24 February 2021
Land Information New Zealand (LINZ) is consulting on funding options to cover the cost of the overseas investment regime.
The Overseas Investment Office (OIO), which is part of LINZ, is the regulator of overseas investment into New Zealand. The costs of running the OIO are largely funded through application fees.
It was found in a recent review of the OIO application fee levels and the fee framework, the cost of operating the overseas investment regime was not fully recovered from fees.
Vanessa Horne, Group Manager for the Overseas Investment Office says the preferred option clearly meets the five key principles that underpin the fee review.
“The proposal we support is fair, effective, efficient both administratively and economically, sustainable, transparent and provides certainty for investors.
“It achieves full cost recovery and ensures the OIO can continue to provide a robust regulatory regime”, she says.
In summary the preferred proposal includes:
- a shift away from the current system of a single fee for applications for each investment pathway
- a differentiated fee structure including lodgement, assessment and monitoring compliance fees for most investment pathways
- different fee levels for standard and complex applications.
A consultation document outlining the preferred proposal and other options has been developed and includes a fee level and framework to achieve full cost recovery.
All submissions on the consultation must be received by 5pm on Friday 19 March 2021.
Email: email@example.com or phone: 027 566 5251