Overseas Investment Regulation

Overseas Investment Regulation | February 2016

Foreign investment in New Zealand is generally encouraged. However, there are certain rules in place designed to ensure that sensitive New Zealand assets (land in particular) are protected.

The overseas investment rules are set out in the Overseas Investment Act 2005 (Overseas Investment Act) and the Overseas Investment Regulations 2005 (Overseas Investment Regulations) and are administered by the Overseas Investment Office (OIO). The OIO screens all defined categories of “overseas investments” and then monitors “sensitive” assets to ensure they are being managed appropriately going forward.

WHEN IS OIO CONSENT REQUIRED?

The OIO (and, in some cases, the Ministers of Finance and Land Information (Ministers)) must consent to an acquisition by an “overseas person” of “sensitive land”, “significant business assets” or fishing quota. Consent must be obtained before the transaction is carried out.

What is an “overseas person”?

• an individual who is not a New Zealand citizen or resident

• an overseas registered company

• a New Zealand registered company with 25% or more of its shares held by an overseas person or persons

What is “sensitive land”?

• freehold interest, or a leasehold interest of more than three years

• non urban land areas greater than 5 hectares

• land on certain specified islands

• other parcels of land that are classified as “sensitive” due to their inclusion of, or proximity to, waterways, parks,

新西兰通常欢迎来自外国的投资。但

是，也制定了某些规则，以确保敏感的

新西兰资产（特别是土地）获得保护。

海外投资规则在《2005海外投资法》（《海外投资法》）和《2005海外投资条例》（《海外投资条例》）中予以规定，并由海外投资办公室(OIO)管理。OIO审查所有规定类别的“海外投资”，并监控“敏感”资产，以确保其在未来得到妥善管理。

何时需要获得OIO批准？

OIO（以及某些情况下，财政与土地信息部长（部长））

必须批准由“海外人士”对“敏感土地”、“重大商业

资产”或捕鱼配额的收购。

什么是“海外人士”？

• 非新西兰公民或居民的个人

• 海外注册的公司

• 新西兰注册的公司，其股份的25%或以上由海外个人

或多人持有

什么是“敏感土地”？

• 超过三年的不动产权益或租赁权益

• 面积高于5公顷的非城市土地

• 位于特定岛屿上的土地

• 由于包含、靠近航道、公园、保护区或具有历史意义

海外投资条例

Overseas Investment Regulation | February 2016

conservation areas, or areas of historic significance

An acquisition of “sensitive land” will include an investment in a business which owns or leases sensitive land.

What are “significant business assets”?

• acquiring 25% or more (or increasing an existing 25% or more stake) of a business where the consideration paid for the New Zealand part of the investment exceeds NZ$100 million (or, in the case of an investment by an “Australian non government investor”, NZ$496 million)

• acquiring 25% or more (or increasing an existing 25% or more stake) of a business where the value of the New Zealand assets of the business exceed NZ$100 million (or, in the case of an investment by an “Australian non government investor”, NZ$496 million)

• acquiring any property in New Zealand (including goodwill and other intangible assets) for more than NZ$100 million (or, in the case of an investment by an “Australian non government investor”, NZ$496 million)

• establishing a business in New Zealand where the expenditure incurred exceeds NZ$100 million (or, in the case of an investment by an “Australian non government investor”, NZ$496 million)

The NZ$100 million threshold will increase to NZ$200 million for investors from countries in the Trans Pacific Partnership once the formal Trans Pacific Partnership Agreement is agreed and signed (Australian investors will retain their existing higher threshold).

Exemptions

Certain specific transactions are exempt from the requirement for OIO consent, including transactions that occur as part of a restructure within a group. It is also possible to apply for an exemption in certain limited circumstances.

WHAT IS INVOLVED IN OBTAINING OIO CONSENT?

Application

The process starts with the investor submitting an application to the OIO (in the prescribed form) along with an application fee. Template application letters are available from the OIO but, because every investment is different, the OIO recommends investors seek legal advice for an application at an early stage.

Timing

The OIO aims to process consent applications within 50 to 70 working days, plus an initial review period of five working days (although the OIO is not bound by statute to meet these or any other timeframes). The timeframe will vary, depending on the nature of the application. The more complex “sensitive land” applications can take longer.

的区域而被指定为“敏感”的其他地块

收购“敏感”土地包括向拥有或租赁敏感土地的企业投

资。

什么是“重大商业资产”？

• 收购一个企业的25%或以上股份（或在现有基础上持

续增加至25%或更多资本），为新西兰部分的投资支

付的对价超过1亿新西兰元（或者，在由“澳大利亚

非政府投资人”进行的投资中，超过4.96亿新西兰

元）

• 收购一个企业的25%或以上股份（或在现有基础上增

加至25%或更多资本），该企业的新西兰资产价值超

过1亿新西兰元（或者，在由“澳大利亚非政府投资

人”进行的投资中，超过4.96亿新西兰元）

• 收购新西兰的财产（包括商誉和其他无形资产）超

过1亿新西兰元（或者，在由“澳大利亚非政府投资

人”进行的投资中，超过4.96亿新西兰元）

• 在新西兰设立企业，其财务支出超过1亿新西兰元（

或者，在由“澳大利亚非政府投资人”进行的投资

中，超过4.96亿新西兰元）

一旦《跨太平洋伙伴关系协定》得到批准和签署，对于

来自跨太平洋伙伴关系国家的投资者，1亿新西兰元的限

额将增加至2亿新西兰元（澳大利亚投资者将保留其现有

较高限额）。

豁免

某些特定交易可免除获取OIO批准，包括集团内部重组而

发生的交易。在某些限定情况下，也可适用豁免。

获取OIO批准时涉及哪些事项？

申请

投资者首先向OIO提交一份申请（以规定的形式）并缴纳

申请费。OIO可提供申请书模板，但是由于每项投资各不

相同，OIO建议投资者在初期寻求关于申请事宜的法律建

议。

时限

OIO致力于在50至70个工作日内处理申请，外加五个工作

日的初步审核期（尽管没有法规强制OIO必须遵守这些或

其他任何时间表）。该时间表根据申请的类别不同而各

不相同。越复杂的“敏感土地”申请时间越长。

Overseas Investment Regulation | February 2016

Matters in a consent application

The application focuses on whether or not the overseas person has relevant business experience, is financially committed and of good character.

If the investment involves an interest in sensitive land, the applicant must also demonstrate that the purchase will bring a net benefit to New Zealand. The OIO looks at a number of factors when assessing such an acquisition, including whether the investment will:

• create new job opportunities

• create new technology, or introduce new managerial or technical skills

• develop new export markets or increased market access

• add to competition, and create greater efficiency or productivity

• enhance services available in New Zealand

• introduce into New Zealand additional investment for development purposes

• increase processing of primary products

To assess a number of the above factors relevant to determining the benefit of an investment, the OIO applies a test known as the “counterfactual test”. This test assesses the difference between the benefits to New Zealand “with” the proposed investment and what would happen anyway “without” the proposed investment (for example, if a New Zealand buyer acquired the land). This test is the result of a High Court ruling in early 2012 regarding a legal challenge to the decision of the OIO to grant consent to an overseas investor.

The applicant may also be asked to provide a business plan and supporting statements detailing how it will manage any sensitive land going forward.

Special rules for farm land, waterways and foreshore

If an overseas person wishes to acquire farm land, or shares in a company owning farm land, that land must be marketed for sale in New Zealand for 20 working days (to persons who are not overseas persons) before the OIO is able to consent to the purchase by an overseas person.

The Crown has a right of first refusal to purchase certain land which constitutes the beds of certain waterways or foreshore and seabed land.

Special rules for large areas of farm land

The following factors are given high importance by the OIO if an overseas person wishes to invest in a large area of farm land (ie 10 times the average farm size of the relevant type of farm):

• whether the investment will benefit New Zealand

• whether New Zealand’s economic interests will be adequately promoted by the overseas investment

批准申请的考虑事宜

申请重点为海外人士是否拥有相关商业经验、财务可靠

而且品行良好。

如果投资涉及敏感土地的权益，申请人还必须证明该收

购将为新西兰带来净利益。OIO在评估此类收购时会审查

一系列因素，包括投资是否：

• 创造新的工作机会

• 创造新技术，或引入新的管理或专门技能

• 开发新的出口市场或增加市场占有率

• 增强竞争力，并创造更高的效率或生产力

• 加强在新西兰提供的服务

• 为开发目的向新西兰引入更多投资

• 增加初级产品的加工

为评估上述与决定一项投资的利益有关的因素，OIO实

施一项测试，名为“与事实相反测试”。该测试评估“

有”该拟议投资与“没有”该拟议投资（例如，如果

新西兰买家收购该土地）对新西兰利益的影响有何不

同。2012年初，一项高等法院关于OIO核准海外投资者的

决定所面临法律争议的判决导致此项测试的出现。

申请人还可能被要求提供商业计划和附属报表，详细说

明它在未来对敏感土地的管理。

关于农田、航道和海滩的具体规定

如果海外人士希望收购农田或拥有农田的公司股份，OIO

在批准海外人士收购之前，该土地首先必须在新西兰市

场上销售（仅向非海外人士出售）满20个工作日。

新西兰政府对于购买包含某些航道河床或海滩及海床土

地的特定土地拥有优先决定权。

关于大面积农田的特别规定

如果海外人士希望投资大面积农田（即相关类型农田平

均规模的10倍），OIO对下述因素特别重视：

• 该投资是否对新西兰有利

• 新西兰经济利益是否受到该海外投资的充分促进

Overseas Investment Regulation | February 2016

Victoria Anderson

直拨电话: +64-9-977 5188 手机: +64-21 923 037 victoria.anderson@simpsongrierson.com

• whether there are opportunities for New Zealand oversight or involvement (eg New Zealand directors or a New Zealand head office)

Ongoing monitoring of compliance

The OIO monitors the activities of the overseas person post acquisition to ensure that the investor is complying with the law, any representations made in its application for consent, and any conditions of consent imposed by the OIO. The overseas person is required to report on compliance.

• 新西兰是否有机会实施监管或参与（例如新西兰董事

或新西兰总部）

持续的合规监控

OIO监控海外人士收购后的行为，以确保投资者遵守法律

和申请批准时所做陈述，以及OIO规定的批准条件。海外

人士需要提供合规情况报告。

Robert McLean

直拨电话：: +64-9-977 5077 手机: +64-21 987 050 robert.mclean@simpsongrierson.com

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