An ever increasing number of wealthy American’s are turning to New Zealand to provide a safe haven from global turbulence. Whether it be to get away from economic crisis or to provide a bolt hole in uncertain ties it seems that the remoteness of New Zealand is encouraging more and more to seek shelter on their shores. Peter Thiel, co-founder of PayPal has bought a £4.5m property near Wanaka. Under New Zealand’s immigration policy the Investor Plus scheme allows foreign buyers to get permanent residency if they invest more than NZ10m in the economy of New Zealand over three years. They need only to live in the country for 44 days in two of those years can are free to buy property.
Steve McGill head of Immigration New Zealand has said that these hopefuls still need to meet a strict set of criteria to enter the country. And it seems that many wealthy American, including many tech founders from Silicon Valley are taking advantage of this to ensure they have somewhere to retreat to should things get sticky elsewhere in the world.
Some are happy with the influx citing increased entrepreneurism and investment into startups and the New Zealand economy but others are more concerned over investors pushing up land and hous prices. Many believe that the investment status should be changed and include a ban on foreign visa holders who are non residents buying property and land causing the land and house prices being driven up.
Whatever happens it seems that there is no shortage of wealthy Americans wanting to buy their own piece of heaven and safety in this remote country and the trends looks set to continue as uncertainties continue around the globe.
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