The Overseas Investment (Urgent Measures) Amendment Bill has passed its third reading.

The bill is intended to ensure that risks posed by foreign investment can be managed effectively while better supporting productive overseas investment by reducing the regulatory burden of the screening process.

Land Information New Zealand (LINZ) has published a guide and a video to the new legislation on its website.

LINZ Group Manager Vanessa Horne says the changes to the Overseas Investment Act will impact on overseas investors looking to invest in or purchase New Zealand businesses or land.

“Overseas investment is a big contributor to New Zealand’s economy,” says Ms Horne.

“The global economic impact of COVID-19 will see some businesses looking to overseas markets to access capital in a bid to recover, grow and secure a future for their business and their staff.”