The new overseas investment regime comes into effect on Monday, 22 October 2018.
From Monday 22 October, overseas people generally won’t be able to buy residential land in New Zealand unless they have a residence class visa and intend to live here.
Every residential land sale will require a Residential Land Statement which asks purchasers to confirm their eligibility to buy. Everyone, including New Zealanders, will need to complete the statement before their conveyancer can complete the transaction.
The Overseas Invest Office recommends that purchasers who do not have residence class visas see their conveyancers before signing a sale and purchase agreement. Alternatively, the sale and purchase agreement can be made conditional on the consent of the Overseas Investment Office.
Online tool to assess eligibility
A new online tool is available on MBIE’s Immigration website, New Zealand Now. It is an eligibility tool which tells overseas people whether they can buy or build on residential land, and how to apply for consent from the Overseas Investment Office. Find the tool here.
Overseas Investment Office
The Overseas Investment Office has also updated its website to make it easier for overseas people to find the information they need. People who want to buy one home to live in can find the requirements and criteria, application templates and an online application form in one place here.
You can find tailored consent information for investors wanting to develop residential land, invest in forestry, invest in significant business assets or in land that is sensitive for reasons other than being residential here.