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Speaker 1: Well, the government's changed its mind on the foreign buyer's ban.

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Speaker 1: Golden visa holders can now snap up homes worth five

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Speaker 1: million dollars or more as long as they invest at

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Speaker 1: least five million dollars into the country. The wider ban

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Speaker 1: on residential property still stands. Stuart Nash is a former

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Speaker 1: Labor Cabinet minister. He's currently a co founder of Nash

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Speaker 1: Kelly Global, the relocation consultancy that advisors wealthy individuals. The

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Speaker 1: one we're looking for, particularly from the US on immigration

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Speaker 1: to New Zealand, and he joins us. Now, Hello Sturton,

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Speaker 1: good morning. How are you very good on a political plant?

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Speaker 1: First of all, how on earth did the government get

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Speaker 1: Winston on board?

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Speaker 2: I love Winston's what about economic development and growth? He

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Speaker 2: knows that. You know, when these investor migrants come to

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Speaker 2: New Zield and they invest in the way they are,

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Speaker 2: that creates jobs and wealth and it's good for the

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Speaker 2: jild economy. I mean at the moment we've got about

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Speaker 2: one point eight billion dollars it's been promised. Now remember

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Speaker 2: this is going into active investment into our economy. There's

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Speaker 2: nothing bad about that.

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Speaker 1: Yeah, there are currently three hundred and eight applications for

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Speaker 1: the Golden Visa, and they're bringing a lot of money.

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Speaker 1: You just told us that the numbers. Are they ready

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Speaker 1: to snap up a property as well?

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Speaker 2: They take a little bit of time because they've got

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Speaker 2: to you know, they've got to figure out how they're

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Speaker 2: going to invest. They've got to get their visas. But

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Speaker 2: you know, this is money that's invested actively into the economy.

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Speaker 2: But the thing for me is it's not just about

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Speaker 2: the money. These people bring their experiences, their contacts, their networks,

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Speaker 2: their competency. So by and large, what happens is when

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Speaker 2: they bring their money in, they also bring in a

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Speaker 2: whole lot of different skills and competencies into our communities.

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Speaker 2: That just creates value. It's fantastic.

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Speaker 1: Do you think it's going to drive house prices up?

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Speaker 1: Because I saw a guy on the telly last night.

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Speaker 1: He's saying this is going to pump primes things, give

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Speaker 1: people more confidence. It should affect the entire market. Do

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Speaker 1: you think it will drive the prices up or only

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Speaker 1: affect that top point five percent of properties?

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Speaker 2: We look, what I say is that these people don't

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Speaker 2: compete with the first time buyers. They compete with a

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Speaker 2: lot of winners. Keep in mind, these people can't buy

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Speaker 2: a house under five million dollars and it's about they

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Speaker 2: reckoon there. It's about ten million houses or seven thousand

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Speaker 2: houses that aho lived in immediately worth over five million dollars.

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Speaker 2: So for the vast majority of people, that won't have

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Speaker 2: any difference whatsoever. So no, in fact, quite the opposite.

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Speaker 2: I think this would be great for builders because you know,

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Speaker 2: these guys will come in, they will build expensive houses

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Speaker 2: because this is what they do. But you know, I

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Speaker 2: live in Napier. There are very very few houses in

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Speaker 2: napi at any worth over five million dollars. So I

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Speaker 2: think they're good, hard working keys aren't going to see

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Speaker 2: a change add all to their house prices.

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Speaker 1: Okay, well you've been talking to people who have got

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Speaker 1: the Golden visa. Are they keen to build? Would that

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Speaker 1: actually be even more attractive to them because they could

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Speaker 1: then make the house that they really want.

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Speaker 2: Yeah, accommodation of both, so you will see some by

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Speaker 2: look it it may affect house prices at the hanging

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Speaker 2: down in Queenstown, but the vast majority of people won't

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Speaker 2: see any difference whatsoever. But I was talking to a

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Speaker 2: chap who has got a development he wants. This is

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Speaker 2: this is an American billionaire. He wants to build an

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Speaker 2: incredibly big lodge. And there's about thirty sections that will

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Speaker 2: that will be worth over five million dollars there. That

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Speaker 2: is a significant amount of development. These are houses that

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Speaker 2: wouldn't be built otherwise. Of course, you know the sections

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Speaker 2: are open for Kiwis to buy, but we are talking

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Speaker 2: high end and we're talking people who come over here

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Speaker 2: and when they have a property here, they tend to

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Speaker 2: stay for longer, they spend more. There is no downside

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Speaker 2: to this at all. So you know when I hear

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Speaker 2: people say this is going to this is going to

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Speaker 2: impact the property prices, I just I just think not

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Speaker 2: at all, not at all. At the very top end maybe,

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Speaker 2: but good hard working Kiwis who are you know who

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Speaker 2: are looking struggling or working hard to get there. So

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Speaker 2: the housing letter won't make a difference.

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Speaker 1: No matter what the Prime Minister says, this is still

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Speaker 1: a compromise to fit in Winston Peters. So should they

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Speaker 1: look to open it up further.

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Speaker 2: No, I think we've got I think we've struck at

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Speaker 2: a very nice balance. I don't think this is a compromise.

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Speaker 2: Now the reason I say that is New Zealand First

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Speaker 2: has always been about economic development and growth and making

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Speaker 2: sure that good hard work and keemities have the opportunity

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Speaker 2: to work. We're talking so far one point eight billion

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Speaker 2: dollars it's been promised to come into our economy. I

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Speaker 2: think this is going to get a little bit of

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Speaker 2: a boost in my business. I've heard about four clients

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Speaker 2: in the last couple of weeks. I've said, no, we're

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Speaker 2: not interested in New Zealand because we can't buy a property.

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Speaker 2: Now they can. You're going to see more money coming

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Speaker 2: into the economy and I just want to reiterate this

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Speaker 2: is money that has to be invested actively. So we're

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Speaker 2: talking about into New Zealand businesses, into areas that create

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Speaker 2: jobs and economic wealth for our economy and for all

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Speaker 2: key weeks.

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Speaker 1: Now, Stuart, you've mentioned New Zealand First and Awful Lot

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Speaker 1: in this interview and does this mean that you're going

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Speaker 1: to stand for them.

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Speaker 2: No, No, not at all. All I'm saying is that

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Speaker 2: Winston and Shane represent the politics of pragmatism and I

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Speaker 2: think this is about economic development, growth and jobs in

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Speaker 2: Winston and Shane understand that. It's the reason why we're

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Speaker 2: talking about a good news story at the moment.

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Speaker 1: Good stuff. Thank you so much at a Stuard mesh

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Speaker 1: For more from Early Edition with Ryan Bridge. Listen live

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