Rules for Selling Homes in Trusts to Be Relaxed

Rules for selling homes in trusts to be relaxed

Agents, lawyers and accountants will be issued clear guidance on how to apply simplified checks "without fear of regulatory reprisal". Photo: Getty Images New Zealanders selling a house held in a family trust will no longer be treated like potential criminals, the government says, as it plans to relax anti-money laundering checks for "low risk" transactions.

Government to loosen rules for selling homes in trusts

People selling a house are currently being treated like potential criminals, the Associate Justice Minister says.

Simplifying requirements around family trusts

Associate Justice Minister Nicole McKee says the Government is continuing to cut through unnecessary bureaucracy with reforms to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act, which will make life easier for hard-working Kiwi families managing property through family trusts. “For thousands of New Zealanders, setting up a family trust is part of securing their financial future, especially when it comes to their hom…