5 September 2016
Kia ora koutou katoa.
This special edition of The PeriOIOdical is to inform you about a consultation on the Overseas Investment Regulations being run by Treasury.
In May of this year, the Minister of Finance and the Minister for Land Information announced the Government’s intention to introduce targeted exemptions to the screening requirements of the Overseas Investment Act 2005.
The five exemptions are:
- Exempt from the requirement to first advertise land on the open market acquisitions of leasehold farmland, where the cumulative duration of the lease is for a term of not more than twenty years.
- Exempt leasehold land from screening where a previously consented lease is being re-granted on substantially the same terms and conditions, and the substantive ownership of the property in question, is unchanged.
- Exempt transactions from one overseas person to another for specified land that is of a small scale and that has previously been screened.
- Exempt certain transactions where consent is required as a result of certain Public Works Act 1981 actions.;
- Exempt custodians who are overseas persons but who hold investments on behalf of New Zealand investors from the requirement for consent for those investments only.
The Treasury has now prepared draft amendments to the Overseas Investment Regulations 2005, and an amended Gazette Notice issued under the Act, to implement these exemptions. They are seeking feedback on the drafting of these Regulations and Gazette Notice.
The Treasury seeks feedback on these documents by 5pm Friday 7 October 2016.
Any queries and submissions can be directed to email@example.com
Email: firstname.lastname@example.org or phone: 027 566 5251