Aspiring law icon

Foreign buyers – where’s the law at?

Published:
From:
The Residential property team
The Commercial property team

The future around foreign buyers captured many headlines after last year’s change of Government, and we’re often being asked where the law’s at.

The select committee is currently reviewing public submissions which were made on the proposed Overseas Investment Amendment Bill. The proposed legislation seeks to extend the restrictions on people from overseas buying “sensitive” New Zealand land to include residential land, too.

A report on the select committee’s findings, including suggestions for any changes to the Bill, is due to be made available at the end of next month.

As to the timeline following that – the earliest date for the second reading of the Bill is June 14, although it could be later. If the second version of the Bill passes, Parliament will debate it. After that, a third and final reading of the Bill will take place, and can be voted on by Parliament. If the Bill passes, it will become a binding Act 10 days after it receives the royal assent from the Governor-General.

We’ll keep you updated.

Residential property Buying residential property Commercial property Buying commercial property

Aspiring articles

  • Bullseye

    Beyond the Employment Agreement: Employing good staff is one thing, but how do you keep them?

    While finding talented staff is challenging, retaining them can be even more complex. The good news? You don't need to be a perfect employer - just a fair and reasonable one. Recent Employment Court guidance provides a practical "target" approach to good employment practices, where best practice is the bullseye, but hitting anywhere on the target still counts as fair and reasonable. Learn the golden rules that can transform you into an employer that good employees want to stick with for the long haul.
    Employment & HR
  • Car and coins

    Can we expect some light at the end of the FBT tunnel?

    Fringe Benefit Tax (FBT) has long been a headache for business owners, but proposed changes could bring welcome relief to your compliance burden. The government is considering three key simplifications: a clearer vehicle classification system, exemptions for minor benefits, and streamlined entertainment rules. These changes could significantly reduce the time and effort spent on FBT compliance. With the consultation period open until May 2025, now is your chance to have your say on these proposed changes.
    Employment & HR
  • Old couple in the park

    New Finance Option Available To Facilitate Transition into Retirement Village

    A new financing option could make the transition to retirement living easier. The recently introduced 'Village Access Loan' by one of the banks allows homeowners to borrow up to 50% of their retirement village entry cost, using their existing home as security. This three-year bridging finance gives retirees more flexibility in timing their property sale and securing their preferred retirement village. Find out how this differs from reverse equity loans and what it means for you.
    Residential property
  • Locked gate

    Family Trusts in blended families: What you need to know

    In part one of our series on Trusts, we explore the unique challenges faced by blended families. Picture your family trust as a citadel protecting your hard-won assets - but what happens when new family members enter the picture? Through the story of David and Jane's blended family, we illustrate how seemingly innocent actions can inadvertently create legal claims on trust assets.
    Trusts and Life planning Forming a Trust Managing a Trust