Rural land deals, including leasing, require consent. Photo / FileThe Overseas Investment Office said the first penalty had been imposed on a foreigner for leasing - rather than buying - New Zealand land illegally. "This is the third court-ordered penalty decision for breaches of the Overseas Investment Act in recent weeks, and the first court case involving an overseas investor leasing land in New Zealand," the office said. "Failing to seek consent to enter into a long-term lease should not be considered a low-level breach, as this decision has shown. "We always recommend that overseas investors get specialist independent advice on the Overseas Investment Act before they enter into any agreements," she said.

Source: New Zealand Herald April 28, 2021 00:13 UTC