Overseas Investment Office (OIO)
New Zealand welcomes foreign investment. Abundant
resources and a positive economic outlook make New Zealand an
excellent place to invest and to live.
While the government encourages foreign investment, certain
investments require an application to the Overseas Investment
Office (OIO), which can be complex and time consuming.
Our specialist team has significant experience in foreign
investment and we are here to help.
What is the Overseas Investment Office (OIO)?
The OIO is an agency of the New Zealand Government that assesses
applications for approval where an acquisition involves:
- Sensitive land (including non-urban areas
greater than five hectares in area, and areas covering or adjoin
bodies of water, parks or other areas of sensitivity)
- Business assets or securities with a value
greater than $NZD100M (higher for non-government Australian
investors)
- Fishing quotas
How Martelli McKegg can help
Martelli McKegg's Overseas Investment Team has extensive
experience assisting investors to obtain the necessary government
approvals. There will be few issues that we have not
successfully overcome before.
Led by Melissa
Clark, we can help smooth the legal process with practical
advice about the process and thorough preparation of the
application for approval.
We have obtained OIO approval for a range of investors in a wide
variety of industries. Recent successful examples include numerous
vineyards, a food manufacturing plant, and building materials
manufacturing plant.
Our positive working relationship with OIO staff also enables us
to maintain open and constructive dialogue with the regulator to
ensure an efficient process. Quality legal advice from experienced
specialists is fundamental to ensure a positive experience - and a
cost effective and timely outcome to an investor's application.
Clients benefit from Martelli McKegg's links to Meritas - a global
organisation of over 180 law firms spanning 90 countries by having
access to a lawyer closer to home.
Residential Property - Ban on Foreign
Buyers
The Overseas Investment Amendment Bill has received royal assent
and will come into effect on 22 October 2018.
The new law restricts certain overseas people from buying
residential property in New Zealand but agreements to purchase
residential land entered into before 22 October 2018 will not be
subject to the new regime.
Residential property is land that is categorised as
"residential" or "life style" under the District Valuation Roll
which will include most houses, flats and apartments. Gaining
consent is basically a question of whether the acquisition would be
of benefit to New Zealand, as assessed against a range of statutory
criteria.
However, not all acquisitions of residential property will
require OIO consent as there are various exemptions available.
If the proposed residential property transaction requires
consent then early identification of the issues speeds up
negotiation and if an exemption applies, then the sales process is
dramatically simplified, which might otherwise put off purchasers.
We are confident that we can provide clear and reliable advice to
both prospective buyers and sellers or residential property.
Testimonials
"Melissa Clark and her team assisted DAIKEN Corporation to
obtain OIO approval for a share acquisition. Melissa steered
our team through the approval process and continues to assist us
with our annual reporting requirements. Melissa gave us clear
guidance about the type of information the OIO requires to ensure a
successful outcome and this made the approval process run very
smoothly." Daiken Corporation
Recent work
- Regenal Investments Pty Limited - approval to
acquire 73% of the Challenger Wine Trust (now Belvino Investments)
which owns 700 hectares of vineyard land in Marlborough and the
Hawkes Bay
- DAIKEN Corporation - approval to acquire 85%
of DAIKEN NZ which owns a large MDF manufacturing plant in
Rangiora
- Maehtech Pty Limited - approval to acquire
100% of Cheetham Salt Limited which has interests in the Lake
Grassmere salt works in Marlborough
- Ingham Enterprises Pty Limited - disposal of
large scale poultry business (assisting vendor with OIO
requirements)
- QWIL Investments (NZ) Pty Limited - approval
to acquire the Northbank vineyard in Marlborough with an operating
lease to Treasury Wine Estates
- QWIL Investments (NZ) Pty Limited - approval
to acquire the Mudhouse vineyard portfolio comprising five
vineyards in Marlborough, Waipara and Central Otago with operating
leases to Accolade Wines
- Wanganui Investments Limited
- approval to acquire sensitive industrial land adjoining
the Wanganui River
- Various lifestyle blocks, hobby farms and rural
holdings
Articles
OIO consent granted
for school ipads
Insights from the
latest OIO decisions
OIO approvals
secured by school donations
Martelli McKegg's Foreign
Investment Publication outlines the OIO process,
including requirements for consent, timeframes and application
fees.
The OIO has produced a
helpful flowchart to assist when
determining whether land is sensitive.
To discuss the investment process please contact any one of our
team.
Contact
Melissa
Clark
Steven
Lee
Elise
Markwick
Links
Meritas
- Doing business in Australia and New Zealand
Overseas Investment Office