Overseas Investment Amendment Bill given Royal Assent

23 August 2018

The new law commences on Monday, October 22, 2018, and will restrict certain overseas people from buying residential land in New Zealand from that date.

Existing homes will generally be able to be bought only by New Zealand citizens and residence-class visa holders who have spent the majority of their time in New Zealand.

People who hold New Zealand residence-class visas, but don’t live here will be able to apply to the Overseas Investment Office (OIO) for consent to buy a home. Those who hold temporary visas, such as visitor, student, working holiday, or work visas, generally won’t be able to buy.

There will be new opportunities for overseas developers to apply to the OIO for consent to buy residential land to build apartments and hotels etc, but they won’t be able to live in these.

From early October, details about the changes and how to apply will be added to the OIO section of our website.

In the meantime, information about the new law can be found on the Treasury website.

Read the Press Release from Hon David Parker on the Beehive website.

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