Archived overseas investment in the news

skip to main content skip to main navigation Go to search page

Archived Overseas Investment in the News

2007

17 December 2007: New Ministerial designation and delegation letter issued

On 12 December 2007, the Minister of Finance and the Minister for Land Information issued a new Ministerial designation and delegation letter (pdf 18KB) to the regulator. This designation and delegation letter is effective from 14 December 2007 and replaces the designation and delegation letter dated 24 August 2005.

17 December 2007: Seasons' Greetings

The office will be closed from Monday 24 December 2007 until Monday 7 January 2008. If you have any urgent queries during that period, please email the Office - oio@linz.govt.nz and we will respond to you as soon as we are able.

Please note that both the Minister of Finance and the Minister for Land Information will not be available to decide applications from Friday 21 December 2007 until Tuesday 22 January 2008.

7 November 2007: New Ministerial directive letter issued

On 31 October 2007 the Minister of Finance issued a new Ministerial directive letter (pdf 11KB) to the regulator. This directive letter replaces the directive letter dated 1 August 2005.

27 March 2007: Ministers Approve Sale of Poronui Ranch and Station

The Minister of Finance and Minister for Land Information have approved the sale of Poronui Ranch and Station to American owned investor Westervelt Sporting Lodges (NZ) Limited.

Press Release - Beehive Decision Sheet

2006

15 December 2006: Seasons' Greetings

Seasons' Greetings to you all. The Overseas Investment Office appreciates your support and assistance during 2006. The office will be closed from Friday 22 December 2006 until Monday 8 January 2007. If you have any urgent queries during that period, please write to us at oio@linz.govt.nz and we will respond to you as soon as we are able.

Please also note that both the Minister of Finance and the Minister for Land Information will not be available to consider applications that require their decision from 19 December 2006 until 24 January 2007.

8 September 2006: Changes to the Process for Offering Seabed, Foreshore, Lakebeds and Riverbeds to the Crown Overseas Investment Amendment Regulations (No 2) 2006

The Overseas Investment Amendment Regulations (No 2) 2006, which amend the Overseas Investment Regulations 2005, came into effect on 1 September 2006, being the day after their notification in the Gazette.

The amendments remove the definition of "Minister" which referred to the Minister of Conservation. The term "Minister" is replaced throughout the regulations with "relevant Ministers", a term referred to in the Overseas Investment Act 2005. The effect of the amendments is that notices, offers and Crown decisions in relation to special land are now made to or by the relevant Ministers (the Ministers of Finance and Land Information), and not the Minister of Conservation, as was previously the case.

A transitional provision is included so that notices or offers relating to special land for which there has not been a Crown decision before 1 September 2006 are decided by the relevant Ministers rather than the Minister of Conservation as before.

The amendment also removes or replaces a number of entities from schedules 3 and 4 of the Overseas Investment Regulations 2005.

5 May 2006: Updated Application Fees

The Overseas Investment Regulations 2006 came into force on 27 April 2006. The purpose of the amendment is to change the application fee for a significant business assets exemption from $2500.00 to $1300.00 per application.

2005

2 December 2005: Queenstown Court Publishes Weller Sentencing Notes

The Queenstown District Court has published the comments made by Judge Erber during the sentencing of Lance Cornell Weller on 14 November 2005.

Sentencing Notes (pdf 75kb), 2 December 2005

14 November 2005: Conviction Sends A Warning To Overseas Investors

United States citizen Lance Cornell Weller has been convicted of breaching New Zealand's overseas investment rules and fined for failing to comply with a condition of an Overseas Investment Commission consent.

Media release (pdf 21kb), 14 November 2005

9 November 2005: List of Reserves, Parks and Other Sensitive Areas under section 37 of the Overseas Investment Act 2005

The Regulator has now published a List of Reserves, Parks and Other Sensitive Areas under section 37 of the Overseas Investment Act 2005. The list will be effective as from 9 November 2005.

List of Reserves, Parks and Other Sensitive Areas under section 37 of the Overseas Investment Act 2005 (pdf 45kb), 9 November 2005

8 November 2005: Six monthly report and final report of the Overseas Investment Commission tabled

A final report on the operations of the Commission for the period 1 July to 24 August 2005, as required by the Overseas Investment Act 2005, was tabled in Parliament today, as was the Commission's six monthly report for the period ended 30 June 2005. Under the Overseas Investment Act 1973, the Commission was obliged to inform parliament of its activity each half year. The six monthly report provides statistics relating to the number of consents and refusals over the period and breaks down proposed net investment figures, total considerations and land area figures into tables by industry, country and New Zealand region. It also provides a list of all approved and refused applications grouped by proposed industry relating to that period.

Six Monthly Report to 30 June 2005 (pdf 739kb) 22 August 2005

Final Report (pdf 636kb) 24 August 2005

EARLIER RELEASES

(as the OIC June 04 - Aug 05)

25 August 2005: Introduction of the new Overseas Investment regime

The Overseas Investment Act 2005 and Overseas Investment Regulations 2005 come into force today. The Act dissolves the Commission. A final report on the operations of the Commission for the period 1 July to 24 August 2005 will be submitted to the Minister of Finance and will be tabled in Parliament.

For the purposes of the administration of the Overseas Investment legislation, the Minister of Finance has designated Land Information New Zealand as the regulating department, and the Chief Executive of Land Information New Zealand as the regulator, with effect from 25 August 2005. The regulator's powers and functions will be delegated to certain staff in the Overseas Investment Office (OIO) which will function as a regulatory unit within Land Information New Zealand. A copy of the Minister of Finance's Designation and Delegation Letter will be posted on our website shortly.

19 August 2005: Ministerial Directive Letter and Notice of exemptions from farm land criterion gazetted

A Ministerial Directive Letter and a Notice of exemption from farm land offer criteria under the Overseas Investment Act was gazetted on 11 August 2005 (Refer New Zealand Gazette, No 123, pages 3017 - 3019. The Commission will be posting copies of these documents on its website shortly.)

8 August 2005 : New Act and Regulations Gazetted

The Overseas Investment Act Commencement Order 2005, which was gazetted on 4 August 2005, brings the Overseas Investment Act 2005 (the 2005 Act) into force on 25 August 2005. You can find a copy of the commencement order on the Knowledge Basket website in text format.

The Overseas Investment Regulations 2005 (the 2005 Regulations) were also gazetted on the same date, and also come into force on 25 August 2005. You can find a copy of the 2005 Regulations on the Knowledge Basket website in text format.

The Commission understands that a Notice of exemptions from farm land offer criterion pursuant to section 20(b) of the 2005 Act is likely to be gazetted shortly. The Commission will be dissolved, in accordance with section 63 of the 2005 Act, on 25 August 2005. Under section 30 of the 2005 Act, the Minister of Finance will appoint Land Information New Zealand as the regulating department, and the Chief Executive of Land Information New Zealand will become the regulator, with effect from 25 August 2005. The regulator's powers and functions under the 2005 Act and 2005 Regulations will be delegated to certain staff in the Overseas Investment Office, which will be a regulatory unit within Land Information New Zealand.

26 July 2005: OIC Transition to Land Information New Zealand (LINZ)

As of Monday 1 August the Overseas Investment Commission Secretariat (OIC) will be working out of the national office of Land Information New Zealand ( LINZ ).

This is part of transition to operating under the Overseas Investment Act 2005 that will eventually see the OIC dissolved and its functions and responsibilities undertaken by the Overseas Investment Office (OIO) of LINZ.

The OIC will continue processing applications on a "business as usual" basis under the existing framework until such time as the legislation comes into effect which is currently expected to be around 25 August. Correspondence/letters should continue to be addressed to the OIC until you are informed that the OIC has been dissolved and the OIO is operating.

As of 1 August 2005 the CEO/Secretary of the OIC will be Annelies McClure who will also be heading the new OIO within LINZ . Annelies has been the Manager, Applications at the OIC since February 2004. She is a graduate of Victoria University of Wellington and in June 1990 was admitted as a Barrister and Solicitor in the High Court of New Zealand. Prior to joining the Commission, Annelies was a senior solicitor with Chapman Tripp Sheffield Young's Wellington office, and practised in the field of general commercial law.

Three existing staff within the OIC are not transferring to LINZ. They are Stephen Dawe (CEO/Secretary), Suzanne Conley (Executive Assistant), Wendy Russ (Filing Clerk) and Chris Miller (Data Analyst).

17 June 2005: Overseas Investment Bill passed into law

Yesterday, Parliament passed into law the Overseas Investment Bill. A copy of the assent version of the Overseas Investment Act 2005 is available on this site. Amongst other things, the legislation will see the Overseas Investment Commission Secretariat, move out of the Reserve Bank to Land Information New Zealand (LINZ). More information about the legislation is available by reading the Minister of Finance's press statement Greater Protection for Sensitive Sites. The OIC staff will work at LINZ's national office Lambton House, 160 Lambton Quay. Once the Bill comes into effect (likely to be on September 1), the Commission will be dissolved. It will be renamed the Overseas Investment Office (OIO), and will be required to increase its monitoring of the consents attached to approvals of foreign investments. The OIO will be located within the Regulatory Group at LINZ, and will report to Warwick Quinn, the Regulatory General Manager.

LINZ is a government department that deals with land related issues. It holds authoritative information about land surveys and ownership, topographic maps and nautical charts. They make sure that the rating valuation system is fair and consistent and oversee the buying and disposal of Crown land. More information about LINZ is available at www.linz.govt.nz.

From 1968 to 1995 LINZ administered the foreign investment controls over land in the Land Settlement and Land Acquisition Act. Hence, the move to LINZ is a more logical fit for the OIC function than having it located within the RBNZ especially as the OIC's core work over recent years has been more and more about land. OIC and LINZ will be working together over the near future to ensure that the changeover will be as smooth as possible.

The OIC will continue processing applications on a "business as usual" basis under the existing framework until such time as the legislation comes into effect which is currently projected to be September 1. Until then, all correspondence, enquiries and other matters regarding the OIC and the Overseas Investment regime should continue to be addressed to the OIC as they are at present. See also the questions and answers relating to the Overseas Investment Act 2005 published on the LINZ main site in June 2005.

2 March 2005: Six-monthly report to Parliament

The Overseas Investment Commission released its figures for the period 1 July 2004 to 31 December 2004 (pdf 1.7MB) today. It was tabled in Parliament 1 March 2005.

25 February 2005: Annual statistics release 2004

The Overseas Investment Commission released its figures for the period 1 July 2004 to 31 December 2004 (pdf 1.7MB) today.

10 November 2004: Overseas Investment Bill

The Government today introduced to Parliament the Overseas Investment Bill. The Bill introduces legislative amendments to implement policy decisions flowing from the Government's recent review of the Overseas Investment regime. For more information see a copy of the Minister's Press Release (pdf 16KB) in Acrobat Reader format. Copies of recently introduced Bills are normally made available for downloading from the Knowledge Basket's Bills and SOP's page.

21 October 2004: Prime Infrastructure/Powerco Limited decision

The Minister of Finance and the Minister of Lands today announced that they had approved the application by Prime Infrastructure Networks (New Zealand) Limited to acquire up to 100 percent of Powerco Limited. For more information see a copy of the Minister's Press Release (pdf 11KB).

16 September 2004: Motatapu Station/Mt Soho Station (near Wanaka)

The Minister of Finance and the Minister of Lands today announced that they had approved two applications for overseas persons to acquire the pastoral leases known as Motatapu Station and Mt Soho Station. The applications were made by Mr and Mrs Robert and Eileen Lange (also known as "Mutt" Lange and Shania Twain). For more information see a copy of the Minister's Press Release (pdf 16KB).

24 August 2004: Six monthly report to Parliament

The Overseas Investment Commission released its figures for the period 1 January 2004 to 30 June 2004 (pdf 1.7MB) today. It was tabled in Parliament 23 August 2004.

19 August 2004: Motatapu Station/Mt Soho Station (near Wanaka)

The OIC is able to confirm that it is processing two applications for overseas persons to acquire the leases of the majority of land covered by the pastoral leases known as Motatapu Station and Mt Soho Station. The applications were received on 16 June 2003. The applications have been made by Mr and Mrs Mutt and Eileen Lange (Eileen Lange is better known as internationally renowned pop and country music singer Shania Twain).

The proposed investment includes, amongst other initiatives, the Langes providing and funding a public walking track through the properties. The proposed track will link with other existing and proposed walking tracks on public land or which use marginal strips along waterways to provide a tramping route between Wanaka and Arrowtown. There is no proposal for the track to cross other privately-owned land. The Lange proposal also includes retention of the annual Arrowtown to Wanaka mountain bike event along the Motatapu Valley and controlled access for organised groups such as Forest and Bird and educational groups. The OIC has received a submission opposed to the proposed track on the grounds that it will pass through the neighbouring farm. The OIC will take those views into account when assessing the Langes' application.

The current status is that the Commission is finalising a report to forward to the Minister of Finance and the Minister of Lands for their joint decision. Ministerial decisions are currently taking an average of 16 working days (and up to 25 working days) to complete once all information is received. Please note that the Minister of Finance has indicated that the applications will be dealt with under the existing overseas investment framework and not the new regime that he announced on 20 July 2004.

20 July 2004: Government review of the Overseas Investment Act 1973

The Overseas Investment Commission (OIC) welcomes today's announcement of the decisions that the government has taken following the review of the Overseas Investment Act. The decisions address a number of issues raised by the Commission with successive governments about the OIC's operating framework. The announcement also ends a period of uncertainty for the OIC and investors. While there is a tinge of sadness that the OIC is to be disestablished after operating for more than 30 years, the move to Land Information New Zealand is logical, given the focus of the Commission's work in recent years.

The OIC will continue processing applications on a "business as usual" basis under the existing framework until such time as its legislation is changed or Ministers send it a revised directive letter. The Commission and its staff are also committed to ensuring a smooth transition to the new arrangements to facilitate the Commission's customary high standard of customer service being continued. For further information please refer to the Government's media release, the Treasury background material or contact:

Patricia Herbert
Press Secretary
Minister of Finance
(04) 471 9412 or (021) 270 9013
patricia.herbert@parliament.govt.nz

Find out more...

For overseas investment

Media Resources

Media enquiries

Contact LINZ Communications
Phone +64 4 460 0110
Email media@linz.govt.nz

Topics

LINZ news and notices

Feedback