New Overseas Investment Office Fees Set

6 August 2009

The fees charged by the Overseas Investment Office to assess overseas investment applications are to increase, with effect from 3 September 2009.

The fee increases will apply to:

• applications relating to investments in sensitive land and significant business assets;
• applications for exemptions; and
• the provision of information or services.

The fee for an application relating to overseas investments in fishing quota remains unchanged.

“The fee increases are necessary to allow the Office to recover its costs, and the changes also rationalise the charging structure,” said Overseas Investment Office Manager, Annelies McClure.

“Fees have not been adjusted since 2005 and have not reflected the cost of assessing applications since the current Act was introduced. Part of the fee increase will support the cost of additional staff that have been hired to reduce application turnaround times. Delays in assessing applications can create considerable frustration for investors, and the additional staff have already allowed the OIO to significantly reduce assessment times.”

The increased fees and charges apply to all applications and requests made on or after 3 September 2009. The fee increases have been made by the Overseas Investment Amendment Regulations (No 2) 2009 and appear in Schedule 2 of the Overseas Investment Regulations 2005.

View the new fee schedule on the LINZ website.

View the amendments at www.legislation.govt.nz.

Media enquiries: Brad Young, Land Information New Zealand, phone +64 4 460 0147, mobile +64 27 277 1267, email media@linz.govt.nz.