Finance Minister Nicola Willis says Cabinet will likely make a decision in the coming weeks around allowing foreign investors to purchase residential property in New Zealand.
She’s signalled foreigners holding an Active Investor Plus Visa – which requires a significant investment in New Zealand – could be able to buy property here.
That would be in line with comments New Zealand First Winston Peters made to the Herald last month, when he said if a foreigner was coming to New Zealand “with millions of dollars to invest in this country, then yes, you could buy a house”.
He confirmed an announcement was likely to be made this year, though it was understood that at the time no formal proposal had been decided upon or had gone before Associate Finance Minister David Seymour, who has responsibility for the Overseas Investment Act.
Prime Minister Christopher Luxon told the Herald then that there were “ongoing conversations”.
In an interview with Bloomberg today during a trip to New York, Willis was asked whether foreigners could purchase real estate in New Zealand.
“Not currently. That is excluded. Our Government, which is comprised of three parties, has been in discussion about loosening those regulations so those who get an Active Investor Visa may in future be able to purchase a property in New Zealand.
“Those talks have been under way and you would expect that a decision would be made by our Cabinet in the coming weeks.”
Willis said New Zealand was “surrounded by a big, fat ocean” and “we have huge amounts of land”.
“It is beautiful. I think the world should be looking at New Zealand. We have great prospects.”
The minister said the Active Investor Plus Visa was “working” and the Government had been “delighted by the response”.
“Hundreds of people have applied for those visas within the first few months, pledging over $1 billion in New Zealand funds.”
She said New Zealand is a “safe, secure place in a world that increasingly is less so” and people “like the idea of having that residency in New Zealand”.
“They can see that many of our investment opportunities are currently under-capitalised. Investing in New Zealand is a good bet.”
The Government made changes to the Active Investor Plus Visa earlier this year, introducing two categories in which foreigners can invest. This provides a pathway to residency for investors after keeping their funds invested for a particular period of time.
The Growth category requires a minimum of $5 million in either direct investments or managed funds for three years, while the Balanced category requires at least $10 million across a variety of options like bonds, new property developments, and philanthropy for five years.
As of August 8, 267 applications had been received under the new settings for 862 applicants. Most of these were in the Growth category. Of the applications received, 164 have been approved in principle. Thirty-two applicants have been granted residence visas.
The applications amount to a potential total minimum investment of more than $1.6 billion. So far the total committed investment is about $200 million, with the majority going into managed funds and bonds.
Last month, in an interview with the Herald, Peters denied NZ First was softening its approach to the current foreign buyers ban, but said the Government was considering settings to allow some investors to purchase property here.
However, he maintained that foreigners not contributing to the economy, should not be able to purchase property.
Peters also remained critical of previous National policy to tax foreigners purchasing property valued at more than $2 million.
“The idea that for $2 million you could come into this country and get a key and that’s your investment was a nonsense,” Peters said.
“We said so before the election. We also debunked the costings for it, and were joined not long after that by economists who said that New Zealand First was right.”
He said that if someone was putting $15 million into New Zealand, they should be able to buy a house, but “not a $2m house”.
Immigration Minister Erica Stanford has previously expressed a desire for those with an Active Investor Plus Visa to be able to purchase land here.
“They want to be able to have a base here, they want to invite their friends here and show off their home and raise their children here and, yes, that is a barrier. That is why those conversations are being had at the moment,” she told Q+A earlier this year.
Seymour told the Herald in July that if NZ First changed its historical position, “there wouldn’t be any complaints from me”.
“I’d be there with bells on, because I think allowing our friends around the world to come to our country, bring their money, and live here is generally – and there are exceptions – but generally, a win-win for New Zealand.”
The foreign buyers ban was introduced in 2018 when Labour was in a coalition with NZ First. Classifying residential housing as “sensitive” in the legislation meant non-residents and non-citizens couldn’t purchase existing residential homes.
Rumours have swirled for months that the Government is eyeing changes to the ban, with Peters suggesting on several occasions that he is open to considering an adjustment.
Jamie Ensor is a political reporter in the NZ Herald press gallery team based at Parliament. He was previously a TV reporter and digital producer in the Newshub press gallery office. In 2025, he was a finalist for Political Journalist of the Year at the Voyager Media Awards.