Published 11th March 2019 by Duncan Cotterill
On Wednesday (22 August 2018), the Overseas Investment Amendment Act 2018 (Amendment Act) became law. The new laws will come into force on or before 22 October 2018. The Amendment Act brings “residential land” within the existing Overseas Investment Act, such that any overseas person who wishes to buy or lease residential or lifestyle land (of any size) will, in almost all cases, need to apply to the Overseas Investment Office (OIO) consent.
A general overview of the new residential land provisions is contained in our separate update: New OIO laws bring changes for residential land, forestry and horticulture. This update contains more detail on how the changes will impact on the property development sector.