Decision number200610004
Application number200610002
Date24 January 2006
Offeror/applicantBelcaster Trading Trust
Ultimate applicant beneficial ownership100 percent - United States of America, Belcaster (Paul Arthur)
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Ormsby (Clynton Cowley and Miriama Bevelyn) of New Zealand
Business activitiesLifestyle Property
Details of land involved19.6345 hectares of freehold situated at 521 McLaren Falls Road, Tauranga being CT SA36D/992 (South Auckland Registry).
Regions involvedBay of Plenty/Coromandel
Total consideration$763,000
Consent soughtTo acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The trustee of the Applicant, Mr Paul Belcaster, and family are currently residing in New Zealand and are in the process of applying for New Zealand permanent residency under the Skilled Migrant category. The land is currently utilised by the vendors for grazing and hay making. The Applicant intends to undertake a lifestyle block development upon the land.

The Applicants are demonstrating a commitment to New Zealand through applying for and taking up New Zealand permanent residency.

ContactNicola Scott
Lyon O'Neale Arnold
PO Box 746
TAURANGA