NEW ZEALAND: CGT to be levied on short-term property investments

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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.