Tightens foreign investors' access to forestry land
16 Aug 2022
The Overseas Investment (Forestry) Amendment Act 2022 (Act), effective as of 16 August 2022, made the test for overseas investors who wish to convert land into new production forestry, more stringent. The Act amends the Overseas Investment Act 2005 to remove the ability for overseas investors to rely on the simplified ‘special forestry test’ when seeking to acquire land to convert into production forestry. Before the change, overseas investors could seek approval for the investment via a streamlined ‘special forestry test’, which was introduced in 2018 for investments in forestry land. Under the new test, they are required to show that the investment is likely to result in a benefit to New Zealand, measured against seven benefit factors.
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Type:
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Entry and establishment (Access to land)
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Industry:
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Primary (Agriculture, forestry and fishing)
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Sources:
