Level 8, Chorus House, 66 Wyndham St.
New Zealand 1010
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Level 8 - AIG Building
41 Shortland Street
Auckland Central, Auckland 1010
The Overseas Investment Office administers New Zealand’s overseas investment laws. In general, overseas people who are not residents cannot buy homes to live in, but other investment opportunities are available. This information graphic (PDF, 210KB) gives an overview of investment opportunities in New Zealand.
From 22 October 2018, every purchaser of land that is classified as residential or lifestyle, or that includes residential/lifestyle land (regardless of whether they are an Overseas Person or not), will need to complete a Residential Land Statement advising whether they require Overseas Investment Office (OIO) consent to buy the property.
The Residential Land Statement is available on the REINZ website https://www.reinz.co.nz/latest-best-practice-guides, under Advisory resources, and on the Overseas Investment Office website.
The purchaser’s lawyer or conveyancer will assist them to complete their Residential Land Statement, which needs to be completed prior to settlement.
What does this mean for a purchaser of residential land?
If the purchaser requires OIO consent to purchase the property:
1. They will need to apply to the OIO for permission to do so; and
2. The sale and purchase agreement must be conditional on them obtaining OIO consent, unless they have already obtained a pre-approval from OIO.
If an Overseas Person enters a sale and purchase agreement that is not conditional on OIO consent:
• they will be in breach of the Overseas Investment Act as soon as they enter the agreement;
• they will not be able to settle the contract, even if it is otherwise unconditional, until OIO consent is granted;
• any deposit they have paid may be forfeited;
• the purchaser could be liable for penalty interest for delayed settlement pending the granting of OIO consent;
• the vendor could take action against the purchaser for any losses suffered, including a loss on re-sale of the property; and
• if the vendor or real estate agent knew OIO consent was required, they could be liable for civil penalties.
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