Published on: May 31, 2019
As previously noted, the Treasury have sought input and submissions on the Overseas Investment regime through their consultation - Reform of the Overseas Investment Act 2005: Facilitating productive investment that supports New Zealanders' wellbeing.
We welcome the Phase Two reform process and its objective to achieve the right balance between screening foreign investment and encouraging foreign investment. The package of reform options outlined in the consultation paper provide a comprehensive platform for engagement.
While the proposals go some way to addressing problems with the regime, we outline in our submission some suggested alternative and modified proposals which we believe are necessary in order to achieve the objectives of the reform. The current reform provides a critical opportunity to materially improve New Zealand's perceived attractiveness to investment by reducing unnecessary complexity and scope.
Russell McVeagh has today provided a comprehensive submission to the Treasury, responding on the issues identified in the consultation paper, and other aspects of the Overseas Investment regime.
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