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  • Overseas Investment Authority

    I have an American who is interested in buying a piece of dirt I have for sale. I know nothing about the laws governing such a transaction. Suprisingly...the few real estate agents I have asked know nothing about the subject, or for that matter, what to do with the OIA Consent clause on the front of every S & P agreement. Any advice is most welcolme.

    Thanks S.

  • #2
    The OIC gets involved with large or significant (beachfront) land. Go to a good lawyer.

    RE agents generally dont know alot. Ask them a simple question and they say the owner hasn't told them yet.

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    • #3
      The OIC web site has details. You can find it at http://www.oic.govt.nz/

      Their Frequently Asked Questions section states:
      Q3. When is consent required?

      An overseas person requires consent to acquire or take control of 25 percent or more of:

      *businesses or property in New Zealand worth more than $50 million;
      *land over 5 hectares and/or worth more than $10 million;
      *any land on most off-shore islands;
      *land over 0.4 hectares which includes or adjoins certain sensitive areas (for example, on specified islands, reserves, historic or heritage areas, or lakes);
      *land over 0.2 hectares which includes or adjoins the foreshore.

      It is still a good idea to contact a good lawyer to discuss as there will be other issues to consider.

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      • #4
        Awesome....

        Thank you both, graemeh and CJ. Most helpful, and I agree, a good lawyer is a neccessary component. How was that for diplomacey!!

        Thanks again S.

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