Overseas Investment Regulations 2005

Version as at 24 November 2021

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

The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

Note 4 at the end of this version provides a list of the amendments included in it.

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
Part 1AA
Matters relating to terms defined in Act
3BSensitive information
3CStrategically important businesses
3DTransactions of national interest
3EOverseas investments covered by call-in regime
Part 1
Consent
Procedure for offering farm land or section 12 interests for acquisition on open market
4Purpose of regulations 5 to 10
5Procedure for offering farm land or section 12 interest for acquisition on open market
6Obligation of owner to advertise that farm land or section 12 interest available for acquisition
7Content of advertisement
8Form of advertisement
9Farm land or section 12 interest must be on open market for minimum period
10Advertisement must be published within previous 12 months
11Effect of regulations 5 to 10
Fresh or seawater areas (including regulations for purposes of Schedule 5 of Act)
12Interpretation: clauses referred to are clauses of Schedule 5 of Act
13Information that must be contained in application for consent related to Schedule 5 of Act
14Registration of water areas acquisition notice
15Provision to the Crown of water areas acquisition notice that cannot be registered
16Term prescribed for expiry of water areas acquisition notice
17Variation of water areas acquisition notice
18Cancellation of water areas acquisition notice
19Prescribed terms of acquisition
20Water areas covenant
21Last date for giving notice of decision not to acquire under clause 4
22Manner of acquisition: survey requirements
23Process for claiming and determining compensation
24Last date for giving notice of decision not to acquire under clause 5
25Mediation of dispute about compensation for acquisition
26What happens if there is material change to terms and conditions of overseas investment transaction [Revoked]
27Minister may delegate functions and powers to regulator [Revoked]
Other factors for assessing benefit of overseas investment in sensitive land
28Other factors for assessing benefit of overseas investment in sensitive land
Benefit test: special test relating to forestry activities
29Special test may be applied and requirements to be met
Matters relating to sensitive land that is residential land
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
Fees and charges
33Fees and charges
34When and how fees and charges are payable and refundable
34AFurther provisions about fees for complex applications
Administrative penalties
35Administrative penalty for late filing
36Administrative penalty for retrospective consent
Part 2
Exemptions
Exemptions from requirement for consent
37Exemptions for corporate dealing
38Exemptions for minor increases if ownership or control has dipped below consented level
38AExemptions for shareholding creep by persons other than consent holder [Revoked]
39Exemption for redeemable preference shares
40Exemptions for trusts
41Exemptions for permitted security arrangements
42Further exemption for permitted security arrangements
42AFurther exemption related to certain rights or interests that are ancillary to permitted security arrangements
42BExemption for transfer of certain debt obligations
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
Exemptions from requirement for consent provisions of Act
48Exemption for persons connected to portfolio investors or New Zealand controlled persons
49Exemption for New Zealand controlled persons
50Consequential exemption for other transactions
Exemptions from requirement for consent in respect of overseas investments in sensitive land
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
55AExemption for covenants
56Exemption for freeholder who acquires another interest in land included in freehold
Exemptions from requirement for consent in respect of overseas investments in residential land
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
Exemptions for Australian investors from requirement for consent in respect of certain overseas investments in significant business assets
[Revoked]
61Exemptions in Schedule 5 apply [Revoked]
Exemptions from definition of overseas person
62Exemption for certain bodies corporate who are overseas persons only because overseas custodians have custodial securities
63Further exemption for retirement schemes
63AFurther exemption for redeemable preference shares
Applications for exemptions
37Application for exemption [Revoked]
64Requirements for application for exemption
Part 2A
National security and public order risks management regime
64AOverseas investment covered by the emergency notification regime [Revoked]
64BExemption from requirements under call-in regime
64CInterim direction orders
Exemptions for transactions that are transactions of national interest
64DCriteria for section 20AA exemptions
Part 3
Miscellaneous
Subpart 1—When person who relies on exemption to acquire property becomes subject to existing consent or exemption conditions
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
Subpart 2—Notices
Notices
68Relevant Minister or Ministers or regulator may give notice of exercise of powers
Service of notices
69Service of notices
Subpart 3—Miscellaneous provisions
69AAATime within which notification may be notified
69ATime frame for taking risk management action
69BLand owned or managed by governance entity of collective group of Māori
Subpart 4—Information for tax purposes
69CRequirements imposed if overseas investment in significant business assets
69DWhat tax information must be provided
Subpart 5—Other time frames and information requirements
69ETime frames relating to applications
69FInformation required in applications for consent
Part 4
Exemptions in respect of overseas investments in sensitive land to implement obligations under international agreements
Subpart 1—Introduction and definitions
70Introduction to this Part
71Definitions
72Definition of ownership and control test
Subpart 2—Implementation of Australian CER Investment Protocol
Introduction and definitions
73Introduction to subpart 2
74Definitions for subpart 2
Exemptions for Australian investors
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
Subpart 3—Implementation of Singapore CEP
Introduction and definitions
79Introduction to subpart 3
80Definitions for subpart 3
Exemptions for Singaporean investors
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
Part 5
Alternative monetary thresholds for overseas investments in significant business assets
Subpart 1—Introduction and definitions
84Introduction to Part 5
85Definitions
86Definition of ownership and control test
87Definition of relevant government enterprise [Revoked]
Subpart 2—Implementation of CPTPP Agreement, Korea FTA, ANZTEC, Hong Kong CEP, China FTA, and P4 Agreement
88Introduction to subpart 2 and interaction between regulations in Part 5
Type 1 investors
89Alternative monetary thresholds for overseas investments in significant business assets by type 1 investors
90Definition of type 1 investor
Type 2 investors
91Alternative monetary thresholds for overseas investments in significant business assets by type 2 investors
92Definition of type 2 investor
Type 3 investors
93Alternative monetary thresholds for overseas investments in significant business assets by type 3 investors
94Definition of type 3 investor
Type 4 investors
95Alternative monetary thresholds for overseas investments in significant business assets by type 4 investors
96Definition of type 4 investor
Subpart 3—Implementation of Australian CER Investment Protocol
97Introduction to subpart 3 and interaction between regulations in Part 5
98Definitions for subpart 3
Australian non-government investors
99Alternative monetary thresholds for overseas investments in significant business assets by Australian non-government investors
100Definition of Australian non-government investor
Australian government investors
101Alternative monetary thresholds for overseas investments in significant business assets by Australian government investors
102Definition of Australian government investor
Supplementary provision
103Supplementary provision relating to Australian investments
Part 3
Miscellaneous
[Revoked]
Notices
[Revoked]
39Relevant Minister or Ministers may give notice of exercise of powers [Revoked]
Service of notices
[Revoked]
40Service of notices [Revoked]
Schedule 1AA
Transitional, savings, and related provisions
Schedule 1
Prescribed terms of acquisition of fresh or seawater area, and prescribed terms and form of water areas covenant
Schedule 1
Form of advertisement
[Revoked]
Schedule 2
Fees and charges
Schedule 3
Portfolio investors
Schedule 4
New Zealand controlled persons
Schedule 5
Time frames relating to applications
Schedule 5
Exemptions for Australian investors from requirement for consent in respect of certain overseas investments in significant business assets
[Revoked]
Gazette Information
Overseas Investment Amendment Regulations (No 2) 2006
Overseas Investment Amendment Regulations 2008
Overseas Investment Amendment Regulations (No 2) 2009
Overseas Investment Amendment Regulations 2010
Notes