By KEVIN TAYLOR
A bill making it tougher for foreigners to buy sites of special heritage or environmental value was tabled in Parliament yesterday.
The Overseas Investment Bill follows a review of the Overseas Investment Commission, which will be axed under the legislation and replaced by a unit within Land Information New
Zealand.
The bill's appearance follows the commission's recent approval of an application by Canadian singing superstar Shania Twain and husband Robert "Mutt" Lange to buy two high-country stations at Wanaka for $21.4 million.
The sale conditions included opening up public access and developing a 27km tramping track linking Wanaka and Arrowtown, part of a nationwide hiking network called Te Araroa. Twain will spend $220,000 developing the track, two huts and camping facilities and make a big chunk of the land subject to a conservation covenant.
Additionally, she has said that she will spend $1.6 million on a three-year farm management programme.
The Green Party yesterday launched a petition calling on the Government to make it harder for foreign investors to buy New Zealand land, buildings and businesses.
"While the Government says it wants to make it harder for New York bankers and Canadian music stars to buy a slice of heaven downunder, the truth is it has no intention of actually stopping such land sales," said Greens co-leader Rod Donald.
But Finance Minister Michael Cullen said the bill was designed to recognise it was a privilege for a foreigner to own sensitive New Zealand assets while also encouraging foreign investment.
Key changes in the bill include:
* Foreigners wanting to buy land but not live here need to provide a plan showing how they will manage historic, heritage, conservation or public access factors, as well as economic development plans.
* Plans submitted by an overseas investor will be made conditions of consent.
* To keep taxpayer costs down, the onus of compliance will be on the investor who will have to regularly report on compliance with terms of their consent and outline reasons for non-compliance.
* Maximum fines will be increased from $30,000 for individuals and $100,000 for companies to $300,000 for both.
* The Crown will have a new right of first refusal over foreshore and seabed land where this would otherwise be sold into foreign ownership.
* The threshold for approval of business acquisitions doubles from $50 million to $100 million.
OIC
Overseas Investment Bill
* Foreigners wanting to buy land but not live here will need to show how they will manage historic, heritage, conservation or public access issues, as well as any economic development planned.
* Onus of compliance will be on the investor.
* Maximum fines will be increased from $30,000 for individuals and $100,000 for companies to $300,000 for both.
* The threshold for approval of business acquisitions doubles from $50 million to $100 million.
By KEVIN TAYLOR
A bill making it tougher for foreigners to buy sites of special heritage or environmental value was tabled in Parliament yesterday.
The Overseas Investment Bill follows a review of the Overseas Investment Commission, which will be axed under the legislation and replaced by a unit within Land Information New
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