Bill tightens foreign land sale rules
A bill tightening controls on foreigners buying sensitive land but loosening business investment rules should be rewritten so it's harder for foreigners to buy land and companies, a parliamentary committee has been told.
Sunday, March 20th 2005, 5:01AM
by The Landlord
The Overseas Investment Bill abolishes the Overseas Investment Commission and shifts its role to Land Information New Zealand.It also requires non-resident foreign land buyers to show how they would manage historic, heritage, conservation or public access factors.
But the bill also increases the threshold for approval of business acquisitions from $50 million to $100 million.
Hugh Barr told the finance and expenditure select committee on behalf of the Deerstalkers Association that the back-country was being bought by foreigners as "private game parks" that excluded New Zealanders.
Foreigners should be stopped from buying any pastoral or other Crown leases.
"Foreigners often have no commitment to New Zealand or New Zealanders. They come to speculate and drive up land prices, to the detriment of New Zealanders."
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