This regulation is made for the purposes of sections 16(1)(b)(iii) (criteria for consent for overseas investments in sensitive land) and 19E (when qualifying investor visa may be relied on under national interest test) of the Act.

(2)

The following residence class visas granted under the Immigration Act 2009 are qualifying investor visas:

(a)

a visa granted under the Active Investor Plus visa category (as described in the immigration instructions certified under section 22 of that Act):

(b)

a visa granted either as an Investor 1 category visa or an Investor 2 category visa (as described in those instructions that were current until 28 July 2022).

5 Regulation 29 and cross-heading revoked

Revoke regulation 29 and the cross-heading above regulation 29.

6 Regulation 36 amended (Administrative penalty for retrospective consent)

(1)

In the regulation 36 heading, after “retrospective consent”, insert “or retrospective exemption”.

(2)

In regulation 36(1), after “retrospective consent”, insert “or retrospective exemption”.

(3)

In regulation 36(1), table, second column, after “consent”, insert “or exemption”.

(4)

In regulation 36(2), after “retrospective consent”, insert “or retrospective exemption”.

7 Regulation 54 amended (Exemption for replacement of forestry right with new forestry right)

Revoke regulation 54(7)(b).

8 Schedule 2 amended

Changes to Part 1 (applications relating to transaction in category of overseas investment in sensitive land only—residential land)

(1)

In Schedule 2, Part 1, item 6, replace “items 1 or 3 of this Schedule apply” with “items 1, 3, or 6A of this Schedule apply”.

(2)

In Schedule 2, Part 1, after item 6, insert:

6A	For consent for a transaction involving a land decision only, on the basis of the test in section 16(1)(b)(iii) of the Act (the national interest test in reliance on a qualifying investor visa in accordance with section 19E of the Act),—
	(a) if the agreed purchase price for the relevant land (including goods and services tax, if any) is more than $5 million	2,040
	(b) if the relevant overseas person plans to construct a new residential dwelling on the relevant land, if the sum of the agreed purchase price for the relevant land and the cost of construction of the new residential dwelling on the relevant land (including goods and services tax, if any) will be more than $5 million	3,500

(3)

In Schedule 2, Part 1, item 7, replace paragraph (d) with:

(d)

for each notification of 1 or more transactions of which the regulator must be notified under a condition imposed under clause 2(3)(c) of Schedule 4 of the Act, payable when the notification is made

16,800

Changes to Part 2 (applications relating to transaction in category of overseas investment in sensitive land only—forestry activities and profits à prendre)

(4)

In Schedule 2, in the Part 2 heading, delete “—forestry activities and”.

(5)

In Schedule 2, Part 2, revoke paragraphs (b) and (c).

(6)

In Schedule 2, Part 2, table, revoke item 9.

(7)

In Schedule 2, Part 2, table, revoke item 10.

Changes to Part 3 (applications relating to transaction in category of overseas investment in sensitive land only, significant business assets only, or sensitive land and significant business assets only)

(8)

In Schedule 2, replace the Part 3 heading with “Certain applications relating to transaction in category of overseas investment in sensitive land only or relating to sensitive land and significant business assets only”.

(9)

In Schedule 2, Part 3, table, item 16, delete “(other than on the basis of section 16A(4) of the Act (the special test relating to forestry activities))”.

(10)

In Schedule 2, Part 3, table, item 17, delete “either on the basis of section 16A(4) of the Act (the special test relating to forestry activities) or”.

Change to insert new Part 4A (applications relating to national interest test)

(11)

In Schedule 2, after Part 4, insert:

Part 4A Applications relating to national interest test

	Matter for which fee payable and when and how payable		($)
19A	For an initial national interest risk assessment in the case of an application that is being considered under the national interest test under sections 16(1)(i) and 19A of the Act		22,800
19B	For a national interest assessment under section 19B of the Act, see Part 5 of the Act

Changes to Part 5 (applications relating to transaction of national interest)

(12)

In Schedule 2, Part 5, after item 20, insert:

20A

Discount to be deducted from the fee payable under Part 5 if—

(a)

the person has been assessed as a repeat investor under section 29B(2) of the Act; and

(b)

the regulator relies on that assessment of risk under section 29B(3) of the Act when making a subsequent decision under section 19B(1)(c) about investor risk factors; and

(c)

the regulator is satisfied that there has been no substantive change to the individual or individuals with ownership or control of the relevant overseas person since that assessment of risk was made

12,500

Changes to Part 6 (applications for individual exemption or variation of consent or conditions of consent)

(13)

In Schedule 2, Part 6, after item 22, insert:

22A

For an exemption under section 61D of the Act (Minister may grant individual exemptions), payable on making application,—

(a)

if all of the relevant land is residential land that is used, or to be used, for residential purposes; and

(b)

if the overseas person already has an estate or interest in some or all of the relevant land (the existing interest) and either—

(i)

no consent was required to acquire the existing interest; or

(ii)

the existing interest was acquired under a transaction for which consent was granted and to which Part 1, 2, or 4 of this Schedule applied; or

(iii)

the existing interest was acquired under a transaction that was exempt from the requirement for consent

11,800

(14)

In Schedule 2, Part 6, item 24, after “section 16(1)(d)(i) of the Act (the commitment to reside in New Zealand test)”, insert “or sections 16(1)(b)(iii) and 19E of the Act (qualifying investor visa)”.

(15)

In Schedule 2, Part 6, item 24, replace “3,400” with “2,040”.

Changes to Part 7 (other applications)

(16)

In Schedule 2, Part 7, item 27, replace “section 20(5)” with “section 18B(5)”.

(17)

In Schedule 2, Part 7, after item 30, insert:

30A

Discount to be deducted from the total fees in this schedule relating to an application for consent, for any application—

(a)

in respect of which all of the persons that are required to meet the investor test in respect of the overseas investment (see section 18A(2) of the Act) have previously met the investor test; and

(b)

to which section 29B of the Act applies

12,500

9 Schedule 5 amended

(1)

In Schedule 5, clause 2(1), table, item relating to 70 working days, second column, first item, replace “section 16A(1C) or (4)” with “section 16A(1C)”.

(2)

In Schedule 5, clause 2(1), table, item relating to 55 working days, second column, second item, replace “(section 20A or 20B of the Act)”, with “(sections 19B to 19D and 20A and 20B of the Act). Note: this is additional to the 15-working-day time frame for applications if section 19A(1) of the Act applies”.

(3)

In Schedule 5, clause 2(1), table, item relating to 55 working days, second column, delete the third item.

(4)

In Schedule 5, clause 2(1), table, item relating to 55 working days, second column, fourth item, replace “section 20” with “section 18B”.

(5)

In Schedule 5, clause 2(1), table, item relating to 30 working days, second column, second item, replace “section 20” with “section 18B”.

(6)

In Schedule 5, clause 2(1), table, after the item relating to 30 working days, insert:

15 working days

Application for consent where section 19A(1) of the Act applies (that is, for an initial national risk assessment)

(7)

In Schedule 5, after clause 5(2), insert:

(3)

This clause does not apply to an application for consent where section 19A(1) of the Act applies (that is, for an initial national risk assessment).

(8)

In Schedule 5, after clause 6(3), insert:

(4)

This clause does not apply to an application for consent where section 19A(1) of the Act applies (that is, for an initial national risk assessment).

(9)

In Schedule 5, in clause 7, insert as subclause (2):

(2)

This clause does not apply to an application for consent where section 19A(1) of the Act applies (that is, for an initial national risk assessment).

Rachel Hayward,
Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations but is intended to indicate their general effect.

These regulations, which come into force on 6 March 2026, provide for the changes made by the Overseas Investment (National Interest Test and Other Matters) Amendment Act 2025 (the 2025 Act).

Regulation 4 inserts new regulation 3F into the principal regulations. New regulation 3F lists the types of visas that enable the visa holders to acquire residential land above a $5 million threshold, provided that the national interest test is met, in accordance with section 19E of the Overseas Investment Act 2005 (the Act). The types listed are the following 3 residence class visas:

an Active Investor Plus category visa (which has minimum investment amounts of $5 million for growth category investments and $10 million for balanced category investments):
an Investor 1 category visa or an Investor 2 category visa.

Regulation 5 revokes regulation 29 (which relates to the special benefit test relating to forestry activities). That special test was repealed by the 2025 Act.

Regulation 6 extends regulation 36 (which currently relates to the administrative penalty for retrospective consents) so that it also applies to retrospective exemptions (as provided for by the 2025 Act).

Regulation 7 makes an amendment that is consequential to the repeal of the special benefit test relating to forestry activities.

Regulation 8 makes numerous changes to the fees and charges that are payable to the regulator for various applications for consent and other matters under the Act.

Regulation 9 relates to the time frames within which certain applications and other matters under the Act must be dealt with. The major change is that 15 working days is the time frame within which an initial risk assessment must be completed under section 19A of the Act (which is stage 1 of the national interest test process).

Regulatory impact statement

The Treasury produced a regulatory impact statement to help inform the substantive policy decisions taken by the Government relating to the 2025 Act but not the decisions relating to the contents of this instrument.

Issued under the authority of the Legislation Act 2019.

Date of notification in Gazette: 5 February 2026.

These regulations are administered by the Treasury.

Overseas Investment Amendment Regulations 2026