Overseas Investment Regulations 2005

58 Exemptions relating to relationship property where spouse or partner granted consent under commitment to reside in New Zealand test

(1)

This regulation applies if—

(a)

a transaction will result in an overseas person acquiring any interest in residential land, or any right or interest in securities of a person who owns or controls (directly or indirectly) an interest in residential land (relevant interest); and

(b)

consent has been, or will be, granted to the transaction on the basis that a person (A) is a key individual and the commitment to reside in New Zealand test has been, or will be, met; and

(c)

the relevant interest is, or will be as a result of the acquisition, relationship property of A and A’s spouse or partner.

(2)

The acquisition by A’s spouse or partner does not require consent for the purposes of section 10(1)(a) of the Act.

(3)

In this regulation,—

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

spouse or partner means spouse, civil union partner, or de facto partner.

Regulation 58: inserted, as regulation 36AF, on 22 October 2018, by section 29 of the Overseas Investment Amendment Act 2018 (2018 No 25).

Regulation 58 regulation number: replaced, on 22 October 2018, by regulation 5 of the Overseas Investment Amendment Regulations 2018 (LI 2018/154).