Cabinet has agreed to amend the Overseas Investment Act according to the following principles:
- Retaining the scope of what we currently screen (including farmland), in order that the Government retains the legal option of screening all investments currently subject to screening;
- Fast-tracking the assessment process with the starting assumption that investment can proceed unless there are risk factors identified, by consolidating the Act’s core tests (investor test, benefit test, and national interest test);
- Providing the government flexibility to call-in these investments for detailed scrutiny on a case-by-case basis, and impose conditions or block the investment where there are risks to New Zealand’s national interest.
Treasury is leading work on the reforms, with operational support and advice provided by the Toitū Te Whenua overseas investment team.
Detailed proposals are now being developed, with the aim of passing legislation before the end of 2025.
Read Minister Seymour’s press release here: Overseas investment changes to get New Zealand off the bench | Beehive.govt.nz