The government has introduced the Overseas Investment (Urgent Measures) Amendment Bill to be passed under urgency, and the Overseas Investment Amendment Bill (No.3), to follow the usual legislative process. These changes work in tandem with the business support policies introduced by the government to address the impacts of COVID-19.
The Urgent Measures Bill’s purpose is to ensure that the risks of overseas investment posed by the economic recovery from COVID-19 can be effectively managed. It aims to reduce the regulatory burden of the Overseas Investment Office’s screening process to support the role of productive overseas investment in New Zealand’s economic recovery.
Once the Urgent Measures Bill comes into force – which is likely to be mid-June – more information will be available from the Overseas Investment Office on these changes, including what investors need to do to meet new requirements. The OIO will continue to accept applications and assessments under the current regime, while it works to operationalise these changes.
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