Overseas Investment Amendment Act 2018

Coat of Arms of New Zealand

Overseas Investment Amendment Act 2018

Public Act
 
2018 No 25
Date of assent
 
22 August 2018
Commencement
 
see section 2

Contents

1Title
2Commencement
3Principal Act
4Section 6 amended (Interpretation)
5Schedule 1 amended
6Section 6 amended (Interpretation)
7Section 4 amended (Overview)
8Section 6 amended (Interpretation)
9Section 7 amended (Who are overseas persons)
10New sections 8A and 8B and cross-heading inserted
8AStatus of examples
8BTransitional, savings, and related provisions
11New section 11A inserted (Exemptions from requirement for consent)
11AExemptions from requirement for consent
12Section 16 amended (Criteria for consent for overseas investments in sensitive land)
13New sections 16A to 16C inserted
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
14Section 17 amended (Factors for assessing benefit of overseas investments in sensitive land)
15Section 19 amended (Applying good character and Immigration Act 2009 criteria)
16New section 23A inserted (Applications for standing consent in advance of transaction)
23AApplications for standing consent in advance of transaction
17Section 25 amended (Granting or refusal of consent)
18New sections 25A and 25B inserted
25AConditions of consent
25BAutomatic conditions: every overseas investment
19Section 27 amended (Consent may be varied by agreement)
20New section 27A inserted (Consent holder may apply for new consent)
27AConsent holder may apply for new consent
21Section 28 repealed (Conditions of consent)
22Section 31 amended (What regulator does)
23Section 34 amended (Ministerial directive letter)
24Section 62 amended (Foreshore, seabed, riverbed, or lakebed acquired by the Crown under consent process is not subdivision)
25Sections 73 to 75 and cross-headings repealed
26Schedule 2 replaced
27New Schedule 3 inserted
28New Schedule 4 inserted
29Amendments to regulations
30Subpart 4 heading in Part 2 replaced
31Section 38 replaced (Regulator may require consent holder to provide information for monitoring purposes)
38Regulator may require person who is subject to condition to provide information for monitoring purposes
32Section 39 amended (Regulator may require any person to provide information for statistical or monitoring purposes)
33Section 40 replaced (Regulator may require consent holder to provide statutory declaration as to compliance)
40Regulator may require person who is subject to condition to provide statutory declaration as to compliance
34Section 41 amended (Regulator may require information and documents for purpose of detecting offences)
35New sections 41A to 41E inserted
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
36New sections 41F and 41G and cross-heading inserted
41FRegulator may issue notice requesting disposal of property
41GConsequences of disposal or retention of property
37Section 46 amended (Offence of false or misleading statement or omission)
38Section 48 amended (Court may order person in breach to pay civil penalty)
39New section 48A inserted (Defences for person involved in contravention, offence, or failure)
48ADefences for person involved in contravention, offence, or failure
40Section 49 amended (Court may order mortgage to be registered over land)
41Section 50 amended (Court may order interest to be paid)
42Section 51 replaced (Court may order consent holder to comply with condition of consent or exemption)
51Court may order compliance with condition of consent, exemption, or exemption certificate
43New sections 51A to 51C and cross-heading inserted
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
44Section 52 amended (Administrative penalties for late filing)
45Sections 54 and 55 and cross-heading replaced
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
46Section 61 amended (Regulations)
47New sections 61C to 61G inserted
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
48New section 80 inserted (Transitional 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))
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)
49New Schedule 1AA inserted
50Consequential amendment to Fisheries Act 1996
51Consequential amendments to Trans-Pacific Partnership Agreement Amendment Act 2016
70Schedule 1AA amended
Legislative history
Administrative information

The Parliament of New Zealand enacts as follows: