OVERSEAS INVESTMENT REGULATIONS
OIC (Overseas Investment Commission)
About the OIC
The Overseas Investment Commission (the Commission) administers the Overseas Investment Regulations 1995 (the Regulations) as well as the Government's policy on overseas investment, under powers delegated from the Minister of Finance, the Minister for Land Information and the Minister of Fisheries.
The primary function of the Commission is to assess applications from overseas investors who intend making significant investments in New Zealand.
Regulation for the Purchasing of Lifestyle Blocks
• Any foreign investor can purchase land for lifestyle purchases, without consent from the OIC, if the land is less than 5 hectares and does not include or adjoin sensitive land.
• Consent is only required under the Overseas Investment Regulations 1995 for an "overseas person" to acquire a "lifestyle property" in New Zealand where the land exceeds 5 hectares or where the land exceeds 0.4 hectares and involves certain sensitive land over 0.4 hectares (e.g. on islands, containing or next to reserves, historic of heritage areas, or lakes) or where the land exceeds 0.2 hectares and includes or adjoins the foreshore. For such sizeable land, the foreign investor must be a) either a permanent resident of New Zealand or b) display intention to live in New Zealand permanently at some stage. Applications which do not include freehold “sensitive land” are usually determined under delegated authority within 10 working days.
Further Information
Further information is available on the OIC website: www.oic.govt.nz
