Overseas Investment Amendment Bill Alert

This video provides the latest update on the Overseas Investment

Amendment Bill introduced in the New Zealand Parliament on

14 December 2017.

OVERSEAS INVESTMENT AMENDMENT BILL ALERT: Important updates on the much publicised restrictions of purchases of residential property by non NZ residents. What you need to know:1. The advertised “carve out” exempting Australians and Singaporeans is likely to be carried in regulations that will accompany the new Act (likely to be in force as early as late february;2. The bill records that contracts entered into before the commencement of the Act will NOT be subject to the new regime even if there are conditions due for confirmation after commencement;3. You have the opportunity to lodge select committee submissions up until 23 January 2018.We have extensive experience in relation to all Overseas Investment Office matters and have received approvals this year. Please do not hesitate to get in touch with Elliot Goldman on +64275157823 or elliot@goldmanlegal.co.nz if you require further information or would like to make a submission.

Posted by Goldman Legal on Wednesday, December 20, 2017