The new government is making changes to how foreign investment works in New Zealand. They want to make it easier for investors from other countries to put money into New Zealand. This aligns with their goals of reducing bureaucracy and making it simpler for foreigners to invest here, as stated in their coalition agreement.
Since December 2023, the Overseas Investment Office (OIO) has been making decisions much faster than before. They've been granting permissions for important business deals in less time than usual. It seems the government has instructed the OIO to be less strict with low-risk investments, so they can give approvals more quickly.
The Minister for Housing and Associate Finance Minister, Chris Bishop, announced plans to change the Overseas Investment Act. These changes aim to make it easier for foreign investors to build rental properties in New Zealand. The government will issue clear instructions to the OIO soon, stating their approach to foreign investment.
Additionally, the government wants to limit the involvement of ministers in the approval process for foreign investments, except when there are national security concerns. This means most decisions will be left to the OIO. They also plan to review other parts of the law to make it easier for foreign investment in energy, infrastructure, and other important sectors.
While changing the law will take time, they plan to publish their policies and instructions to the OIO very soon.