The Housing minister Nick Smith has rejected a foreign buyers register to identify non-resident foreign property speculators. The minister has decided property speculator’s should submit a New Zealand IRD number, tax identification number from their own country and current identification.
The National government has accused labour of releasing poor data that people with Chinese last names were disproportionately buying New Zealand real estate. Yet the housing minister is set to offer equally poor data.
A New Zealand IRD number doesn’t weed out foreign property speculators anyone with a Visa or who intends on working in New Zealand can apply for an IRD number.
Foreign Nationals have no incentive to offer Tax identification from their own Nation if they have already submitted a New Zealand IRD number.
An identification card is no indicator of what country a foreign national lives in. What if the property speculator is a student at Auckland University? Why not expect the buyer submit a passport or birth certificate instead of generic identification.
Many properties are registered to trusts and not people so this method of analysis is no indicator of how many Non -resident foreign property speculators are buying up real estate.
This is a desperate attempt by the National government at disinformation to sweep foreign property speculation under the carpet.