Many of my buyers who buy a house in Queenstown are from offshore.
Before they arrive, I have made appointments for them, so that while they are in New Zealand they complete the mandatory steps to make it legal for them to purchase property in New Zealand.
An IRD number is required for all individuals who wish to buy, sell or transfer New Zealand property. This IRD number is used for all of your tax, entitlements and personal details that Inland Revenue holds. If you’re residing offshore you can only register online if you’ve already travelled to New Zealand and been verified by the New Zealand Customs Service. https://myir.ird.govt.nz/eservices/home/_/
Non New Zealand residents must have a functional a bank account before they buy a house in Queenstown. This needs to be done in person at a bank and an appointment is required. The account also needs to demonstrate that it has been active prior to entering into a property transaction. If you weren’t planning to have a spend up while you were in Queenstown here’s your excuse!!!
Many of my offshore buyers also take the opportunity while they are here to meet one of the lawyers that I work closely with. This is a huge advantage when it comes to completing the due diligence on a property transaction for both parties – putting a face to the name means so much when you are putting your faith in someone in a foreign country. There are significant advantages that I see every day for having a lawyer based on the ground in the town where you are buying.
Having a discussion with an accountant can also be invaluable. Topics that my advisers cover relate to ownership structures, awareness around any land taxation when property is sold or subdivided, rental income taxation depending on the intended use of the property, borrowings structuring and risk management.
Once these mandatory boxes are ticked then the fun part can begin – the property viewings.