Benefits are normally paid only after a minimum period of residence, usually two years. National superannuation (state pension) usually requires a ten-year residence period. However, New Zealand has reciprocal agreements with certain countries (including Australia, Canada, Denmark, Greece, Guernsey, Ireland, Jersey, the Netherlands and the UK), under which those migrating from these countries can apply for New Zealand social security benefits as soon as they arrive to take up permanent residence.
Its important to note that a reciprocal agreement entitles you only to apply for benefits. Whether benefits are paid depends on other criteria. Not all residents are eligible for all benefits.
Benefits are paid at a flat rate, irrespective of your previous income. They are taxable (assuming you earn enough to pay tax) and the Department of Social Welfare deducts the tax due before paying benefits. If you receive a benefit for the first time and aren't registered for tax, you should contact your local Inland Revenue Department, or IRD office.
Update 6/12/2009
Keep more of your money when transferring funds overseas!
If you want to move money abroad, from New Zealand or to New Zealand for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.
Why Fexco
Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.
Main characteristics
Fexco will help you to keep your overseas money transfer costs to a minimum.
| Margin | 0.6% |
|---|---|
| Regulator | FCA |
| Fee | £10 < £5K or Free > £5k |
| Mini | £1K |
| Ccy | All (130 currencies, incl ‘exotics’) |
| Services | Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone. |
Get an online quote today
When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.