New Zealand has banned foreigners from buying existing residential property in a blow to the global super-rich, who have snapped up scores of luxury estates in recent years to use as holiday homes and provide a “bolt-hole” in case of global catastrophe.
The new law, which was passed by parliament on Wednesday, follows a public outcry last year when it was revealed that Peter Thiel, co-founder of PayPal and a prominent supporter of Donald Trump, was granted citizenship by the New Zealand government despite his case not meeting the usual requirements.
He is one of a growing band of foreign billionaires, including James Cameron, the film director, Julian Robertson, the hedge fund guru, and Mikhail Khimich, a Russian former oil magnate, who have bought properties in popular beauty spots, such as Queenstown and Wanaka.