Find out about transitional exemption certificates and exemption certificates for large residential developments

About transitional exemption certificates

Apartment buyers

If you are an overseas person, you may buy apartments in one of the developments that has been granted a transitional exemption certificate without needing consent under the Overseas Investment Act 2005.

Please see the Transitional exemption certificates register for the full list of developments. See Information for buying apartments for more information about types of apartments you might be eligible to purchase.

Developers

Until 21 February 2019, developers could apply for a transitional exemption certificate to exempt overseas people buying apartments in certain apartment developments on residential land (that did not have other sensitivities) from the overseas investment regime.

The deadline for these applications was 21 February 2019. Applications are no longer being accepted.

About exemption certificates

Developers

If you are constructing a large apartment development, containing 1 or more multi-storey buildings each containing more than 20 residential dwellings, you can apply for an exemption certificate.

Exemption certificates allow overseas persons to buy up to 60 per cent of the apartments in the development without needing consent under the Act.  The overseas people cannot live in the apartments but do not have to on-sell them.

As the developer, you need to show you have (or have plans to obtain) appropriate resource and building consents, financial strength, and outline whether you have previous activities regarding the use of residential land and any consent conditions under the Act.

See the application templates for more information. The fee for this application is $27,100.

Apartment buyers

If you are an overseas person, you may buy without consent an apartment in a large apartment development that has an exemption certificate.

You must make the investment before construction of the apartment is complete. You are not permitted to live in the apartment but you do not need to on-sell it. You can only rely on the exemption certificate to buy your apartment if it is part of the 60 per cent the developer is allowed to sell to overseas people under the terms of the certificate. 

The developer maintains these records and must give you a copy of the certificate before you enter a sale and purchase agreement.

Please see the Exemption certificates register for the full list of developments. See Information for buying apartments for more information about types of apartments you might be eligible to purchase.

Disclaimer

This website provides general information only. LINZ does not assume any responsibility for giving legal or other professional advice and disclaim any liability arising from the use of the information. If you require legal or other expert advice you should seek assistance from a professional adviser.

Last Updated: 21 August 2019