Other consequential benefits to New Zealand is a factor for assessing the benefit of overseas investments in sensitive land under section 17(1)(g) of the Overseas Investment Amendment Act 2021.
Overseas Investment Amendment Act 2021, section 17(1)(g)
This factor is broadly worded and covers a variety of benefits. Benefits that do not fall within the scope of other factors may be considered as a consequential benefit. Applicants should clearly articulate the nature and size of the benefit being claimed.
The consequential benefit must flow from the proposed investment. It may be direct or indirect, but the applicant must be able to show a clear link between the investment and the likely occurrence of the benefit.
Making a claim
Benefits that have been claimed under other factors should not be repeated under this factor. A benefit will only be counted once.
To claim a consequential benefit, an applicant should provide the following information:
- Description: The form the consequential benefit will take.
- Current state: Whether and to what extent the benefit already exists under the current state.
- Causal connection: How the consequential benefit is linked to the overseas investment.
- Benefit to New Zealand: How the consequential benefit will benefit New Zealand.
- Value: The size of the consequential benefit to New Zealand (in dollar or other terms).
- Timeframe: When the consequential benefit is likely to occur. If the benefit will be temporary the applicant should make this clear.
- Uncertainties: Any uncertainties or contingencies that may prevent the occurrence of the consequential benefit.
Conditions of consent
If consent is granted to an application, and an applicant has made a claim under this factor which meets the requirements, it is likely that the conditions of consent will require the applicant to implement the measures described in its application in regard to consequential benefits and to report on this annually to the Overseas Investment Office.