Rich Arent Happy New Zealand Banning Foreign Boltholes
Photographer: Mark Coote/Bloomberg
Rich-listers like Californian billionaire Ric Kayne have issued a warning to New Zealand -- banning house sales to foreigners could hurt the country’s reputation and turn wealthy investors away.
Kayne, who has built an exclusive golf course in New Zealand and wants to expand his investments, is one of several wealthy investors who claim the proposed new law will have unintended consequences. They’re seeking changes, exceptions or to withdraw it in its current form.
“The vision we have for what we would like to contribute to New Zealand is now being threatened,” wrote Kayne in submissions to a parliamentary committee examining the proposed changes. The new law will “impact on us personally, and others like us who, having discovered this country, want to devote considerable resources to preserving, protecting and enhancing it.”
The new Labour-led government came to power in October on a pledge to fix a housing crisis with a raft of measures, including a ban on foreign speculators buying residential property. While data suggest non-residents have only a minor impact on the wider housing market, support for the move was boosted by headlines about rich foreigners buying mansions and farms in New Zealand as boltholes away from the world’s ills.Read More...