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,[1] 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.[2][3][4][5] The Overseas Investment Amendment Act was supported by the Labourled 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.[1]

Overseas Investment Amendment Act 2018
New Zealand Parliament
  • An Act to— amend the Overseas Investment Act 2005 to ensure that investments made by overseas persons in New Zealand will have genuine benefits for the country.
Passed15 August 2018[1]
Royal assent22 August 2018[1]
Introduced byDavid Parker[1]
Status: Current legislation