Overseas Investment Act 2005

If you need more information about this Act, please contact the administering agency: The Treasury
29A Investor test applications where no change since investor test last met

(1)

A person (A) may apply at any time for an assessment of whether the person meets the investor test, in which case the Minister must determine the matter in accordance with section 18A(3) to (5).

(2)

Subsections (3) and (4) apply if the investor test has to be met in respect of a particular overseas investment (a new investment) and a person (A) is a person who previously met the investor test.

(3)

In that case, the investor test is met, to the extent that it applies to A, if the relevant Ministers are satisfied, in respect of A, that—

(a)

there has been no change in the extent to which the investor test factors are established; or

(b)

any change in the extent to which the investor test factors are established does not make A unsuitable to own or control any sensitive New Zealand assets.

(4)

The statutory declaration required to accompany the application must include verification as to whether there has been any change in the extent to which the investor test factors are established since the information previously provided to the regulator about those factors.

(5)

However, if A has ever been the investor (or one of the investors) referred to in section 18A(2) in respect of a transaction of national interest for which consent was declined for reasons connected to A under section 20C, then—

(a)

subsection (1) does not apply; and

(b)

subsection (3) does not apply unless A has met the investor test since that consent was declined.

(6)

Section 23 applies with necessary modifications to an application for an assessment of whether a person meets the investor test.

(7)

A single application may relate to all or any of the following applicants:

(a)

1 or more persons who together are contemplating an overseas investment transaction (or a series of related or linked transactions); and

(b)

1 or more persons who would be associates of the persons in paragraph (a) in relation to those transactions, if they went ahead.

Section 29A: inserted, on 5 July 2021, by section 19 of the Overseas Investment Amendment Act 2021 (2021 No 17).