Overseas Investment Office publishes new guidelines for international transactions

This publication provides guidance on the application of the Overseas Investment Act 2005 to international transactions involving sensitive land, significant business assets or investment in fishing quota.

This latest publication from the OIO clarifies its interpretation of certain definitions in the new Act which have caused some concern. The OIO confirms that in its view:

• overseas investment in sensitive land only refers to New Zealand land;

• overseas investment in significant business assets only refers to New Zealand significant business assets; and

• overseas investment in fishing quota refers to all fishing quota defined by the Fisheries Act 1996.

The publication also includes a flowchart for use when determining whether an international transaction involving sensitive land or significant business assets will require consent.

A copy of this OIO publication is available on the OIO’s website at www.oio.linz.govt.nz. For further information on the Overseas Investment Act 2005 refer to Bell Gully’s Overseas Investment Guide on our website and an article by Bell Gully Senior Associate Andrew Petersen, “The Overseas Investment Act –one year on” in the October 2006 issue of Commercial Property.

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For more information on any of the cases, articles and features in Commercial Quarterly, please email Diane Graham or call her on 64 9 916 8849.