Property & Investment

Can I Buy a New Zealand Home Under $5m on a Golden Visa?

How the OIO 'One Home to Live In' Pathway Works

Updated: December 18, 2025•15 min read

Latest Update: December 2025

The $5M+ property pathway for Golden Visa holders was passed into law on December 12, 2025 under urgency. The new rules are expected to come into force in early 2026. Until then, the existing OIO "One Home to Live In" pathway described in this article remains the only option for purchasing residential property below $5M.

Important Disclaimer

This article is for general information only and is not legal or tax advice. Always obtain bespoke advice from an OIA/OIO and immigration specialist before acting.

The 2018 foreign buyer ban severely restricted most non-resident foreigners from buying existing residential homes in New Zealand.

In response to the introduction of New Zealand's Active Investor Plus (AIP) visa, the government has now passed legislation creating a narrow exception for certain investor-residents:

New Zealand's revamped Golden Visa (Active Investor Plus) now comes with a headline-grabbing perk: from early 2026, eligible investor-residents will be able to buy or build one family home worth at least NZD $5 million – with applications processed in just 5 working days.

That's fantastic if you're shopping at the very top of the market. But what if your dream home is $3m–$4.5m, not $5m+? Are you locked out?

Not necessarily.

For some investors, there is a second pathway – via the Overseas Investment Office (OIO) – that can effectively get you under the $5m line, provided you're genuinely prepared to live in New Zealand and become tax resident.

The $5m "Golden Visa home rule" in plain English

Under the new legislation passed in December 2025, certain investor-residents can purchase a home in New Zealand once the rules come into force in early 2026:

Who?

People holding an Active Investor Plus residence visa, and those who held Investor 1 or Investor 2 residence visas under the previous regime. Note: Business Investor Work Visa holders are NOT eligible for this pathway.

What?

They may buy or build one home in New Zealand valued at $5 million or more. The property can be used as a residence, holiday home, or even for commercial purposes – and purchase through a company or trust may be possible subject to certain restrictions.

Land Type?

Only land categorised as "residential" or "lifestyle" on the district rating roll is eligible. Other categories of sensitive land (including non-urban land over 5 hectares, certain coastal land, and island land) remain restricted.

Processing Time?

A new streamlined OIO consent pathway will process applications within 5 working days – significantly faster than the current 10-30 day timeframes for other property purchases.

Residency Requirements?

Unlike the OIO "One Home to Live In" pathway, Golden Visa holders using the $5M+ pathway will NOT need to meet the 183-day per year residency requirement – only the minimum day threshold under their specific visa category.

Important Limitation

Property purchased under this pathway will NOT count as an acceptable investment for AIP visa purposes. Your $5M+ minimum qualifying investment must be in separate acceptable assets.

This $5m rule operates as a targeted exemption under the Overseas Investment Act for high-end residential property. It does not help you if you want a perfectly liveable $2.8m villa in Remuera or a $3.5m lakefront home in Queenstown.

That's where the OIO comes in.

Three ways Golden Visa holders can buy a home

Legal and policy commentary now converges on three main pathways for Active Investor Plus investors to acquire a home in New Zealand:

Become "ordinarily resident in New Zealand"

You can avoid the Overseas Investment Act residential restrictions entirely if you satisfy the "ordinarily resident" test for residential land, which typically requires:

Holding a residence class visa
Living in New Zealand for at least 12 months
Spending 183+ days in New Zealand in that 12-month period
Becoming a New Zealand tax resident

If you meet this test, you are generally treated similarly to a New Zealander for OIA purposes and can usually buy residential property without consent.

Apply to the OIO under the "One Home to Live In" pathway

This is available to residence-class visa holders (including AIP and some other residence classes) who are not yet ordinarily resident.

You apply to the OIO for consent to buy or build one residential property that will be your main home, and you must satisfy a formal Commitment to Reside in New Zealand.

🔑 Key advantage: There is no $5m minimum value baked into this pathway.

Use the new $5m targeted exemption for investor visas

Under recent amendments and policy changes, AIP (Golden Visa) and certain historic Investor 1/2 visa holders can buy a $5m+ home without separate OIO consent, subject to detailed conditions in the regulations.

Pathway #3 is the "$5m rule."
Pathway #2 is where you can, in practice, get around that price floor – but with clear trade-offs.

How the OIO "One Home to Live In" pathway works

The One Home to Live In pathway exists so that people who genuinely plan to make New Zealand their main home can still buy a property, even though they haven't yet clocked up 12 months and 183 days onshore.

Under this route, you generally must:

Hold a residence class visa (for example, an AIP resident visa)

Intend to buy or build one residential property that will be your main home

Move in within a set timeframe (within a specified period after settlement or once construction is complete)

Commit to live in the property and in New Zealand for at least 183 days in each relevant 12-month period, and to become a New Zealand tax resident

Sign a statutory declaration and satisfy the OIO's Investor Test / Commitment to Reside Test, along with any other conditions that apply

No $5m Minimum

There is no $5m minimum value requirement in this pathway. Buy the home that suits your needs.

Simpler Process

Consent applications under One Home to Live In are often simpler and faster than full "sensitive land" benefit-to-NZ cases.

Key conditions and risks investors need to understand

Before you treat the OIO path as a convenient back-door, it is worth being very clear about the trade-offs.

Tax residency and "permanent place of abode"

You become tax resident in New Zealand if you:

Spend 183 days in New Zealand in any 12-month period; or
Establish a permanent place of abode here, which a family home can help demonstrate

New migrants will often be able to rely on a four-year transitional resident exemption for much of their foreign-sourced income, but high-value investors should still obtain specialist international tax advice before committing to an OIO-based home purchase.

OIO conditions are strict

If you obtain consent under One Home to Live In, you will be bound by conditions such as:

Living in the home yourself (rather than treating it primarily as a holiday property or long-term rental)
Remaining in New Zealand for the required number of days
Not selling or renting out the property in ways that breach the consent conditions

Non-compliance warning: Can result in enforcement action, including orders to sell the property and civil penalties that can reach up to NZD $300,000 under the Overseas Investment Act.

Land classification and "sensitive land"

The simpler residential pathways described here apply where the land is classified as residential or lifestyle. If the land is also "sensitive land" (for example, non-urban land over 5 hectares, coastal or lakeside land, or land with particular environmental or heritage characteristics), more demanding "benefit to New Zealand" tests can apply, and the application becomes significantly more complex.

Ownership structures (trusts and companies)

Many investor migrants prefer to purchase through trusts or companies. This can be done, but all individuals with control or significant beneficial interests will typically need to satisfy the relevant OIA criteria, and the structure must be carefully aligned with your OIO consent conditions.

Which path is right for you?

$5m Golden Visa Exemption

Best if:

Your intended home is $5m+
You want maximum flexibility on where you live and how many days you spend in NZ (within your visa conditions)
You prefer to avoid an OIO consent application altogether

OIO "One Home to Live In"

Consider if:

Your ideal home is under $5m, or you don't want to be constrained by an arbitrary value threshold
You're comfortable physically relocating to NZ, spending 183+ days a year here, and being tax resident
You're willing to accept OIO monitoring, conditions, and potential penalties if you don't follow through

For many serious investors who truly want to build a life in New Zealand (rather than simply parking capital), the OIO pathway may in fact be more aligned with their long-term plans than the ultra-premium $5m carve-out.

Real-world property examples: What $3m-$5m buys in 2025

To put this in perspective, let's look at what the New Zealand property market looks like in 2025 for properties below the $5m threshold:

Auckland Market (October 2025)

Average property value: $1.26 million

Median house price: $990,000 (June 2025)

This means that a beautiful 4-bedroom family home in desirable suburbs like Remuera, Herne Bay, or Parnell—priced between $2.5m and $4.5m—would be accessible via the OIO pathway, but would not qualify for the $5m Golden Visa exemption.

Queenstown-Lakes Market (October 2025)

Market trend: Up 1.8% in Q3 2025, showing continued demand

Premium lakefront properties and alpine homes in Queenstown frequently fall in the $3m-$4.5m range—perfect for the OIO One Home to Live In pathway. These properties offer stunning mountain and lake views, ski-in access, and resort lifestyle amenities.

What this means for investors

The vast majority of New Zealand's premium housing stock—including executive homes in top school zones, waterfront properties, and luxury lifestyle properties—sits below $5m. The OIO pathway opens access to this entire market segment.

For more insights on where to live in New Zealand, see our guide to the best cities for Golden Visa investors.

The OIO application process: What to expect

Understanding the OIO application process can help you plan your property purchase timeline more effectively:

Pre-approval option (recommended)

You can apply for pre-approval before finding a specific property. Pre-approval lasts up to one year and offers significant flexibility:

Negotiate property purchases with confidence
No need to make offers subject to OIO consent
View multiple properties and make informed decisions

Application fees

For "Sensitive land: One home to live in" applications, the OIO charges a single consolidated fee (covering lodgement, assessment, and monitoring compliance). This is significantly simpler than full "benefit to New Zealand" applications which have separate fee components.

Refer to the official OIO fees and penalties schedule for current rates.

Processing times

One Home to Live In applications are typically processed faster than complex sensitive land applications. However, processing times vary depending on:

•Completeness of your application and supporting documents
•Whether the land has any sensitive characteristics
•Current OIO workload

Pro tip: Work with an experienced OIO adviser to ensure your application is complete and well-documented. This can significantly reduce processing times and avoid costly delays.

Need help with source of funds documentation for your property purchase? See our detailed guide on proving source of funds.

Next steps for prospective Golden Visa homeowners

Because the rules are evolving (with the $5m exemption in particular still being refined in legislation and practice) and every investor's structure is different, a cautious sequence typically looks like this:

Clarify your intention

Decide whether you're primarily seeking a high-end bolt-hole with maximum travel flexibility, or a genuine long-term relocation for you and your family.

Map your tax position

Speak with a cross-border tax adviser about New Zealand tax residency, the transitional resident rules, and how ownership of a New Zealand home would affect your global tax profile.

Get OIA/OIO-specific legal advice before you sign anything

Engage a New Zealand lawyer with Overseas Investment Act experience to confirm which pathway(s) you qualify for, identify whether the property is residential/lifestyle only or also 'sensitive land', and draft appropriate OIO condition clauses into your sale and purchase agreement where required.

Align your home purchase with your Golden Visa strategy

Make sure your investment portfolio, residency plans and property strategy all fit together – instead of treating the home purchase as an afterthought to your visa.

Need Expert Guidance on Property Purchase?

Our team specializes in OIO applications and can guide you through the entire process of buying property as a Golden Visa holder.

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