17 October 2018
Associate Finance Minister David Parker on 16 October announced the Government’s second phase of review for overseas investment rules.
“We will ensure New Zealand remains an attractive destination for beneficial, long-term foreign direct investment, while examining ways to ensure prospective foreign investments are consistent with New Zealand’s national interest,” David Parker said.
The Overseas Investment Office, which is part of Land Information New Zealand (LINZ), administers overseas investment laws, which were revamped this year in the first phase of the Government’s review.
The Treasury is leading the phase two review, and terms of reference are here (PDF bytes).
LINZ Chief Executive Lisa Barrett said LINZ looked forward to working closely with the Treasury on the next review of overseas investment, in the same way the agencies collaborated for the first phase of changes.
From 22 October 2018, overseas investment rules change to include most residential and lifestyle properties. In general, overseas people who are not residents cannot buy homes to live in, but other investment opportunities are available.
Other changes in effect from 22 October encourage foreign investment in forestry.
David Parker said the second phase of review will aim to streamline processes for overseas investment and adequately protecting sensitive assets, including land.
The Government will consult widely on options for reform. Public consultation will take place in the first half of 2019.
Legislation to implement the changes is expected to be completed by 2020.
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