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‘No Restrictions on Resale to Foreigners’ - Singapore Advert

Rt Hon Winston Peters

New Zealand First Leader

Member of Parliament for Northland
2 AUGUST 2016

‘No Restrictions on Resale to Foreigners’ - Full Page Singapore Advert

A full-page advert in Saturday’s Singapore Straits Times for a two-day ‘Prime New Zealand Properties Expo’, shows how the government is denying reality over foreign buyers.

“If foreign ownership is as small as the government claims it to be, then why would an outfit like Brooke International book a room at the Singapore Hilton and spend $20,000 on an advert for a New Zealand Properties expo?” asked the Rt Hon Winston Peters.

“So what are the benefits of buying in New Zealand according to the advert? They are: ‘No stamp duty’, ‘No restrictions on resale to foreigners’ and ‘A lucrative investment with income up to 30 years’ in ‘fantastic Auckland’ or ‘Queenstown, New Zealand’s adventure wonderland’.

“This advert shows how New Zealand is seen by the rest of the world – an easy place to buy that offers great returns – returns earnt from an already overheated property market in Auckland.

“On the foreign buyer issue this government is spinning faster than an F&P washing machine, but they cannot launder out the cost these foreign buyers are causing to Kiwis.

“We already know the government’s data is bogus because Inland Revenue only records self-declared New Zealand tax residency and that has nothing to do with nationality or visa status. It is shonky window dressing at its worst when we must put New Zealanders first.

“The government must crack down hard on foreign buyers and establish a real register of foreign buyers and not this Clayton’s thing they’ve cobbled together,” Mr Peters said.

An image of the advert is available by emailing Jordan.Samuela@parliament.govt.nz or Christopher.Tobin@parliament.govt.nz

ENDS


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