The American Dream

New Zealand is an enticing destination for American property developers and investors because the populace speaks English, there are minimal restrictions on ownership and land is still relatively cheap. There are also no property taxes, and land sales other than by people in the real estate business are exempt from capital gains taxes. Chief  executive of Equity International Gary Garrabrant says: “Visitors see New Zealand as one of a handful of last spots that are undiscovered. There’s a lure.” New Zealander Peter Cooper, 56, splits his time between California and the North Island. Cooper’s Mountain Landing development targets affluent Americans who want two things: security and a unique environment. The first stage of the development was completed last year, and 8 of the 46 available sites have been sold, mainly to US buyers. American interest in New Zealand as a place to retire or to buy a second home jumped after the September 11 attacks. Residency applications doubled from pre-attack levels. New Zealand is a 12-hour flight from the U.S. West Coast, and Cooper could add to his sales pitch a pristine environment: The Lord of the Rings meets  The Piano.