They must sell the properties they bought in 2012 and 2014 without OIO consent, and pay penalties, costs and any gain made on the investment. READ MORE:* OIO grants 30 "transitional" exemptions allowing apartment sales to foreign buyers* What is the Overseas Investment Office and why is it controversial? Land Information New Zealand group manager, Overseas Investment Office, Vanessa Horne said the penalties recognised the significant breach of the Overseas Investment Act. Since the Overseas Investment Act was amended last year, the available penalty is now $300,000 or three times the quantifiable gain. However, the OIO declined to grant consent because the investment did not provide enough benefits to New Zealand under the test to buy rural land.

Source: Stuff July 05, 2019 04:32 UTC