Have Your Say On The Proposed Changes To The Overseas Investment Act 2005
The Finance and Expenditure Committee is calling for submissions on the Overseas Investment Amendment Bill (No 3).
Upcoming changes to the Overseas Investment Act have been proposed across two bills, the Overseas Investment (Urgent Measures) Amendment Bill and the Overseas Investment Amendment Bill (No 3).
The purpose of the Overseas Investment Amendment Bill (No 3) is to ensure that risks posed by foreign investment can be managed effectively while better supporting productive overseas investment by reducing the regulatory burden of the screening process.
The bill would do this by:
· Strengthening the Overseas Investment Act. In particular the bill would strengthen the law around the acquisition of farm land, commercial water bottling, and the disclosure of information by foreign investors.
· Simplifying the process to make productive investments in New Zealand, especially for less-sensitive land or assets. For sensitive land, the bill would streamline the process for determining whether an investment in sensitive land will benefit New Zealand.
The closing date for submissions for the Overseas Investment Amendment Bill (No 3) is 31 August 2020.
The committee is also considering the Overseas Investment (Urgent Measures) Amendment Bill, which seeks to protect New Zealand assets as the economy recovers from the fallout of the global COVID-19 pandemic. The committee is due to report back to the House on this bill by 25 May 2020.