Investor Plus: the $5 million residential pathway
The 2026 reforms to the Overseas Investment Act 2005 introduced a long-awaited change for high-value migrant investors. Certain investor visa holders can now buy or build one residential property in New Zealand valued at NZ$5 million or more through a streamlined Overseas Investment Office consent process. This is a narrow exemption – the wider foreign buyer restrictions remain in place.
Who qualifies – the Investor Plus (“Golden”) visas
- Overseas persons holding an Active Investor Plus, Investor 1 or Investor 2 visa.
- These visas require capital investment in New Zealand businesses. Buying a $5m home does not itself qualify you for the visa – the ability to buy property is a benefit available after the visa is obtained, and the property cannot count towards the visa investment requirement.
- Purchase through a company or trust may be possible, subject to certain restrictions around ownership and control of any such entity. This is a technical area and requires careful structuring and advice before proceeding.
What can be bought
- One residential property valued at $5 million or more (existing dwelling, or one to be built).
- “Residential land” means land categorised as ‘residential’ or ‘lifestyle’ for the purposes of the district valuation roll. The zoning of the land is irrelevant.
- Permitted use: once consent is granted the property may generally be occupied as a main home, used as a holiday home, or for other lawful purposes (subject to planning rules).
What is excluded
- The property cannot be otherwise sensitive land – some rural lifestyle blocks (over 5 ha), some land adjoining the seabed, foreshore or certain lakes and on most islands (over 0.4 ha) cannot be bought under this pathway.
Building a residence – what to expect
- Bare residential or lifestyle land can be bought to build on, provided the combined land and construction cost exceeds $5 million.
- Build timing is managed through conditions on the OIO consent, so an indicative construction programme should be in hand before you apply. Current OIO guidance states that a condition will be imposed requiring the new dwelling to be completed within three years of consent being granted (or such longer time as OIO agrees, where good progress is being made) – see OIO’s guidance for investor visa holders.
- As a practical guide (indicative only), allow time for design and building consent plus construction, which is commonly 12–24 months for a new high-value build.
Timing and process
- OIO consent must be obtained before purchase. Sale and purchase agreements can be signed now, provided they are conditional on getting OIO consent.
- A new streamlined consent pathway applies to qualifying investor visa holders. Applications must be processed within 15 working days, although the OIO target is around 5 working days.
- Ongoing reporting obligations apply once the property is acquired. If building, conditions will require reporting on the build process and cost.
OIO application fees
- Existing property ($5 million or more): NZ$2,040.
- Land to build a home (combined purchase and construction price of $5 million or more): NZ$3,500.
Before you buy – practical checklist
- Confirm visa eligibility and timing.
- Obtain property-specific Overseas Investment Act advice – a company or trust purchase may be possible where the visa holder has sufficient ownership and control, but it requires careful structuring and advice before contracting.
- Ensure contracts are correctly conditional on OIO consent, and consider tax and investment implications alongside immigration planning.
Special thanks to Partner Oliver Roberts and Senior Associate Nina Sidhu for preparing this article.
Disclaimer: The content of this article is general in nature and not intended as a substitute for specific professional advice on any matter and should not be relied upon for that purpose.
