The New Zealand legal system is based on English law. New Zealand was a British colony before becoming an independent country. It recognises the Queen as its head of state – represented by the Governor-General.
The New Zealand’s Parliament has 120 members (MPs) who are elected under a democratic mixed-member proportional system every three years. The party (or coalition) with the largest majority forms the government. The New Zealand Parliament has authority to pass statutory laws by majority vote subject to certain procedural requirements.
Our guide to the NZ Legal written by Israel Vaealiki from Jackson Russell Lawyers is an essential read for anyone making a move to Auckland. This guide will provide you with a general understanding of all the issues you need to consider – from ensuring your will is effective in New Zealand to setting up a company.
To read our guide click here.
The Overseas Investment Amendment Bill (Bill) was passed by Parliament on 15 August 2018 and will come into force in late October 2018.
This note summaries the key changes the Bill makes to the Overseas Investment Act 2005 (Act).
The overseas investment regime established by the Act regulates investments by “overseas persons” in New Zealand significant business assets, certain types of sensitive land (including farm land), and fishing quota.
The regime is a consenting regime, rather than a prohibition.
The regime governs who needs to obtain consent, when consent is required, and the process for obtaining consent.