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REAL ESTATE - OVERSEAS INVESTMENT
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Overview
of the Overseas Investment Act 1973.
Ownership of property in New Zealand is often seen as a prudent and rewarding investment. The laws covering foreign investment are relatively straightforward, and controlled under the 'Overseas Investment Act 1973'. Please contact me if you wish to know more about buying property in New Zealand. Frank Dellabarca E-Mail |
| This act controls acquisition of land in New Zealand by persons who are not 'ordinarily resident' of New Zealand. It is particularly relevant if you wish to buy or sell rural land. |
| Ordinarily Resident - means persons who hold residence permits or are Australian citizens, who are domiciled in New Zealand or have lived here for the preceding 12 months. |
| The following classes of
land are subject to control: (a) Non-urban - where the purchase price of any non-urban land exceeds $NZ10 million. (b) Land that exceeds 5 hectares in area. (c) Land that exceeds 0.4 hectares in area that forms part of any of our larger off-shore islands including Stewart Island and the Chatam Islands. (d) Any other smaller off-shore islands. (e) Land that exceeds 0.2 hectares in area that includes or adjoins (i) the foreshore; or (ii) any lake the bed of which exceeds 8 hectares in area; or (iii) any land that exceeds 0.4 hectares in area and is provided as a reserve, a public park, for recreational purposes, or as a private open space, or is proposed for any such purpose, or is subject to a heritage order, under any operative regional plan or proposed or operative district plan under the Resource Management Act 1991. |
| Farmland All farm land must be advertised for sale in New Zealand on the open market for at least 20 working days before the Overseas Investment Commissions can consider giving the go ahead to foreign investors. 'Farm Land' includes land used mainly for keeping bees, poultry or livestock. |
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Introducing
Frank Dellabarca
I live near Papamoa in the beautiful Bay of Plenty region of New Zealand. We have a sub-tropical climate and the main activities in the region are dairy farming and kiwifruit. We have beautiful white sandy beaches and one of the sunniest climates in New Zealand which is why Papamoa is one of the fastest growing areas in New Zealand. I have been involved in the Real Estate industry for over 20 years. I have sold rural land including dairy farms and kiwifruit orchards, and spent many years with a large multi-national housing company. I have also developed kiwifruit orchards and residential properties on my own account. I have are a Diploma in Computing and have taught computing at the Bay of Plenty Polytechnic. My hobbies include travel throughout New Zealand, there is still so much to see. VIEW PROPERTY FOR SALE |
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