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153:. Resident visa holders are not considered "ordinarily resident in New Zealand" under this amendment. Clause 11 of the Act allows overseas persons to purchase residential land if it is used to increase the supply of housing in New Zealand. Properties built on land purchased under this pathway must not be inhabited by the owner and must be sold once they have been built.
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The Act also imposes a fine of up to NZ$ 20,000 for those failing to comply with the Act's sections. In addition, the Act also covers overseas investments in sensitive land that involve forestry rights and establishes new tests for consent where an overseas investment in sensitive land relates to
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provided they enter into a lease-back arrangement with the hotel's developer or operator. The Act also allows network utility operators such as electricity and gas distributors, telecommunications companies, and transmission network operators to acquire land without consent for business purposes.
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The
Overseas Investment Amendment Act would require overseas buyers to seek approval from the Overseas Investment Office to purchase hotel units if the land was classified as "residential" or "lifestyle." Overseas investors are allowed to purchase and own units in hotels with more than 20 units
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The Act allows overseas persons to take leases of up to five years over residential land that is not classified as "sensitive land." The Act also has provisions for introducing a "streamlined approval path" for businesses to either purchase residential land for non-residential purposes or for
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party voted against the bill (63:56). On 15 August, the Bill passed its third reading with the support of the Labour-led coalition while the
National and ACT parties opposed the bill (63:57). The Overseas Investment Amendment Act received royal assent on 22 August, becoming law.
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The
Overseas Investment Amendment Act 2018 amends the Overseas Investment Act 2005 to ensure that investments made by foreign persons benefit New Zealand. The Act would also enhance the information-gathering and enforcement powers of the
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to ban most non-resident foreigners from buying existing houses, by classifying them as sensitive land and introducing a residency test. Australian citizens are exempt from this rule as they are considered New
Zealand residents per the
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The
Overseas Investment Amendment Bill passed the select committee stage on 18 June 2018. On 26 June, the Bill passed its second reading with the support of Labour, NZ First, and the Greens. National and the libertarian
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residential purposes to support a business. Such purchases would be subject to conditions imposed by the
Minister of Trade and Export Growth to ensure that the land is being used for the purposes it was purchased for.
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citizens and permanent residents. Labour also campaigned on banning foreign speculators from buying existing houses, taxing property speculators, and making it easier for first-time buyers to purchase homes.
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in New
Zealand during the early 21st century. In addition, national housing prices rose faster than incomes, with the gap rising from over 3.0 in January 2002 to 6.27 in March 2017. In 2017, a report by the
263:. On 19 December, the Bill passed its first reading in with the support of Labour, NZ First, and the Greens parties while the opposition National Party voted against the bill (63:56).
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An Act to— amend the
Overseas Investment Act 2005 to ensure that investments made by overseas persons in New Zealand will have genuine benefits for the country.
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121:. Singaporean citizens are also exempt due to free trade rules. The Overseas Investment Amendment Act was supported by the
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had enough seats to govern alone. After several weeks of negotiations, the Labour and New
Zealand First parties formed a
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259:. On 14 December, the Overseas Investment Amendment Bill was introduced by Labour Member of Parliament
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think-tank ranked
Auckland's housing market the fourth-most unaffordable in the world — behind
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parties. It passed its third reading on 15 August 2018 and received royal assent on 22 August.
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The Act amends the definition of "ordinarily resident in New Zealand" to require that they be
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Following the 2017 general election held on 23 September 2017, none of the parties in the
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campaigned to build 200,000 houses over the next six years while the opposition
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promised to restrict foreign investment and the sale of houses and farmland to
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541:"Election 17: Foreign restrictions, more new housing planned post-election"
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and recommended the taxation of property speculation. That same year, the
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334:"Labour's bill to curb foreigners buying New Zealand homes becomes law"
594:"Full video: NZ First leader Winston Peters announces next Government"
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567:
492:"No fix for housing crisis until young and renters vote - economist"
362:"New Zealand has banned foreigners from buying homes in the country"
507:"IMF says housing bubble could unsettle strong New Zealand economy"
451:"Overseas Investment Amendment Bill 2017 (5-3) (Hon David Parker)"
388:"New Zealand rolls out ban on foreign national property purchases"
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vowed to build 100,000 houses over the next decade as part of its
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The Overseas Investment Amendment Act 2018 was the result of an
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ranked New Zealand as the most unaffordable country in the
414:"New Zealand passes ban on foreign home buyers into law"
622:"An 'historic moment' for the Green Party – James Shaw"
649:"Overseas Investment Amendment Bill — Second Reading"
674:"Overseas Investment Amendment Bill — Third Reading"
526:"Housing in many NZ cities 'severely unaffordable'"
477:"Median Multiples - House price-to-income multiple"
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210:The housing shortage was a major issue during the
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125:but was opposed by the opposition centre-right
568:"Our plan to start fixing the housing crisis"
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360:Selby-Gren, Michael (16 August 2018).
106:Overseas Investment Amendment Act 2018
24:Overseas Investment Amendment Act 2018
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123:Labour–led coalition government
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704:"Overseas Investment Amendment Bill"
308:"Overseas Investment Amendment Bill"
245:New Zealand House of Representatives
723:"Overseas Investment Amendment Act"
524:Patrick O'Meara (23 January 2017).
592:Chapman, Grant (19 October 2017).
539:Gibson, Anne (25 September 2017).
490:Dan Satherley (1 September 2016).
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620:Hurley, Emma (19 October 2017).
505:Hamish Rutherford (9 May 2017).
332:Long, Jessica (15 August 2018).
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16:Act of Parliament in New Zealand
151:permanent resident visa holders
119:Trans-Tasman Travel Arrangement
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765:Foreign trade of New Zealand
731:Parliamentary Counsel Office
114:Overseas Investment Act 2005
185:International Monetary Fund
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572:New Zealand Labour Party
775:Statutes of New Zealand
760:Business in New Zealand
755:2018 in New Zealand law
727:New Zealand Legislation
770:Housing in New Zealand
708:New Zealand Parliament
678:New Zealand Parliament
653:New Zealand Parliament
455:New Zealand Parliament
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251:on 19 October, with a
180:acute housing shortage
39:New Zealand Parliament
253:confidence and supply
226:scheme. The populist
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112:bill that amends the
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249:coalition government
137:Legislative features
255:agreement with the
239:Legislative passage
98:Current legislation
546:New Zealand Herald
780:Inward investment
479:. interest.co.nz.
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257:Green Party
232:New Zealand
193:Demographia
110:New Zealand
749:Categories
633:19 October
605:19 October
494:. Newshub.
392:Al Jazeera
174:Background
165:forestry.
50:Long title
736:25 August
713:25 August
683:26 August
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552:26 August
460:25 August
426:17 August
398:16 August
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368:Australia
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224:KiwiBuild
205:Vancouver
197:Hong Kong
127:National
627:Newshub
599:Newshub
419:Reuters
169:History
96:Status:
528:. RNZ.
201:Sydney
67:Passed
108:is a
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607:2017
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104:The
269:ACT
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