You’ve unpacked your suitcases, found your favourite local café and maybe picked out your favourite beach for an evening stroll. Welcome to your new life in New Zealand.
Moving to a different country is a hugely exciting experience. Maybe you’re shifting to be closer to family, or to have the sort of retirement you’ve been dreaming of.
But there can be the occasional challenge, too, and being prepared for them can really help smooth the transition.
Here are a few things to think about.
Housing
Once you are a permanent resident or citizen and “ordinarily resident” in New Zealand, you’ll meet the criteria to be allowed to purchase residential property.
Something that many people notice when they move to New Zealand is that there are a lot of standalone houses, even near the centre of our main cities.
It’s also much more common to buy a block of land and build a brand-new house on it than it might be in the UK. That may mean you’re able to get a bigger house here, or construct your dream house.
Don’t expect to get a bargain, though. New Zealand homes can be relatively expensive – in 2020, this country had the highest housing cost to disposable income ratio in the OECD. Prioritising what you most value in a home will probably give you the best bang for your house-buying buck. You can use sites such as Homes.co.nz to get a sense for what houses are selling for.
You may choose to rent for a while, or may need to until you become a permanent resident. New Zealand has quite a flexible rental market, and it’s not unusual for people to take periodic tenancies that give you the freedom to try out living in a few different places around the country.
Cost of living
While some things might be cheaper than you expect in New Zealand, others can be a little more pricey. You will be able to access gorgeous beaches and breathtaking scenery for little more than the cost of the transport to get you there. But food is sometimes cited by recent arrivals as something that’s a little more expensive than they might expect, particularly given the amount that is produced here. You might also like to bring a container of furniture – New Zealand is still waiting for its first Ikea to open!
Massey University conducts regular research on the cost of living as a retiree in New Zealand. It estimated in 2023 that it cost a couple in a provincial area just under NZ$850 a week to live a “no frills” lifestyle.
Lifestyle
It’s likely that the lifestyle on offer played a significant part in your decision to move to New Zealand, and this is your chance to make the most of it.
If you’re employed, you’ll get four weeks’ leave a year as well as 11 public holidays. There are a couple you might not have encountered before, such as Waitangi Day, which commemorates the signing of the Treaty of Waitangi, and Matariki, the Maori new year. Be prepared for much of the country to shut down and head to the beach through January!
Many New Zealanders are big fans of the outdoors and whether you’re fond of hiking, fishing, swimming, surfing or skiing, you’ll be in good company.
Health
You’ll probably register with your local GP when you settle in your new home. The cost of a visit can vary a lot depending on where you are. New Zealand’s public health system is well set up to handle acute health needs but some people also access the private health system, often with the help of health insurance, when they have a condition that needs faster or different treatment than the public system can provide.
Providers such as optometrists and dentists charge for their services, although you can sometimes take out health insurance that covers these, too.
Finances
You’ll need a New Zealand bank account to manage your finances once you’re here. New Zealand’s dollar moves around against the pound but is usually worth about 45p to 50p. If you have a lot of cash in the bank in the UK, it may be appropriate to seek investment advice on how to manage the currency risk of moving that.
New Zealand does not have an inheritance tax, or capital gains tax. The top marginal tax rate is 39 percent on annual income over NZ$180,000. If you are receiving income from overseas, you may need to seek tax advice on the implications of that.
Many migrants opt to shift their British pensions. If you do this within the first four years of arriving, this can be done without tax obligations. But it’s a decision that needs to be made carefully and we can help you to determine whether it is a sensible option for you.
We’re here to help
As you find your feet in your new home, we are here to help with any questions you may have about moving your pension. It can be a complex decision and professional advice is invaluable. We are experts in the process and can help you to determine what your options are and what could be an appropriate fit for your circumstances.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.