Reform of the Overseas Investment Act – March 2026 Update
10 March 2026
Changes to New Zealand’s Overseas Investment Act
Changes to the Overseas Investment Act came into effect on 6 March 2026. In conjunction with those changes, the Government has released a new Ministerial Directive Letter. The Directive Letter affirms the Government’s policy approach to overseas investment in New Zealand and provides direction to the Overseas Investment Office (OIO) in respect of its application of the Overseas Investment Act (OIA).
The Directive Letter re-states the Government’s commitment to liberalising New Zealand’s foreign investment regime. A risk-based approach is to be adopted by the OIA and consent should be granted quickly for lower risk investments in less sensitive assets. Going forward, resources are to be focused on higher risk investments.
National Interest Test
The OIA has been amended to include a new National Interest Test. The Test has three stages, which reflect the risk-based approach to be adopted by the OIO in considering consent applications.
New Consent Pathways
Three new consent pathways have also been implemented as part of the reforms:
- Primary Consent Pathway for significant business assets and sensitive land;
- Production Forestry Pathway for sensitive land used for production forestry; and
- $5 million Plus House Pathway for qualifying visa holders.
$5m plus House Pathway
Holders of the following investor class visas may now apply for consent to buy or build a house in New Zealand with a value of $5 million or more:
- Active Investor Plus;
- Investor 1 Resident Visa; and
- Investor 2 Resident Visa.
It is important to be aware that OIA consent must be obtained before a property is purchased. This means that consent must be obtained before an Agreement is signed or an Agreement must be conditional upon consent being obtained. Specific restrictions also apply in respect of the type of land, which may be acquired under the pathway.
Our immigration and property teams are available to discuss the reforms and how they may impact property transactions.
Disclaimer: The information contained in this publication is of a general nature and is not intended as legal advice. It is important that you seek legal advice that is specific to your circumstances.
