Summer services update
Overseas Investment regulations introduced in 2005 included a requirement that ‘special land’ (now called Fresh or seawater areas) must be offered back to the Crown by overseas investors through the consent process.
The ‘special land’ regulations introduced in 2005 were not able to be successfully implemented due to difficulties in transferring full legal ownership to the Crown, and complex survey and valuation requirements.
The regulations were repealed and replaced with the Fresh or seawater areas (FSAs) regime in 2021.
In 2024 it was determined that the Crown was no longer in a position to proceed with acquiring areas of ‘special land’ that had been identified under the repealed regime.
Investors with areas of 'special land' identified as part of a purchase between 2005 and 2021, when the regulations were repealed and replaced, are not required to take further action.