There. I am a permanent resident and currently living in Hong Kong. And in the coming future, I would like to buy a

Expert's Assistant chat
Customer: Hi, there.
JA: Hi. How can I help?
Customer: I am a permanent resident and currently living in Hong Kong. And in the coming future, I would like to buy a house, I am wondering if I am eligible to buy a house in New Zealand. Thank you.
JA: Have you talked to a New Zealand lawyer about this?
Customer: Not yet.
JA: What steps have you taken so far?
Customer: At the beginning status
JA: Anything else you want the Lawyer to know before I connect you?
Customer: As I need to know if I am eligible to process on.
Answered by Chris The Lawyer in 5 mins 2 years ago
imglogo
Chris The Lawyer
10+ years of experience
logo

41672 Satisfied customers

Expert in: Family Law, Legal, Estate Law, Real Estate Law, Criminal Law, Employment Law, Business Law, Consumer Protection Law, Bankruptcy Law, Traffic Law, Personal Injury Law.

logoBack
logologo
Chris The Lawyer
logo
logo
41672 Satisfied customers
logo
10+ years of experience
imglogo
Chris The Lawyer
10+ years of experience
logo

41672 Satisfied customers

Jessica

Jessica

Consultant

31,131 Satisfied customers

Pearl avatar
Lawyer's, Assistant
116 Lawyers are online right now.
img

Chris The Lawyer, Expert

Hi
I am a New Zealand lawyer based in Wellington and will help you with your question today. Please give me a minute to read the question

img

Chris The Lawyer, Expert

If you are a New Zealand permanent resident then you can buy property in New Zealand, even if you do not currently live here

Customer
But how? Do I need to state the purpose of buying the hose?
Customer
house
Customer
Sorry that I am not available by phone call as I am in Hong Kong
img

Chris The Lawyer, Expert

When you buy the property your lawyer will complete the forms which confirm you are a permanent resident, so you can complete the purchase. There isnt much paperwork needed. It is only when you are not a permanent resident or citizen that you need to apply

Customer
I don't need to state the purpose of buying that house ?
Customer
can I know more about the tax and stamp duty, is there any difference when I buy it for investment or myself use?
img

Chris The Lawyer, Expert

You do not need to state a purpose. There is no stamp duty in New Zealand and the purpose of purchase is not important

Customer
Because the bank told me that if I want to do a mortgage, I cannot borrow money from them if I only get Hong Kong income proof. They said it depends from the purpose, if it is for investment, they would more likely to lend.That's what they claimed to me:
If you are going to move back to NZ and buy the property for yourself to live, we need to understand what’s job you are going to do in NZ and how much income you will be earning. We won’t be able to use your HK income if the house is for yourself to live.If you are going to leave it as a rental first before you come to NZ, we could then use your HK income given you are employed by a company as we cannot use self-employed income as well. For this scenario, you would need to have minimum 30% deposit for the property purchase.
Customer
is there any tax if I buy a house?
img

Chris The Lawyer, Expert

That is an issue with the lender and a decision for them, rather than a legal issue. There is no tax on a purchase although there is a liability for tax when you sell

Customer
Okay. Thank you so much.
Customer
Can I have your contact details?
img

Chris The Lawyer, Expert

I am a barrister and not a solicitor but you can contact me at lahatte.lawyer

Customer
Thank you.
img

Chris The Lawyer, Expert

Thank you for the reply and for using this site. You may ask further questions or rate this answer when you are ready.

Customer
how if my husband ?
Customer
If we are going to buy a house under his name, Is he eligible ? as he is just resident
img

Chris The Lawyer, Expert

You can buy in your name to avoid that problem

img

Chris The Lawyer, Expert

But a partner of a permanent resident is exempt from the Overseas Investment Act restrictions

Customer
The problem is that, I need income proof to do mortgage, but in the coming future, I will quit my job.
Customer
What means by that ?But a partner of a permanent resident is exempt from the Overseas Investment Act restrictions
Customer
we can buy a house under his name ?
img

Chris The Lawyer, Expert

Under both your names, or just in your name

Customer
Hopefully both our name
And I am wondering how can he be a permanent resident ?
img

Chris The Lawyer, Expert

He can apply when he is here and has been here for two years

Customer
Then how long will the application process for him to apply the pr?
img

Chris The Lawyer, Expert

It usually takes a few months

Customer
Thank you so much.
Ask a lawyer and get your legal questions answered.
See all Legal Questions
img
Related Legal Questions
How it works
logoAsk for help, 24/7
Ask for help, 24/7
Members enjoy round-the-clock access to 12,000+ verified Experts, including doctors, lawyers, tech support, mechanics, vets, home repair pros, more.
logoExpert will respond in minutes
Expert will respond in minutes
After you reach out, we match you with an Expert who specializes in your situation. Talk, text, chat, whichever you prefer.
logoSave time & money
Save time & money
No scheduling hassles, missing time from work, or expensive consults.
A JustAnswer membership can save you significant time and money each month.
img
logo 593 Verified lawyers, 10+ years of experience
DISCLAIMER: Answers from Experts on Askalawyeroncall.com are not substitutes for the advice of an attorney. Askalawyeroncall.com is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response as proposing specific action or addressing your specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances should be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on any information received from an Expert, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains. The responses above are from independent, freelance Experts, who are not employed by Askalawyeroncall.com . The site and services are provided “as is”. To view the verified credentials of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.
Explore law categories
Powered by JustAnswer