New tax on property in New Zealand owned by non-citizens from April 2016

A new withholding tax on sales of residential property in New Zealand by people who live overseas and go on to sell the property within two years of purchase will be introduced in 2016. The Residential Land Withholding Tax (RLWT) is the third part of the Government’s investment property tax reforms announced as part of its Budget 2015. It will come into force on 01 July 2016 under a new Bill before Parliament. Revenue Minister Todd McClay said that the RLWT will act as a collection mechanism f...