The Overseas Investment Act 2005 came into force on August 25, 2005 and replaces the previous 1973 Act.
Overseas investment by companies or individual people is particularly sensitive when it relates to land and we have had situations with the sale of the famous landmark “Young Nick’s Head” in the North Island and rock star Shania Twain purchasing farmland near Wanaka. These cases have raised the profile of this issue.
The purpose of the Overseas Investment Act 2005 is to . . . .
“acknowledge that it is a privilege for overseas persons to own or control sensitive New Zealand assets by requiring overseas investments in those assets to meet criteria for consent and imposing conditions on those overseas investments.”
The Act, and new Regulations pursuant to the Act, prescribes the precise circumstances where consent is required before any overseas person or company can invest in New Zealand.
This Act, and the Regulations, cover all types of investment.
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