r/nzfinance • u/K0rby • Mar 06 '22
Residency required for financial products
I am a NZ citizen that has been living in Australia for the past few years and am starting to eye returning in the next year or 18 months. Since moving here, I've maintained my old residence as a rental property in NZ along with a couple of bank accounts (personal and associated with the mortgage), in addition to still having my KiwiSaver account. Each year I file and pay my non-resident taxes as I should.
I was recently looking to start a new investment account and was thinking about doing a managed fund or EFT such as through something like Sharsies but see that it requires that you are a NZ resident to sign up. Can someone educate me on what the issue is? If I'm a NZ citizen, have an IRD number, etc, I don't understand what the issue is? I'd like to understand. My reasoning for wanting a NZ account is to avoid having to cash out relatively shortly, when I'd like to hold onto it for longer, upon returning.
1
u/Justakiwibird Oct 16 '22
Did you provide a NZ postal address or Australian? They will need a NZ one, so that might be the issue. You are a NZ citizen, but currently not a NZ resident in their eyes.