News Story

New Overseas Investment laws apply to the purchase of residential or lifestyle land

20th October 2018

When you are ready to buy a home, your lawyer or real estate agent will ask you to complete a Residential Land Statement to say whether you are eligible to buy land in New Zealand.

Every purchaser is required to fill out a Residential Land Statement prior to completing a purchase, even if you are a New Zealand citizen.

It is important that you talk to us before you sign a sale and purchase agreement.

Certain overseas people can apply for OIO consent to be eligible to buy one New Zealand home and live in it.  If you need OIO consent, but sign an agreement without it, you may face significant penalties.

Alternatively, you can make the sale and purchase agreement conditional on the consent of the Overseas Investment Office or get pre-approval before you find a property to buy.

To establish if you are eligible to apply for OIO consent to buy or build one home to live in, you will find an overview of the rules on this Guide  Overseas-Investment-Office-Right-to-Buy-NZ.pdf

These laws apply to homes that are categorised as ‘residential’ or ‘lifestyle’ on the District Valuation Roll.  You can check properties on websites, such as www.qv.co.nz, or ask the local council.  For other types of homes and land, different rules apply (see residential land that is also sensitive for other reasons).

If you are interested in learning about investing in New Zealand, you can learn more about the ways you can do this on Land Information New Zealand Overseas Investment webpages https://www.linz.govt.nz/overseas-investment

The laws apply to any sale and purchase agreement signed on or from 22 October 2018.