Both Act and regulations will come into force on 22 October 2018.
Land Information New Zealand says it expects the consolidated Overseas Investment Act 2005 and Overseas Investment Regulations 2005 to be available by commencement.
The amendment regulations mainly set out the fees and charges, plus exemptions associated with the new overseas investment regime. Fees and charges are set out in Schedule 2, general exemptions are detailed in Part 2, and the exemptions covering Australians and Singaporeans are detailed in Part 4.
LINZ says the amendment regulations include some restructuring, with significant numbering changes.
The new Transitional Exemption Certificate for Large Residential Development is available under Schedule 1AA, clause 6 of the Amendment Act. This allows developers to apply for an exemption from the overseas investment regime for certain apartments on residential land that is not otherwise sensitive.
The certificate can be applied only to apartments likely to be completed within five years, and applications must be made within six months of Royal assent (until 21 February 2019).