Update from the Law Society
Overseas investment regime not yet in force
The Overseas Investment Office says transitional provisions in the Overseas Investment Amendment Act 2018 mean that transactions entered into before 22 October 2018 are not subject to the changes which have been made, regardless of when settlement date is.
OIO Manager Policy Jenna Reid says the law is clear.
“Until 22 October, anyone is able to buy residential land in New Zealand, unless it is sensitive for a reason other than being categorised as ‘residential’,” she says.
“That means the eligibility statement that every purchaser will have to complete post 22 October, is not required for any transactions entered into before 22 October. The OIO is working with ADLS Inc, the Real Estate Institute, the Real Estate Authority and the New Zealand Law Society to make that statement and accompanying guidance as clear as possible.”
Ms Reid says the OIO is planning to have the eligibility statement and guidance ready in early October.