Foreign investors will need to prove to the Overseas Investment Office they can contribute to the country in terms of job creation, new technology, business skills and increased exports. Photo / File
Foreign investors will need to prove to the Overseas Investment Office they can contribute to the country in terms of job creation, new technology, business skills and increased exports. Photo / File
There are concerns new restrictions on foreign ownership of farmland could drive away investment.
From December 15, foreigners wanting to buy more than five hectares of farmland will need to demonstrate a higher level of commitment to New Zealand.
They'll need to prove to the Overseas Investment Office how they can contribute to the country in terms of job creation, new technology, business skills and increased exports.
Bayleys national country manager Duncan Ross said it's important the new thresholds aren't unreasonably high.
"These criteria might eventually mean it forces the foreign buyers away into other countries"
Ross said it's important the rules aren't too draconian.
"Some of the foreign buyers that have come in here have done a fantastic job. They've ultimately spent significant amounts of money on capital expenditure on a number of these properties".
