The Rich Aren't Happy About New Zealand Foreign Bolthole Ban
- Billionaire golf course owner says investment plans threatened
- Submissions on law change say international reputation at risk
Rich-listers like Californian billionaire Ric Kayne have issued a warning to New Zealand -- banning house sales to foreigners could hurt the country’s reputation and turn wealthy investors away.
Kayne, who has built an exclusive golf course in New Zealand and wants to expand his investments, is one of several rich businessmen who claim the proposed new law will have unintended consequences. They’re seeking amendments to the draft legislation or its withdrawal in its current form.