Overseas investment changes to raise fees
Land Information Minister Louise Upston says changes to the overseas investment regime means Overseas Investment Office (OIO) fees will be restructured and increased by between 8.7% and 166% for different application fee types.
A statement from Ms Upston and Finance Minister Bill English says the changes are the result of a review that has been underway since 2015 and are expected to take place in mid-2016.
Changes will also be made before the end of 2016 to the policy that underpins the overseas investment regime, once the regulatory process has been completed.
Ms Upston says increased fees will enable the OIO to hire up to 25% more staff to reduce the time it takes to assess applications and improve monitoring and reporting.
"The OIO will improve its processes and communication with applicants to provide them with greater certainty as their application is assessed," she says."Fee increases will also allow the OIO to undertake more responsive monitoring and enforcement, with site inspections of some high risk land investments."
Last updated on the 16th September 2019