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New Zealand is carving out an exception to its long-standing foreign buyer ban, opening the door to the ultrawealthy.
Prime Minister Christopher Luxon announced Monday that holders of the country’s golden visa — officially called the Active Investor Plus visa — will now be allowed to buy or build one luxury home, provided it’s worth at least $5 million.
The change is designed to attract more overseas investment while maintaining the broader ban on foreign buyers introduced in 2018 amid fears of skyrocketing property prices.
“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,” Luxon said.
The golden visa program requires applicants to invest at least NZ$5 million (about $2.9 million) into New Zealand’s economy over three years, or NZ$10 million (about $5.8 million) over five years.
Since the rules were eased in April, more than 300 applications have been filed, representing a potential NZ$3 billion ($1.8 billion) injection into the economy, according to Luxon.
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Why wealthy Americans are leading the charge
Americans are leading the surge. According to New Zealand’s government figures, as of August 31, nearly half of recent applications — 129 out of a total of 308 — are from the US.
Many are seeking political stability, geographic isolation, or simply good golf courses.
“Within maybe the first three sentences, the word Trump does come up as a reason why they do want to move,” Stuart Nash, a former New Zealand cabinet minister who cofounded relocation concierge Nash Kelly Global, told Business Insider on Monday.
His firm helps wealthy clients navigate the visa process, find doctors, and scope out real estate.
Some see New Zealand as “apocalypse insurance” — a safe haven far from global conflict or climate disaster. Billionaires like Peter Thiel and LinkedIn cofounder Reid Hoffman have publicly praised its isolation and security.
Others simply come for the lifestyle: Queenstown’s ski slopes, world-class wineries, and courses like Kauri Cliffs and Cape Kidnappers have become magnets for affluent transplants, Nash said.
By allowing golden visa investors to own a single home, Luxon is betting New Zealand can maintain control of its housing market while luring more capital, talent, and global connections.
“Globally, New Zealand has a deserved reputation as a great place to live, and we want to grow our economy,” he said.
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