New Zealand opens $5m housing market to golden visa investors
Only 1% of New Zealand homes eligible under new rules
DUBAI – New Zealand will once again allow wealthy foreigners to buy luxury homes under a golden visa scheme, carving out a high-value exemption from a long-standing foreign buyer ban.
The move, announced by Prime Minister Christopher Luxon, is aimed at revitalising the economy and strengthening the country’s appeal to global investors.
Holders of the Active Investor Plus residency visa will be permitted to buy or build one property worth at least NZ$5 million ($2.94 million). The change, which follows months of coalition negotiations, is expected to take effect before the end of the year when reforms to the Overseas Investment Act are passed into law, Bloomberg reports.
The golden visa programme, reintroduced in April, has already attracted significant interest. The government has so far received 301 applications, representing a potential minimum investment of NZ$1.8 billion if all are approved and proceed. Officials see the new property pathway as a means of deepening investor ties with New Zealand while protecting the broader housing market.
Golden visa pathway
The Active Investor Plus visa requires a minimum investment of NZ$5 million over three years in higher-risk ventures, or NZ$10 million over five years at a lower threshold. Applicants are largely from high-net-worth backgrounds, with almost 40 percent originating from the United States.
Previously, foreigners holding visas but not residing in New Zealand for six months of the year were banned from buying property. The latest reform lifts that restriction but tightly limits eligibility. Only about 10,000 homes across the country qualify, mostly concentrated in Auckland and Queenstown, and representing less than 1 percent of the housing stock.
Government strategy
Luxon emphasised that the measure is designed to strike a balance between economic growth and protecting affordability. “This change navigates a path between those who do not want foreign ownership opened up, and the desire to attract high net worth investors by deepening their connection to our country to help grow the economy,” he said in a statement.
Market safeguards
The government has also excluded rural, farm, and sensitive land from the scheme. New Zealand First leader Winston Peters underscored that the NZ$5 million threshold safeguards more than 99 percent of homes from foreign purchase. The rules are therefore expected to draw only hundreds of investors, not thousands, limiting any potential market disruption.
The foreign buyers ban on housing remains.
— Winston Peters (@winstonpeters) September 1, 2025
However, as we signalled months ago, we have agreed that holders of a current existing Residence Class ‘Active Investor Plus Residence Visa’ holders, who are investing millions of dollars into our economy, should be able to own a home.…
Reuters reported that New Zealand’s economy slipped into recession in the second half of 2024 and has remained weak in 2025. The government hopes the revised golden visa scheme will channel significant foreign capital into the country, providing both investment and job creation opportunities.