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Perhaps I should have clarified. Too much prime real estate in almost every country is purchased by wealthy foreigners who either sparsely live there or hold it
by rm_-rf_slash 9y ago
Perhaps I should have clarified. Too much prime real estate in almost every country is purchased by wealthy foreigners who either sparsely live there or hold it for purposes of speculation. The result is chronic housing shortages and economy-ruining rents. In that case a hefty surtax is certainly justified.
- elyobo 9y agoI'm OK with that on principal if the "foreigner" is someone that has the right to permanently reside in NZ (basically the rules as for the right to vote - http://www.elections.org.nz/voters/enrol-check-or-update-now/who-can-and-cant-enrol http://www.elections.org.nz/voters/enrol-check-or-update-now...). It sounds like this policy would not achieve that, because it's claimed that the policy would only apply to "non-domiciles" which would presumably include temporary residents... so in that regard I would have to agree that it is loopholed :-/
- nugget 9y agoI saw an interesting proposal that called for hefty property tax surcharges that could be rebated against annual personal income taxes.
- elyobo 9y agoWhile overseas investors (or even local students etc) would have no taxable income to offset against, why would this be preferred over simply banning it?