The Finance and Expenditure Committee is calling for submissions on the Overseas Investment Amendment Bill (No 3).
Upcoming changes to the Overseas Investment Act have been proposed across two bills, the Overseas Investment (Urgent
Measures) Amendment Bill and the Overseas Investment Amendment Bill (No 3).
The purpose of the Overseas Investment Amendment Bill (No 3) is to ensure that risks posed by foreign investment can be
managed effectively while better supporting productive overseas investment by reducing the regulatory burden of the
screening process.
The bill would do this by:
· Strengthening the Overseas Investment Act. In particular the bill would strengthen the law around the acquisition of
farm land, commercial water bottling, and the disclosure of information by foreign investors.
· Simplifying the process to make productive investments in New Zealand, especially for less-sensitive land or assets.
For sensitive land, the bill would streamline the process for determining whether an investment in sensitive land will
benefit New Zealand.
The closing date for submissions for the Overseas Investment Amendment Bill (No 3) is 31 August 2020.
The committee is also considering the Overseas Investment (Urgent Measures) Amendment Bill, which seeks to protect New
Zealand assets as the economy recovers from the fallout of the global COVID-19 pandemic. The committee is due to report
back to the House on this bill by 25 May 2020.Tell the Finance and Expenditure Committee what you think
Make a submission on the Overseas Investment Amendment Bill (No 3) by midnight 31 August 2020.For more details about the bills