Newly released figures for April to June 2017 show that property transfers involving overseas tax resident buyers and sellers are at the same levels as the previous quarter, says Land Information Minister Mark Mitchell.
Land Information New Zealand (LINZ) has released its latest report on tax residency and property transfers covering April to June 2017.
“This latest report continues to show that three percent of all property transfers involved overseas tax resident buyers. Three percent also involved overseas tax resident sellers – proportions similar to previous quarters,” says Mr Mitchell.
LINZ gathers data on tax residency to help Inland Revenue enforce the tax rules around property. It also adds to the information available about the property market, and for this and the previous report, LINZ has shared data on the level of transfers involving buyers and sellers who have New Zealand citizenship/residency.
“For 82 percent of transfers over April to June 2017, one or more buyers involved were New Zealand citizens or residents. For 16 percent, all the buyers involved represented corporate or business entities, although almost all of these were New Zealand tax residents.
“There were two percent of transfers where none of the buyers involved had New Zealand citizenship or residency, although some were work or student visa holders. These citizenship and residency results for buyers were also the same as the January to March 2017 quarter.”