Overseas investment decision for case 200810025 - Timmermans (Frederik Martin) and Timmermenans-Kemp (Ellen Irmgard Dorothea)

To acquire:

1. an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area; and
2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land held for conservation purposes under the Conservation Act 1987 (if that conservation land exceeds 0.4 hectares in area).

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicants have business experience and acumen relevant to and are demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicants are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987 and the Applicants are intending to reside in New Zealand indefinitely.

Background to the Investment:
Mr Timmermans is a qualified Dental Surgeon and has immigrated to New Zealand under the Work to Residency Scheme. Together Mr and Mrs Timmermans operate a dental practice in Picton, where Mrs Timmermans assists in the management of the dental practice. The dental practice is the only one operating in the Picton/Marlborough Sounds area, which has a population of approximately 8,500.

The Applicants are Dutch citizens currently residing in New Zealand on Long Term Business Visas. The Applicants' daughter also resides with them and currently holds a student visa.

Rationale for the Investment:
The land is a lifestyle property, which is steep and completely covered in regenerated native bush and has no productive use. The Applicants intend to build a house on the land to use as their permanent residence and have no plans to further develop the land because of its location and characteristics.