System's fitness for purpose
- The system was subject to a significant review commencing in 2018 that is currently being implemented. The first set of legislative amendments passed in 2020, followed by a second set in 2021.
- A system assessment is planned for the 2021/22 Financial Year.
- The Treasury is currently reviewing the operation and effectiveness of the forestry-related amendments introduced by the Overseas Investment Amendment Act 2018. Public consultation on proposed policy options will take place in late 2021, with a report on any recommended changes to be presented to Associate Minister of Finance Hon David Parker in 2022. The Terms of Reference for the review, as agreed by Cabinet, can be found on the Treasury website.
- LINZ is currently reviewing application fees for overseas investors. Public consultation was held in early 2021, and policy decisions will be implemented in late 2021.
- In 2022/23, LINZ intends to conduct a further review of third-party funding for the Overseas Investment Regulatory System, including the impact(s) on operational practices of the Overseas Investment Amendment Act 2021.