By Genelle Seah - 12 Mar 2019
Pursuant to the amended Overseas Investment Act
(OIA) which came into effect from 22
October 2018, the purchase of residential property by an 'Overseas
Person' is subject to consent from the Overseas Investment Office
(OIO) unless an exemption
applies.
Who is not an 'overseas person'?
- A New Zealand citizen; or
- A person who is 'ordinarily resident' in New Zealand, which
means that the person:
- Holds a New Zealand residence class visa; and
- Has been residing in New Zealand for at least the immediately
preceding 12 months; and
- Is a tax resident in New Zealand; and
- Has been present in New Zealand for 183 days or more in total
in the immediately preceding 12 months.
This typically means that any one of the following would be
captured as an 'Overseas Person' (in the context of an
individual):
- A person holding a New Zealand work visa
- A person holding a New Zealand student visa
- A person who holds a New Zealand residence class visa but has
not been residing in New Zealand for at least the immediately
preceding 12 months
- A person who holds a New Zealand residence class visa but has
not been present in New Zealand for at least 183 days in total in
the immediately preceding 12 months
If you are an 'Overseas Person', you are required to apply for
and be granted consent by the OIO before you are allowed to
purchase any residential property. There are many pathways to
getting consent from the OIO, however the criteria may be difficult
to be met.
If you are unsure or need any assistance to determine whether
you need consent from the OIO to purchase a residential property,
please contact Steven Lee or Genelle Seah.
We can assist you step by step in the process including applying
to the OIO for consent if necessary, including advising you on what
you will need to provide to the OIO for a successful
application.