NEW ZEALAND: CGT to be levied on short-term property investments
In future, New Zealand has planned to start charging capital gains tax (CGT) on any residential property sold on after two years of originally purchasing, unless the property is being used as a main home, it is inherited or transferred as part of a marriage settlement. The measure is thought to be designed predominantly for investors who are not residing in New Zealand, who can set up a bank account and then obtain a NZ tax identification number to register further purchases, as well as supplying their country of origin tax number.
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