Proposed Reform to the Overseas Investment Act

Proposed reform to the Overseas Investment Act – the ability for overseas buyers to purchase or build property in New Zealand

The government recently announced a reform to the Overseas Investment Act 2005 that would allow overseas residents with a New Zealand investor residence visa to buy or build a property to the value of $5 million-plus. Applicants must satisfy the national interest test and pass the risk assessment required by the proposed legislation. After passing its first reading in June, the reform bill is currently before the select committee to receive submissions.

Currently, overseas residents and investors are largely restricted from purchasing or building property in New Zealand.

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