A new fees framework for applications to the Overseas Investment Office starts today.
The fees we charged didn’t cover the cost of running the regime and overseas investment assessment process and monitoring functions. So, we needed to make changes.
Some residential application fees have not changed, but there are higher fee levels for most other consent applications, including complex benefit to New Zealand applications.
Fees are reviewed approximately every four years, and the last review was undertaken in 2016.
In early 2021, Toitū Te Whenua consulted on a new overseas investment fee regime. The results of the consultation are available at:
These new fees were gazetted on 12 August.
Instead of charging a flat fee, the new fees framework aligns to time spent on different phases of the consent process. This includes an initial assessment, substantive assessment and monitoring compliance if an application is approved.
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.
Higher fee levels have been set for complex applications under the benefit to New Zealand pathway.
We have produced a useful fees ‘explainer’ that covers what you need to know about the changes.
There are transitional arrangements for application fees:
- The existing fee levels will be applied to complete applications received before 11.59pm on 12 September 2021.
- The new fee levels and structure will be applied to all applications received from 12am Monday 13 September 2021.
More information about the new OIO fees framework, fees and penalty schedule and how to pay is available in the links below: