Overseas Investment Regulations 2005

Reprint as at 22 October 2018

Coat of Arms of New Zealand

Overseas Investment Regulations 2005

(SR 2005/220)

Silvia Cartwright, Governor-General

Order in Council

At Wellington this 1st day of August 2005

Present:
Her Excellency the Governor-General in Council

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.

These regulations are administered by the Treasury.

Pursuant to section 61 of the Overseas Investment Act 2005, Her Excellency the Governor-General, acting on the advice and with the consent of the Executive Council and on the recommendation of the Minister of Finance, makes the following regulations.

Contents

1Title
2Commencement
3Interpretation
3ATransitional, savings, and related provisions
4Purpose of regulations 5 to 10
5Procedure for offering farm land or farm land securities for acquisition on open market
6Obligation of owner to advertise that farm land or farm land securities available for acquisition
7Content of advertisement
8Form of advertisement
9Farm land or farm land securities must be on open market for minimum period
10Advertisement must be published within previous 12 months
11Effect of regulations 5 to 10
12Procedure for offering foreshore, seabed, riverbed, or lakebed to the Crown
13Obligation of owner to give notice to relevant Ministers and regulator
14Content of notice
15The Crown may waive right to acquire special land
16Procedure if the Crown does not waive right to acquire special land at outset
17Valuation of special land
18Costs of valuation
19Appointment of valuer is not an arbitration
20Valuer may determine market value of special land with reference to market value of relevant land
21Valuer must give notice to parties on determining market value of special land
22Relevant Ministers and owner must negotiate in good faith
23Effect of offering special land to the Crown
24Relevant Ministers must decide on whether to accept offer to acquire special land
25Agreement for acquisition of special land by the Crown must be conditional on overseas investment receiving consent and being given effect to
26What happens if there is material change to terms and conditions of overseas investment transaction
27Minister may delegate functions and powers to regulator [Revoked]
28Other factors for assessing benefit of overseas investment in sensitive land
29Special test may be applied and requirements to be met
30Types of overseas persons specified to be qualifying individuals
31Factors for considering whether person remains committed to residing in New Zealand
32Maximum percentage: dwellings in large apartment developments that are purchased off plans
33Fees and charges
34When fees and charges are payable
35Administrative penalty for late filing
36Administrative penalty for retrospective consent
37Exemptions for corporate dealing
38Exemptions for shareholding creep
39Exemption for redeemable preference shares
40Exemptions for trusts
41Exemptions for permitted security arrangements
42Exemption for portfolios or bundles of permitted security arrangements
43Exemption for life insurance
44Exemption for retirement schemes
45Exemptions for relationship property
46Exemption for underwriting
47Exemption for overseas custodians acquiring certain rights and interests in custodial property
48Exemption for persons connected to portfolio investors or New Zealand controlled persons
49Exemption for New Zealand controlled persons
50Consequential exemption for other transactions
51Exemption for certain land transactions commonly known as re-grants
52Exemption for certain transactions where relevant land of certain type and area is already in overseas ownership or control
53Exemption for transactions consequential on certain actions under Public Works Act 1981
54Exemption for replacement of forestry right with new forestry right
55Exemption for replacement of regulated profit à prendre with new regulated profit à prendre
56Exemption for freeholder who acquires another interest in land included in freehold
57Exemptions for network utility operators
58Exemptions relating to relationship property where spouse or partner granted consent under commitment to reside in New Zealand test
59Exemption for diplomatic premises
60Exemption for charitable entities
61Exemptions in Schedule 5 apply
62Exemption for certain bodies corporate who are overseas persons only because overseas custodians have custodial securities
37Application for exemption [Revoked]
64Requirements for application for exemption
65Application of, and interpretation for, subpart
66B treated as subject to existing conditions that are continuing conditions
67A ceases to be subject to existing conditions to extent B becomes subject
68Relevant Minister or Ministers or regulator may give notice of exercise of powers
69Service of notices
70Introduction to this Part
71Definitions
72Definition of ownership and control test
73Introduction to subpart 2
74Definitions for subpart 2
75Exemption for Australian investors in respect of residential (but not otherwise sensitive) land
76Exemption for Australian investors in respect of regulated profit à prendre
77Exemption for Australian investors in respect of relationship property
78Definition of Australian investor
79Introduction to subpart 3
80Definitions for subpart 3
81Exemption for Singaporean investors in respect of residential (but not otherwise sensitive) land
82Exemption for Singaporean investors in respect of relationship property
83Definition of Singaporean investor
[Revoked]
[Revoked]
39Relevant Minister or Ministers may give notice of exercise of powers [Revoked]
[Revoked]
40Service of notices [Revoked]
Gazette Information
Reprint notes