Do You Need OIO Consent to Buy a Home? – Changes to the Overseas Investment Act 2015

 

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.

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