Overseas Investment Amendment Act 2018
The Overseas Investment Amendment Act 2018 is a bill that amends the Overseas Investment Act 2005 to ban most non-resident foreigners from buying existing houses, by classifying them as sensitive land and introducing a residency test. Australian citizens are exempt from this rule as they are considered New Zealand residents per the Trans-Tasman Travel Arrangement. Singaporean citizens are also exempt due to free trade rules. The Overseas Investment Amendment Act was supported by the Labour–led coalition government but was opposed by the opposition centre-right National and libertarian ACT parties. It passed its third reading on 15 August 2018 and received royal assent on 22 August.
|Overseas Investment Amendment Act 2018|
|New Zealand Parliament|
|Passed||15 August 2018|
|Royal assent||22 August 2018|
|Introduced by||David Parker|
|Status: Current legislation|