Summer services update
What is an international transaction?
An international transaction is the sale of a sensitive New Zealand asset in another jurisdiction. These transactions require consent if you are an overseas person.
For example, the sale in Australia of most of the shares in an Australian registered company that owns sensitive New Zealand land to another Australian company is an international transaction.
Do I need consent?
Consent is required for an international transaction if:
- you are an overseas person, and
- the investment includes sensitive New Zealand assets (defined as sensitive land, significant business assets, and all fishing quota).
Use the flowchart below to help you decide if an international transaction involving sensitive New Zealand land or significant business assets requires consent.
If you do not obtain consent
If you don’t obtain consent for an international transaction when you should, you are committing an offence (against section 42 of the Act). One of the other parties to the transaction who was not required to obtain consent could cancel the transaction (using section 29 of the Act).
Overseas Investment Act 2005, s42
Overseas Investment Act 2005, s29
Contact us immediately if you discover you have entered into an international transaction without obtaining the necessary consent. You may be able to apply for consent retrospectively.