Important changes to the Overseas Investment Act 2005 and the Overseas Investment Regulations 2005 relating to the purchase of residential land come into force on 22 October 2018. The changes affect all purchasers of residential land, not just Overseas Persons.
It is important for overseas persons to seek legal advice as soon as possible prior to making any commitment to acquire residential property. Residential Land Statement
From 22 October 2018, every purchaser of land that is classified as residential or lifestyle, or that includes residential/lifestyle land (regardless of whether they are an Overseas Person or not), will need to complete a Residential Land Statement advising whether they require Overseas Investment Office (OIO) consent to buy the property.
The purchaser’s lawyer or conveyancer will assist them to complete their Residential Land Statement
, which needs to be completed prior to settlement. Purchaser's Acknowledgement Form
When you find a property you would like to purchase your real estate agent will also require you to complete a Purchaser Acknowledgement Form
. This requires you to acknowledge you do understand that residential property purchases are subject to the provisions of the Overseas Investments Act (2005), and that you acknowledge that your lawyer will need to complete customer due diligence on you under the Anti - Money laundering and Countering of Financing of Terrorism Act (2009). How do you know if you need consent?
Please click on the above image to see if you meet the criteria.
This flyer-Investing in New Zealand
is also helpful to help you determine what property you can and cannot buy in New Zealand
For more details on consent refer to https://www.newzealandnow.govt.nz/living-in-nz/housing/buying-building
DISCLAIMER: The material and information provided is for general information purposes only and is not intended to form professional legal advice. Waipa Real Estate Ltds does not accept liability for any claim or other action that may arise directly or indirectly from the use of or reliance on this material. We recommend you seek independent legal advice if you are unsure of your legal position.