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New Zealand regulator provides preliminary clarification on 'overseas person' for investment purposes

( April 5, 2016, 03:04 GMT | Insight) -- New Zealand's Overseas Investment Office has made an official response to the National Business Review after being prompted by law firm Russell McVeagh to clarify its definition of 'overseas person," the NBR reports.New Zealand's Overseas Investment Office has made an official response to the National Business Review after being prompted by law firm Russell McVeagh to clarify its definition of 'overseas person," the NBR reports. The OIO will now define custodian companies and trusts as an “overseas person” if they hold shares in a company where over 25 percent of the shareholding is owned by foreign entities. Meeting this criteria would trigger the need for consent under the Overseas Investment Act. The OIO will further clarify its stance for firms, nominee companies and investors and, in the meantime, will not take action against custodian companies and other firms that have not been granted exemptions.  ...

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