Find out about the exemption for transmission of an estate to the administrator who is an overseas person.
Changes made in October 2018 to the Overseas Investment Act 2005 mean that estates are more likely to be affected by the regime which now include all residential land. This means that sensitive assets will now be part of a much greater number of estates than before.
There are two classes of transaction to be particularly careful about:
- first, transmission of an interest in sensitive land (or shares in a company that owns sensitive land) to the trustee, executor, or administrator (“Administrator”); and
- second, transfer of those assets to the beneficiary of the estate.
These steps may require consent under the Act if the Administrator or beneficiary is an overseas person.
Regulation 40(1)(b) of the Overseas Investment Regulations 2005 will generally exempt the second step, the transfer to the beneficiary of the estate.
However, no such exemption exists for the first step, the transmission to an Administrator who is an overseas person. Equally, no clear consent pathway exists which will permit a transmission.
The Overseas Investment Office has a streamlined exemption pathway for transmissions to Administrators. The process involves completing a short application form and submitting it electronically to us. An exemption should be sought before probate or letters of administration are granted, and provided the criteria are met, a decision should be made within ten working days. There will be no fee for the exemption.
For more information, contact us by email at email@example.com, or telephone 04 460 0110.
Publication of exemptions
The OIO is required to publish all exemptions granted under section 61D on its website including a statement of the reasons for each exemption.
See the Exemptions transmission of estate register for exemptions granted under this category.
This website provides general information only. The OIO and LINZ do 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.