Government seeks views on overseas investment rules

17 April 2019

The Government announced on 16 April its plans for public consultation about the second phase of its overseas investment review.

Associate Finance Minister David Parker said the Government wants to ensure investments are consistent with New Zealand’s national interest. The review will also focus on reducing complexity and cutting unnecessary red tape.

The Treasury is leading the review.

The Overseas Investment Office, which is part of Land Information New Zealand (LINZ), administers overseas investment laws, which were revamped last year in the first phase of the Government’s review.

LINZ Acting Chief Executive Lisa Barrett said she welcomed the review and encouraged New Zealanders to make submissions during the public consultation, which ends on 24 May 2019.

“LINZ welcomes efforts to improve efficiency – this is important for business confidence and it will enable the OIO to focus on its core role of ensuring responsible overseas investment,” she said.

Treasury has arranged public meetings to be held in Auckland (1 May), Wellington (7 May) and Christchurch (8 May) as well as a range of hui. The Overseas Investment Office will also be attending those meetings.

Legislation to implement the changes is expected to be completed by 2020.

Terms of reference and more information is here.

 

 

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