New Zealand Legislation: Acts

12 What are overseas investments in sensitive land

• An overseas investment in sensitive land is the acquisition by an overseas person, or an associate of an overseas person, of—

  • (a) an interest in land if—

    • (i) the land is sensitive under Part 1 of Schedule 1; and

    • (ii) the interest acquired is a freehold estate or a lease, or any other interest, for a term of 3 years or more (including rights of renewal, whether of the grantor or grantee), and is not an exempted interest; or

  • (b) rights or interests in securities of a person (A) if A owns or controls (directly or indirectly) an interest in land described in paragraph (a) and, as a result of the acquisition,—

    • (i) the overseas person or the associate (either alone or together with its associates) has a 25% or more ownership or control interest in A; or

    • (ii) the overseas person or the associate (either alone or together with its associates) has an increase in an existing 25% or more ownership or control interest in A; or

    • (iii) A becomes an overseas person.