Reprint as at 22 October 2018

Coat of Arms of New Zealand

Overseas Investment Act 2005

Public Act
 
2005 No 82
Date of assent
 
21 June 2005
Commencement
 
see section 2
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Treasury.

Contents

1Title
2Commencement
3Purpose
4Overview
5Act incorporates sections 56 to 58B of Fisheries Act 1996
6Interpretation
7Who are overseas persons
8Meaning of associate and associated land
8AStatus of examples
8BTransitional, savings, and related provisions
9Act binds the Crown
10Consent required for overseas investments in sensitive New Zealand assets
11Consent must be obtained before overseas investment given effect
11AExemptions from requirement for consent
12What are overseas investments in sensitive land
13What are overseas investments in significant business assets
14Approach to criteria for consent
15Who are relevant overseas persons, and individuals with control, for overseas investments
16Criteria for consent for overseas investments in sensitive land
16ABenefit to New Zealand test
16BConditions for consents relating to sensitive land that is residential land: benefit to New Zealand test
16CConditions for consents relating to sensitive land that will be used for forestry activities
17Factors for assessing benefit of overseas investments in sensitive land
18Criteria for overseas investments in significant business assets
19Applying good character and Immigration Act 2009 criteria
20Exemptions from farm land offer criterion
21Application for consent
22Who must apply for consent
23Requirements for application for consent
23AApplications for standing consent in advance of transaction
24Who decides application
25Granting or refusal of consent
25AConditions of consent
25BAutomatic conditions: every overseas investment
26Minister may revoke consent in case of fraud
27Consent may be varied by agreement
27AConsent holder may apply for new consent
28Conditions of consent [Repealed]
29Transaction may be cancelled
30Regulator
31What regulator does
32Delegation by relevant Minister or Ministers
33Rules that apply to delegation under this Act or regulations
34Ministerial directive letter
35Ministerial directive letter must be published, etc
36Regulator may issue guidelines
37Regulator must keep list of reserves, parks, and other sensitive areas
38Regulator may require person who is subject to condition to provide information for monitoring purposes
39Regulator may require any person to provide information for statistical or monitoring purposes
40Regulator may require person who is subject to condition to provide statutory declaration as to compliance
41Regulator may require information and documents to be provided for purpose of monitoring compliance, investigating, and enforcing Act and regulations
41APrivileges for person required to provide information or document
41BEffect of proceedings
41CEffect of final decision that exercise of powers under sections 38 to 41 unlawful
41DConfidentiality of information and documents
41EConditions relating to publication or disclosure of information or documents
41FRegulator may issue notice requesting disposal of property
41GConsequences of disposal or retention of property
42Offence of giving effect to overseas investment without consent
43Offence of defeating, evading, or circumventing operation of Act
44Offence of resisting, obstructing, or deceiving
45Offence of failing to comply with notice, requirement, or condition
46Offence of false or misleading statement or omission
47Court may order disposal of property
48Court may order person in breach or involved in breach to pay civil penalty
48ADefences for person involved in contravention, offence, or failure
49Court may order mortgage to be registered over land
50Court may order interest to be paid
51Court may order compliance with condition of consent, exemption, or exemption certificate
51APerson who acquires interest in residential land must make and provide statement
51BRegulator must authorise manner of providing statement
51CConveyancer must obtain and keep statement
52Administrative penalties for late filing
53Administrative penalty for retrospective consent
54Address for service
54ANotices or other documents given, provided, or served by regulator
55Non-appearance not ground for court to refuse order under Act if person served in accordance with section 54A
55AProof that documents given, provided, or served
56Search warrant
57Form and content of search warrant [Repealed]
58Powers conferred by search warrant [Repealed]
59Requirements when executing search warrant [Not in force]
60Disposal of things seized under search warrant [Repealed]
61Regulations
61BPurpose of exemptions
61CRegulations may contain class or individual exemptions
61DMinister may grant individual exemptions
61ECriteria for all exemptions
61FOther provisions applying to all exemptions
61GPerson who relies on exemption to acquire property may be subject to existing consent or exemption conditions
62Foreshore, seabed, riverbed, or lakebed acquired by the Crown under consent process is not subdivision
63Commission dissolved
64Assets and liabilities vest in the Crown
65No compensation for loss of office
66Transfer to LINZ
67Transferring employee must be employed in equivalent employment
68Continuity of employment
69No compensation for technical redundancy
70Final report
71References to Commission
72Proceedings of Commission
[Repealed]
73New sections 56 to 58B substituted in Fisheries Act 1996 [Repealed]
[Repealed]
74Amendment to Te Ture Whenua Maori Act 1993 [Repealed]
[Repealed]
75Consequential amendments [Repealed]
76Repeal and revocations
77Transitional provision for acts done or begun under previous overseas investment regime
78Transitional provision for consents, exemptions, and conditions under 1973 Act and Regulations
79Transitional provision for permissions, etc, under Fisheries Act 1996
80Transitional provision relating to clause 6 of Schedule 1AA (Exemption relating to dwellings in large apartment developments where sales of dwellings have begun before assent date)
Reprint notes