New overseas investment fee regulations were gazetted today and will come into force on Monday 13 September 2021.
The administration of the overseas investment regulatory regime is largely funded by revenue from application fees, which are set in regulations. Fees are reviewed approximately every four years, and the last review was undertaken in 2016.
A 2020 fees review found the costs of operating the regulatory system were not being recovered as intended. Public consultation on options for a revised fee regime was undertaken from 25 February to 19 March 2021. The government has considered the feedback to the review and has approved a new fee regime.
From 13 September 2021:
- Instead of charging a flat fee, the new fees structure will align to the different phases of the consent process: initial assessment, substantive assessment, and monitoring compliance if a consent application is approved.
- Higher fee levels have been set for applications with more complex applications under the benefit to New Zealand pathway.
- Fees invoicing will be a three-step process:
- a lodgement fee is payable when an application is submitted,
- an assessment fee is payable once an application is accepted, and
- a monitoring compliance fee is payable before consent can be granted.
The existing fee levels will be applied to complete applications submitted before 13 September 2021.
The new fee levels and structure will be applied to all applications submitted from Monday 13 September 2021.