This book is only available in PDF format

Authors: Pedro Morgan, Jenna Reid
Published: 19 November 2018
Pages: 42

Introduction

The Overseas Investment Amendment Act comes into force on 22 October 2018, and brings significant changes for conveyancers. The regime restricts certain overseas people from  buying or building a home here, but opportunities are available for overseas people to buy residential land and increase New Zealand’s housing stock. There are different rules for Australians and Singaporeans, and understanding residency status will be important. While the onus for determining eligibility rests with the purchaser, in practice purchasers will be encouraged to seek the support of their conveyancer to determine this. Every purchaser will be required to complete a Residential Land Statement confirming their eligibility to buy. The conveyancer must retain a record of this statement for at least seven years or face fines of up to $20,000.

Content outline

• About the Overseas Investment Office
• Why has the Law Changed?
• Is this Property Residential?
• Sensitive for Other Reasons
• Who Needs Consent?
• Two Tests for Ordinarily Resident
• Explaining the Changes to Your Clients
• Trusts, Body Corporates and Other Entities
• What Consent Pathways are Available?
• One Home to Live in Pathway
• Developing Residential Land Pathways
• Forestry Pathways
• Existing Investment Pathways
• Consents Fees
• Applying to the OIO Online
• Enforcement
• An Online Tool to Help Your Clients
• New OIO Webpages