By Lucy Craymer and Christine Chen
WELLINGTON (Reuters) -New Zealand will allow some wealthy overseas-based investors with an investor residence visa to buy or build a house as long as it is worth at least NZ$5 million ($2.94 million), Prime Minister Christopher Luxon said on Monday.
In April, the New Zealand government relaxed rules for the foreign investor migrant visa. This included lowering the minimum required funds for the category that focuses on higher-risk investments to NZ$5 million from NZ$15 million, and removing the English language requirement.
However, those on the visa, who were not in New Zealand for six months a year, were still unable to buy property.
Luxon said in a statement that the government would make changes to allow those on the visa to buy or build one home.
He added the property had to cost at least NZ$5 million.
“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.
($1 = 1.7033 New Zealand dollars)
(Reporting by Christine Chen in Sydney; Editing by Tom Hogue and Saad Sayeed)
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