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Overseas Investment Amendment Act 2018
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Overseas Investment Amendment Act 2018
Public Act
2018 No 25
Date of assent
22 August 2018
Commencement
see section 2
Contents
1
Title
2
Commencement
3
Principal Act
Part 1
Sensitive land
Subpart 1—Residential land
4
Section 6 amended (Interpretation)
5
Schedule 1 amended
Subpart 2—Forestry rights and other
profits à prendre
6
Section 6 amended (Interpretation)
Part 2
Amendments relating to consent and conditions regime for overseas investments in sensitive New Zealand assets
7
Section 4 amended (Overview)
8
Section 6 amended (Interpretation)
9
Section 7 amended (Who are overseas persons)
10
New sections 8A and 8B and cross-heading inserted
8A
Status of examples
Transitional, savings, and related provisions
8B
Transitional, savings, and related provisions
11
New section 11A inserted (Exemptions from requirement for consent)
11A
Exemptions from requirement for consent
12
Section 16 amended (Criteria for consent for overseas investments in sensitive land)
13
New sections 16A to 16C inserted
16A
Benefit to New Zealand test
16B
Conditions for consents relating to sensitive land that is residential land: benefit to New Zealand test
16C
Conditions for consents relating to sensitive land that will be used for forestry activities
14
Section 17 amended (Factors for assessing benefit of overseas investments in sensitive land)
15
Section 19 amended (Applying good character and Immigration Act 2009 criteria)
16
New section 23A inserted (Applications for standing consent in advance of transaction)
23A
Applications for standing consent in advance of transaction
17
Section 25 amended (Granting or refusal of consent)
18
New sections 25A and 25B inserted
25A
Conditions of consent
25B
Automatic conditions: every overseas investment
19
Section 27 amended (Consent may be varied by agreement)
20
New section 27A inserted (Consent holder may apply for new consent)
27A
Consent holder may apply for new consent
21
Section 28 repealed (Conditions of consent)
22
Section 31 amended (What regulator does)
23
Section 34 amended (Ministerial directive letter)
24
Section 62 amended (Foreshore, seabed, riverbed, or lakebed acquired by the Crown under consent process is not subdivision)
25
Sections 73 to 75 and cross-headings repealed
26
Schedule 2 replaced
27
New Schedule 3 inserted
28
New Schedule 4 inserted
29
Amendments to regulations
Part 3
Enforcement and other miscellaneous matters
Subpart 1—Amendments relating to enforcement
30
Subpart 4 heading in Part 2 replaced
Subpart 4—Information-gathering powers
31
Section 38 replaced (Regulator may require consent holder to provide information for monitoring purposes)
38
Regulator may require person who is subject to condition to provide information for monitoring purposes
32
Section 39 amended (Regulator may require any person to provide information for statistical or monitoring purposes)
33
Section 40 replaced (Regulator may require consent holder to provide statutory declaration as to compliance)
40
Regulator may require person who is subject to condition to provide statutory declaration as to compliance
34
Section 41 amended (Regulator may require information and documents for purpose of detecting offences)
35
New sections 41A to 41E inserted
41A
Privileges for person required to provide information or document
41B
Effect of proceedings
41C
Effect of final decision that exercise of powers under sections 38 to 41 unlawful
41D
Confidentiality of information and documents
41E
Conditions relating to publication or disclosure of information or documents
36
New sections 41F and 41G and cross-heading inserted
Disposal of property
41F
Regulator may issue notice requesting disposal of property
41G
Consequences of disposal or retention of property
37
Section 46 amended (Offence of false or misleading statement or omission)
38
Section 48 amended (Court may order person in breach to pay civil penalty)
39
New section 48A inserted (Defences for person involved in contravention, offence, or failure)
48A
Defences for person involved in contravention, offence, or failure
40
Section 49 amended (Court may order mortgage to be registered over land)
41
Section 50 amended (Court may order interest to be paid)
42
Section 51 replaced (Court may order consent holder to comply with condition of consent or exemption)
51
Court may order compliance with condition of consent, exemption, or exemption certificate
43
New sections 51A to 51C and cross-heading inserted
Statement relating to compliance with consent requirement
51A
Person who acquires interest in residential land must make and provide statement
51B
Regulator must authorise manner of providing statement
51C
Conveyancer must obtain and keep statement
44
Section 52 amended (Administrative penalties for late filing)
45
Sections 54 and 55 and cross-heading replaced
Giving, providing, or serving notices or documents
54
Address for service
54A
Notices or other documents given, provided, or served by regulator
55
Non-appearance not ground for court to refuse order under Act if person served in accordance with section 54A
55A
Proof that documents given, provided, or served
Subpart 2—Miscellaneous provisions
46
Section 61 amended (Regulations)
47
New sections 61C to 61G inserted
61B
Purpose of exemptions
61C
Regulations may contain class or individual exemptions
61D
Minister may grant individual exemptions
61E
Criteria for all exemptions
61F
Other provisions applying to all exemptions
61G
Person who relies on exemption to acquire property may be subject to existing consent or exemption conditions
48
New section 80 inserted (Transitional provision relating to clause 6 of Schedule 1AA (Exemption relating to dwellings in large apartment developments where sales of dwellings have begun before assent date))
80
Transitional provision relating to clause 6 of Schedule 1AA (Exemption relating to dwellings in large apartment developments where sales of dwellings have begun before assent date)
49
New Schedule 1AA inserted
50
Consequential amendment to Fisheries Act 1996
51
Consequential amendments to Trans-Pacific Partnership Agreement Amendment Act 2016
70
Schedule 1AA amended
Schedule 1
New Schedule 1AA inserted
Schedule 2
Schedule 2 replaced
Schedule 3
New Schedule 3 inserted
Schedule 4
New Schedule 4 inserted
Schedule 5
Amendments to Overseas Investment Regulations 2005
Legislative history
Administrative information
The Parliament of New Zealand enacts as follows: