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Minister gives directive to Overseas Investment Office

29 November 2017

Finance Minister Grant Robertson has issued a directive to Land Information New Zealand on overseas investment applications.

The directive is made pursuant to section 34 of the Overseas Investment Act 2005. It applies to consideration of all new and existing applications from 15 December 2017. The directive revokes the last Ministerial directive letter, of 8 December 2010.

Rural land

Mr Robertson directs LINZ that a number of factors "will generally be of high relative importance for overseas investments in rural land":

The "jobs" factor (section 17(2)(a)(i); 

The "new technology or business skills" factor (section 17(2)(a)(ii);

The "increased exports receipts" factor (section 17(2)(a)(iii);

The "increased processing of primary products" factor (section 17(2)(a)(vi); and

The "oversight and participation by New Zealanders" factor (regulation 28(j).

He says this does not apply to land covered by the "forest land" dierctive in paragraphs.

Forest land

He says the rural land directive does not apply to forest land. He directs LINZ that the following factors "will generally be of high relative importance for overseas investments in 'forest land'":

The "increased processing of primary products" factor (section 17(2)(a)(v9); and

The "advance significant Government policy or strategy" factor (regulation 28(f).

Last updated on the 29th November 2017