SA Going to NZ Advice Forum

Getting Ready To Leave => Your Money in SA => Topic started by: costa on May 26, 2008, 06:52:45 pm

Title: Greeting!
Post by: costa on May 26, 2008, 06:52:45 pm
Hi guys

I'm in Pretoria ,have been here most of my life and I'm self employed in food retail. I have also come to the realization that the future of the country is looking bleak (only now lol). I've got a quick question. Maybe it has been discussed before but I could not find it.

Can I as a foreigner/non citizen open a bank account and buy a property in New Zealand ? I have no intention at the momement of immigrating to New Zealand due to business commitments, but would like to do so in the near future about 3 years time. I'm thinking in the mean time I could start sending money over to buy a house, so that when I eventually do apply for the appropriate visa ,I'll be sorted with a place to stay. I'm also aware that when i do decide in future to apply for citizenship it could be too late and/or my application could be turned down. But at least then I'll have a holiday home in New Zealand and a place to run too as a refugee when s**t hits the fan here.

Thank you all for your time and effort
Title: Re: Greeting!
Post by: SaKiwiBoer on May 26, 2008, 07:18:26 pm
Hi Costa, welcome to the forum and good luck on your endeavours. As far as I know you can open a bank account with an amount of money and do 1 more transfer and that's it, no more transfers to that account. I don't know how many accounts you can have. Would be interesting to know....  :whistle: , if you catch my drift??? LOL. Cheers, SAKB.
Title: Re: Greeting!
Post by: El on May 26, 2008, 07:30:21 pm
Welcome to the site - happy reading!  All the best with your rainy day (or is it dark brown day?) fund...  :gl:
Title: Re: Greeting!
Post by: steve.vntr on May 26, 2008, 08:48:49 pm
Hi Costa i am also new but let me first say this, this is quite a mission to gey this site going if you are a 'B.C' like me.
I have also realized the future is very dark and must find sunny sky's and a save place to allow my children to grow up in.I have done some research but to my knowledge you must at least have a job offer to open an account, I just hope my info is correct. Question from my side-which is the better area in Auckland to stay, Costa good luck and all the best  ;D
Title: Re: Greeting!
Post by: Nolan on May 26, 2008, 09:07:18 pm
Howzit Costa and Steve, welcome to the family O0

Costa - the advice from SAKB is spot on, also just bear in mind that you will require police clearance to transfer any amount over your yearly travel allowance out of the country.

Steve - the general feeling is North Shore, but that is all relative.
Title: Re: Greeting!
Post by: costa on May 26, 2008, 09:35:54 pm
Hi SAKB, Thanks for the welcome and all the best of luck to you too. I see , so worse case if I'm only allowed to open one account and make one transfer, I could always bring in my close family to open accounts on their names , and then combine the money later when i'm ready to buy something. I guess There's always a way around things(loopholes) :clap: . Does one have to physically go to a bank in NZ to open an account seeing that I'm not a citizen, and how many properties can a forigner purchase? I believe in Australia a forigner may purchase only one property from a "new development". Is this the case in NZ ?

Hi EL, Thanks its great to be here. Yes we having a miserable rainy day today, begining of winter :(
Title: Re: Greeting!
Post by: zatexnz on May 26, 2008, 10:31:16 pm
Welcome Costa!

One idea would be to open the account, and then plan a holiday here.  When you arrive, you go to the bank to officially "open" the account.  And then you'll be able to do as many transfers into your account in the future as you need.

I was also wondering if you shouldn't start checking what points you have now, and whether you qualify to perhaps start your PR process?  Then I'd do that, and if you get PR, you come over to make it official, and make sure you have re-entry permits too.  And then you can perhaps continue running your business in SA, and just make sure you come out here a month or so every so often to make sure you retain your PR.

I'm not sure if you are required to spend a certain amount of time in NZ on your PR to retain it, or whether its' ok to then leave the country again and stay out for a few years before permanently settling here.  I know in the States, if you have a Green Card, you're required to spend at least 6 months of each 12 in the USA.  But I don't think the same applies for NZ. 
Title: Re: Greeting!
Post by: costa on May 26, 2008, 11:26:05 pm
Hi Nolan, and thank you.So you saying that one actually can make several deposits/transfers into such account, as long as its all within the allowed and legal limits etc? I can go visit NZ every year and deposit my yearly travel allowance or part thereof into the account :clap:

Hi Steve,thanks! good luck and all the best to you too.
Title: Re: Greeting!
Post by: Saturn_Moon on May 27, 2008, 05:41:09 am
Hi Costa and Steve

 :clap: Welcome!!!  :clap:

zatexnz - from the old posts I have read I think there is a 180 day rule (per year for NZ) that you have to be in the country to retain your PR and it now takes 5 years to get citizenship.

So you also need to be in NZ for 6 months like in the States, and they don't have to be consecutive...?  :confused: 

Someone please correct me if I am wrong...

Good luck guys    O0

Title: Re: Greeting!
Post by: ANTONK on May 27, 2008, 05:34:19 pm
Hi Costa welcome to the family  :clap: and if you read on the forums we found that NZ need a SA style Wimpy and Spur - Maybe you are that guy  :whistle:

Hi steve also to you welcome to the family  :clap: and  :gl:
Title: Re: Greeting!
Post by: SaKiwiBoer on May 27, 2008, 05:50:32 pm
Hi Costa, if you come to NZ on vacation every year, you are allowed to take out your "allowance". It used to be R160k per grownup and R50k per child every year. It was changed and if I'm not mistaken, each grownup can now take R500k and kids I'm not sure.
 :D  Plus if your clever like AntonK said, maybe you come here on holiday, you open the restaurant and you come every now and again check if all is still well,  :2funny: . Hope this helps a bit. Cheers,  8) , SAKB.
Title: Re: Greeting!
Post by: costa on May 28, 2008, 03:38:39 pm
Hi Saturn and zatexnz, you guys are right. The first step should be to go there on vacation, open an account and have a look around etc. I'll start planning a visit for december, and then take it from there.  ;)

Hi ANTONK, That is a great idea which has crossed my mind. If there's any hope of me getting PR it will be under the LTBV. I'll start doing some research, homework and approach wimpy spur early next year and hear what they have to say. Although I'm a bit skeptical, because I'm sure if the guys at wimpy and spur head office were intrested they would of had outlets there by now. Regardless, there's always other opportunities to consider. :)
Title: Re: Greeting!
Post by: tandl on May 28, 2008, 04:55:43 pm
Oh PLEASE do that costa because those are the 2 places we are really going to miss!!!!

And you seriously will not go wrong with that! Of the 40 thousand odd South Africans there (and the kiwis which will be converted to the ways of spur/wimpy), I dont see how you would even be able to cope with the demand!!!

Wimpy coffee...... hmmmmmm  :smitten:
Title: Re: Greeting!
Post by: ANTONK on May 28, 2008, 04:56:07 pm
Hi Costa thats true but you have nothing to loose and Nolan as an AGENT will gladly help you to get over to NZ if all is in order.
SAKB said a few days ago that there is a Wimpy in NZ but nothing like SA's Wimpy's - So opportunities there are PLENTY -  :gl: and keep us posted.
O ja Costa you ask why the Spur and Wimpy are not in NZ - I think they don't know how many SA's are already in NZ  ;D - Nolan can give you some figures  O0
Title: Re: Greeting!
Post by: Eileen on May 28, 2008, 08:28:44 pm
Spur and Wimpy are not in NZ

Some guy just won a court battle to retain the rights for Wimpy NZ. But his BIG plan is to have a Wimpy chain running in the next 5 to 10 years!! Crazy timing if you ask me, if I paid all that monies in legal fees I'll get cracking straight away, but that's just me..
Title: Re: Greeting!
Post by: SaKiwiBoer on May 28, 2008, 08:42:24 pm
Hi costa, you say your from PTA? Do you have your own restaurant or what? Maybe you should bring your own brand over? Just a thought. C-ya, SAKB.
Title: Re: Greeting!
Post by: barbiedoll2612 on May 28, 2008, 10:14:22 pm
Hi Costa, go to a web site called Travel to Work. You can open up an account at any bank in NZ for R275.   :gl:     
Title: Re: Greeting!
Post by: zatexnz on May 28, 2008, 11:04:41 pm
The following restrictions apply:
   Some account pre-requisites
      To complete this Account Application, you must be:

So from this, I gather that unfortunately, you can't just open an account, and visit once a year to put money in.  You have to have PR, or at least a WP, and be intending to stay 6 months.

This comes off the National Bank's site.
Title: Re: Greeting!
Post by: linda on May 29, 2008, 08:05:09 am
OH went over last year August and opened an account at National bank for us using his passport, and we have  transfered money twice already no ploblems and no restrictions (so far)  :angel:
Title: Re: Greeting!
Post by: costa on May 30, 2008, 06:02:50 pm
SAKB, I'm actually in the supermarket business, but when I move to NZ I'd prefer some sort of restaurant franchise.

Thanks everyone for the info/feedback ;)