All Topics / Overseas Deals / Family Trust for NZ purchase

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  • Profile photo of asalwsasalws
    Participant
    @asalws
    Join Date: 2002
    Post Count: 5

    Hi everyone,

    I have a question about family trusts. I'm an Australian who plans on purchasing in NZ.

    I've been in contact with a lender who says they will lend to Australians but they said the family trust must be formed in NZ. However, on the other hand I've also been in contact with a NZ solicitor who says the trust can be formed in Australia and they would just need a copy of the trust deeds.

    Who do I believe? Is there a difference between a NZ and AUS family trust?

    Also, this solicitor says it is extremly rare for an overseas purchaser to purchase using a family trust, I would have thought it would be quite common for investors. Any thoughts on this?

    Thanks

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Yes there is a difference between the 2. Different countries have different laws. I would be looking at using an NZ trust.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of Playa ChickenPlaya Chicken
    Member
    @playa-chicken
    Join Date: 2004
    Post Count: 128

    Yes, Terryw is right, you'll need to set up the NZ trust (not necessarily a family trust) also as per the lender's requirements.

    Here are a couple of companies where you can get help setting up your NZ structures.

    Company Solutions: http://www.company-solutions.co.nz/
     
    and

    Storey & Associates who are excellent property investor focused accountants:
    234 Broadway Ave
    Palmerston North, NZ
    Phone: +64-6-355 4647

    I'm in NZ and happy to help.

    Cheers,
    Vicky

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