61B Purpose of exemptions

The purpose of sections 61C and 61D is to—

(a)

provide flexibility where compliance with this Act is impractical, inefficient, unduly costly, or unduly burdensome, taking into account the sensitivity of the sensitive assets and the nature of the overseas investment transaction; or

(b)

allow for exemptions that are minor or technical; or

(c)

allow for exemptions in respect of all or any of the following matters:

(i)

interests in land to be used for diplomatic or consular purposes:

(ii)

persons registered as a charitable entity under the Charities Act 2005:

(iii)

minor increases in ultimate ownership and control by overseas persons or associates of overseas persons if consent has already been granted for those overseas persons to own or control sensitive assets:

(iv)

security arrangements that are entered into in the ordinary course of business:

(v)

relationship property as defined in section 8 of the Property (Relationships) Act 1976:

(vi)

interests in land acquired for the purpose of providing network utility services:

(vii)

interests in residential (but not otherwise sensitive) land acquired in order to comply with a requirement imposed by or under the Resource Management Act 1991 and to support a business that is not principally in the business of using land for residential purposes:

(viii)

persons, transactions, rights, interests, or assets that the Minister considers to be majority owned and substantively controlled by New Zealanders:

(ix)

persons, transactions, rights, interests, or assets that the Minister considers support, or are related to, the issuance or management of residential mortgage-backed securities complying with a standard created or endorsed by the Reserve Bank:

(x)

estates or interests in land other than freehold or leasehold (for example, covenants).

Section 61B: inserted, on 22 October 2018, by section 47 of the Overseas Investment Amendment Act 2018 (2018 No 25).

Section 61B(a): replaced, on 16 June 2020, by section 49(1) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

Section 61B(c)(iii): replaced, on 5 July 2021, by section 26(1) of the Overseas Investment Amendment Act 2021 (2021 No 17).

Section 61B(c)(viii): replaced, on 5 July 2021, by section 26(2) of the Overseas Investment Amendment Act 2021 (2021 No 17).

Section 61B(c)(ix): inserted, on 16 June 2020, by section 49(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).

Section 61B(c)(x): inserted, on 5 July 2021, by section 26(3) of the Overseas Investment Amendment Act 2021 (2021 No 17).