Consent MAY be Required for Your Intended Investment Type
An a transaction is considered an international one, it will normally involve the sale of a “sensitive” New Zealand asset in another jurisdiction.
For example, an international transaction is the sale in Australia of the majority of the shares in an Australian registered company, which owns sensitive New Zealand assets, to another Australian registered company.
Likewise, international transactions are overseas investment transactions and may require consent. Consent isrequired if you are an “overseas person” as defined in New Zealand’s legislation. The investment includes sensitive New Zealand assets.
The definitions of “overseas investment” in “sensitive land”, overseas investment in significant business assets and overseas investment in fishing quota are very broad, and if taken literally, would seem to capture all transactions regardless of whether they had any connection with New Zealand.
Under section 3 of the Overseas Investment Act 2005, an overseas investment is a transaction involving:
- sensitive land and refers to New Zealand land, and
- significant business assets only refers to New Zealand significant business assets
The definition of overseas investment in fishing quota refers to all fishing quota as defined by the Fisheries Act 1996.
Source: New Zealand Overseas Investment Office
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