Two questions:
What are "lifestyle" properties? Please explain! :)
Do Kiwis get taxbreaks for real estate taxes and mortgage interest, as we do here in the US?
Two questions:
What are "lifestyle" properties? Please explain! :)
Do Kiwis get taxbreaks for real estate taxes and mortgage interest, as we do here in the US?
EOI Submitted: July 20, 2006
EOI Selected: August 2, 2006
ITA Received: October 12, 2006
ITA Submitted: February 2, 2007
Migrant Levy Paid & Visas Shipped: June 6, 2007
Arrived in NZ: July 26th, 2007
Leaving NZ: June 1st, 2008
Hi Kiwihopeful,
Sorry, can't answer your second question as we aren't in NZ yet, but I can tell you that a lifestyle property is akin to a small farm. There are a lot of them in rural NZ and they usually have a fair bit of land attached to them. Some that have been used to rear cattle, horses or sheep may have outbuildings like stables or barns included as well. Lifestyle properties don't necessarily have to be used for farming, but may have been in the past.
Mother Bear
Try to bloom wherever you are planted.
Do these have the same 2000 sq meter restriction on land owned by foreigners that everything else does?
Is the 2000 m2 limit per property or total?
Could I own two 1000 m2 properties?
I thought the only restrictions on foreign ownership were on waterfront and other "sensitive" properties. Also, if you get PR than you're a local, not a foreigner anymore I think.
There is only one tax deduction that I've heard of for property. It's if you generate income from your property then you can deduct the mortgage interest (and some other expenses I think). That is why so many of those bedsits are built into kiwi houses. If they are rented, they get the tax deduction.
Yes, once you have PR the restrictions are lifted. Regarding the restrictions, I had been informed that people without PR couldn't buy anything with over 2000 sq. mtrs. of land. However, after reading this, I'm not so sure. Perhaps someone 'on the ground' could verify for us.I thought the only restrictions on foreign ownership were on waterfront and other "sensitive" properties. Also, if you get PR than you're a local, not a foreigner anymore I think.
Mother Bear
Try to bloom wherever you are planted.
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