Associate Finance Minister David Seymour has announced further details of reforms to the Overseas Investment Act 2005.
The reform package includes:
- better acknowledging the benefits investment can provide to New Zealand’s economy,
- for all investments aside from residential land, farmland and fishing quota, making decisions in just 15 days, unless the application could be contrary to New Zealand’s national interest,
- strengthening the Government’s ability to intervene on the rare occasion that a transaction is not in the national interest,
- giving LINZ more powers to grant consent without involving Ministers.
Read Minister Seymour’s press release
These reforms build on the suite of improvements introduced over the past year, including delegation changes allowing LINZ to make more decisions on applications, and a new Ministerial Directive Letter that has helped speed up decision-making.
The changes will allow LINZ to move even faster by reducing the administrative burden on investors and allowing the overseas investment team to focus resources on only the most sensitive and high-risk investments.
Legislation is expected to be enacted by the end of the year.
Last week also saw the Overseas Investment (Build-to-rent and Similar Rental Developments) Amendment Bill pass its third reading in Parliament.
This legislation introduces a streamlined consent pathway for foreign investors looking to invest in existing build-to-rent developments, and will support overseas investment in the build-to-rent housing sector.
Read Minister Bishop’s press release about those changes
We will continue to provide operational support and advice to The Treasury and Ministers as reforms progress, and will keep you updated throughout the process with this pānui and on our website here: Reform of the Overseas Investment Act
Media contact
Email: media@linz.govt.nz