Overseas Investment Regulations 2005

Reprint as at 1 February 2017

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
29Fees and charges
30When fees and charges are payable
31Administrative penalty for late filing
32Administrative penalty for retrospective consent
33Certain transactions exempted from requirement for consent
33AExemption for overseas custodians acquiring certain rights and interests in custodial property
34Exemption for persons connected to portfolio investors or New Zealand controlled persons
35Exemption for New Zealand controlled persons
36Consequential exemption for other transactions
36AAExemption for certain land transactions commonly known as re-grants
36ABExemption for certain transactions where relevant land of certain type and area is already in overseas ownership or control
36ACExemption for transactions consequential on certain actions under Public Works Act 1981
36AExemptions in Schedule 5 apply
36BExemption for certain bodies corporate who are overseas persons only because overseas custodians have custodial securities
37Application for exemption
38Requirements for application for exemption
39Relevant Minister or Ministers may give notice of exercise of powers
40Service of notices
Gazette Information
Reprint notes