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Foreign buyers – where’s the law at?

Published:
From:
The Residential property team
The Commercial property team

The future around foreign buyers captured many headlines after last year’s change of Government, and we’re often being asked where the law’s at.

The select committee is currently reviewing public submissions which were made on the proposed Overseas Investment Amendment Bill. The proposed legislation seeks to extend the restrictions on people from overseas buying “sensitive” New Zealand land to include residential land, too.

A report on the select committee’s findings, including suggestions for any changes to the Bill, is due to be made available at the end of next month.

As to the timeline following that – the earliest date for the second reading of the Bill is June 14, although it could be later. If the second version of the Bill passes, Parliament will debate it. After that, a third and final reading of the Bill will take place, and can be voted on by Parliament. If the Bill passes, it will become a binding Act 10 days after it receives the royal assent from the Governor-General.

We’ll keep you updated.

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