PHOTO: STEPHEN SENTORIUS A different exemption allows developers to sell up to 60 per cent of the apartments to overseas buyers, but they cannot live in them but may rent them. The planned Paddington low-rise development in central Wellington, illustrated, has one of these exemptions.
The Overseas Investment Office has approved 30 “transitional” exemptions allowing hundreds of foreign buyers to buy and live in large apartment developments.
The transitional exemption permits developers of existing large residential developments who had started selling the residences before August 22 2018 to continue to sell to overseas people.
They can sell all the units to overseas people who are allowed to live in them and don’t have to onsell them, but the transitional exemption only applies to the first buyer and cannot be passed to another overseas person.
The 30 transitional exemptions were granted in the past eight months since the more restrictive Overseas Investment Amendment Act 2018 came into force on October 22 2018.
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