| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 6 June 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 10.8042 hectares of land at 131 Rogers Road, Pukekohe, Auckland. |
| Consideration | $1,690,000 |
| Applicant | Jiyun Qiu Chinese citizen now residing in New Zealand (100%) |
| Vendor | Chunxian Liu New Zealand permanent resident (100%) |
| Background | Overseas persons intending to reside in New Zealand indefinitely are not required to show that their investment in sensitive land is likely to benefit New Zealand. This supports migrants in the process of moving to New Zealand to make New Zealand their home. This is a retrospective consent. Mr Jiyun Qiu acquired the Land from Ms Liu in 2017. At the time of the acquisition his then-legal advisor did not inform him of the requirements of the Overseas Investment Act 2005 (the Act). Once he became aware of the Act, Mr Qiu self-reported his acquisition of land and has since cooperated fully with the Overseas Investment Office. We are of the view that given the self-reporting by the Applicant, the willingness to comply with the Act, and the fact that the Applicant has ceased to be an overseas person, it is appropriate to grant retrospective consent to this acquisition. Mr Qiu has satisfied us that he intends to reside indefinitely in New Zealand, and since the acquisition of the land, he has become ordinarily resident in New Zealand. |
| More information | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |
| Retrospective penalty | $10,000.00 |