Several changes to the Overseas Investment Act come into force today.
Overseas Investment Office (OIO) Group Manager Anna Wilson-Farrell says the Overseas Investment Amendment Act 2021 signals a major milestone in the overseas investment reforms that began in 2018.
“The Amendment Act and other recent reforms strike a balance between ensuring New Zealand attracts and encourages responsible overseas investment while protecting New Zealand’s interests,“ she says.
“A key aim of the reforms is to simplify consent processes for both investors and the OIO.
“Some lower-risk investments no longer need consent which means we can focus more on complex investments and those that pose a higher risk,” says Wilson-Farrell.
Other changes will be phased in over the coming months and include refining and improving consent application processes.
“The OIO will continue to work closely with the overseas investment sector to introduce the new rules as they come into force and to ensure the changes are well understood.“
Source: linz.govt.nz
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