Overseas Investment Amendment Regulations 2018

2018/154

Coat of Arms of New Zealand

Overseas Investment Amendment Regulations 2018

Patsy Reddy, Governor-General

Order in Council

At Wellington this 3rd day of September 2018

Present:
The Right Hon Jacinda Ardern presiding in Council

These regulations are made under sections 61 and 61C of the Overseas Investment Act 2005

(a)

on the advice and with the consent of the Executive Council; and

(b)

to the extent that they are made under section 61C of that Act, on the recommendation of the Minister of Finance made in accordance with section 61E of that Act.

Contents

1Title
2Commencement
3Principal regulations
4Interpretation
5Regulations renumbered
6New regulations 29 to 32 and cross-headings inserted
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
7Regulations 29 and 30 replaced
33Fees and charges
34When fees and charges are payable
8Regulation 31 replaced (Administrative penalty for late filing)
35Administrative penalty for late filing
9Regulation 32 replaced (Administrative penalty for retrospective consent)
36Administrative penalty for retrospective consent
10Regulation 33 replaced (Certain transactions exempted from requirement for 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
11Regulation 33A amended (Exemption for overseas custodians acquiring certain rights and interests in custodial property)
12Regulation 36AA amended (Exemption for certain land transactions commonly known as re-grants)
13New regulations 54 to 56 inserted
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
14New regulations 59 and 60 inserted
59Exemption for diplomatic premises
60Exemption for charitable entities
15Regulation 36B amended (Exemption for certain bodies corporate who are overseas persons only because overseas custodians have custodial securities)
16Regulation 38 replaced (Requirements for application for exemption)
64Requirements for application for exemption
17Part 3 revoked
18New Parts 3 and 4 inserted
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
19Schedule 1AA amended
20Schedule 2 replaced
21Schedule 4 amended
Explanatory note
Administrative Information