SearchForeign owned property
Jeff asks:
(updated on Friday, April 20th 2012)
Our Experts Answer:
Despite you being a non resident you must declare income derived in New Zealand on an IR3NR non resident tax return filed in New Zealand. You will be able to deduct the interest paid on the Hong Kong mortgage against the rental income though. If there is a profit tax will be payable in New Zealand. If the mortgage is secured aginst the New Zealand property there will also need to be a registration for approved issuer levy as an alternative to the non resident witholding tax regime that applies to the interest costs of foriegn borrowings.
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