand will ease restrictions for foreign investors by opening access to the luxury real estate market. Starting at the end of 2025, holders of the Active Investor Plus program will be able to purchase homes priced from NZD 5 million (approx. USD 3 million), Bloomberg reports. This marks a softening of the long-standing ban on overseas buyers.

In 2018, Prime Minister Jacinda Ardern’s government banned foreign offshore buyers from the housing market due to fears over affordability. The move came after controversy over PayPal co-founder Peter Thiel acquiring New Zealand citizenship despite spending only a few days in the country. The public criticized the case as "citizenship for cash," leading to tighter restrictions. Only Australians and Singaporeans were exempt.

The Active Investor Plus program, relaunched five months ago, offers residency in exchange for major investments. Authorities simplified conditions by removing the English language requirement, reducing mandatory residence time, lowering financial thresholds, and broadening eligible investments.

Currently, the program has two categories:

Growth: from NZD 5 million (USD 2.8 million) into high-risk businesses or managed funds, with a minimum stay of 21 days over three years.

Balanced: from NZD 10 million (USD 5.6 million) into bonds, equities, and selected non-residential real estate, with 105 days of stay over five years.

Previously, golden visas generated around NZD 1 billion annually, but after 2022 restrictions, investments fell to just NZD 70 million. In 2025, interest is rebounding: by August 31, authorities received 308 applications covering about 1,000 people, with a minimum committed capital of NZD 1.9 billion (USD 1.1 billion). Around 40% of applicants are U.S. citizens.

Prime Minister Christopher Luxon emphasized the need to attract wealthy migrants:

“If you are a major international investor, New Zealand is just one of 195 countries competing for your money. Competition is fierce, and our choice is to compete harder. Active Investor Plus, with the option to buy a NZD 5 million home, is exactly that.”

The new rules affect only a small segment. According to consultancy Cotality, New Zealand has about 7,000 homes worth over NZD 5 million, or just 0.4% of the total housing stock. Of these, about 4,500 are in Auckland and 1,250 in Queenstown. Only 350 such homes are listed for sale annually, limiting investor options.

Former minister turned private wealth consultant Stuart Nash said the move will bring New Zealand back into focus for global investors. However, most experts believe the impact on prices will be negligible. Cotality’s chief economist Kelvin Davidson noted:

“This won’t trigger a price surge. The labor market matters far more to the mass housing market.”

Before the ban, foreign buyers accounted for just 2–3.5% of transactions. The government hopes that golden visas combined with access to the luxury housing niche will attract new capital without affecting broader affordability.

Last year, the Supreme Court already allowed foreigners to purchase several NZD 7 million coastal plots in Omarino, 225 km north of Auckland. The deal was enabled by entrepreneur Craig Heatley, who had secured approval for foreign transactions.