New Zealand Eases Foreign Buyers’ Ban for Luxury Homes Under Golden Visa Scheme

New Zealand’s government has introduced a new exemption to the foreign buyers’ ban, allowing wealthy investors under the country’s “golden visa” programme to purchase or build a luxury home worth at least $5 million.
Prime Minister Christopher Luxon said the move strikes a balance between protecting the housing market and attracting high-net-worth individuals who can contribute to the economy. He emphasized that the exemption would apply only to a very small share of homes, keeping affordability concerns in check.
NZ First leader Winston Peters backed the decision, stressing that restrictions exclude rural, farm, and sensitive land. He noted that the $5m threshold means more than 99% of New Zealand homes remain off-limits to foreign buyers, protecting the wider housing supply.
The exemption links directly to the Active Investor Plus programme, which grants residency to investors who commit at least $5m over three years into high-risk ventures, or $10m over five years into lower-risk options. Immigration data shows more than 300 applications have been received, representing potential investments of up to $1.8 billion, with about 40% of applicants coming from the U.S.
National had previously campaigned to allow purchases of homes above $2m with a tax, but that plan was dropped during coalition negotiations with NZ First. The new $5m limit reflects a compromise between the parties after months of debate.