The Overseas Investment Office releases the full 2016 data on the questions it asked people when they bought, sold or transferred real estate. The data also reveals Auckland results

Content sourced from the OIO website.

As a result of the Land Transfer Amendment Act, we collect tax-related data when people buy, sell or transfer property. The legislation also requires us to ask questions that help inform housing policy. This information is collected through a tax statement.

The information provided on each tax statement is confidential to the buyers and sellers, and to Inland Revenue, so may only be released by us in a summarised form. 

We will publish quarterly reports summarising the data.

Information on the size or value of the property being transferred is not included in this report as this is not collected in the tax statements. While the data contains tax residency information, this is not the same as nationality and this is not a register of foreign ownership of residential or other property.

Key figures 2016

Quarter Jan-Mar 2016 Apr-Jun 2016 July-Sept 2016 Oct-Dec 2016
Overall number of Transfers 45,114 57,678 53,991 50,814
Number and Percentage of transfers involving overseas tax resident buyers (incl trusts, companies and businesses as well as individuals) 1,158
Number and percentage of transfers involving overseas tax resident sellers (incl trusts, companies and businesses as well as individuals) 1,062
Number and percentage of Auckland transfers involving overseas tax resident buyers (incl trusts, companies and businesses as well as individuals) 474

LINZ also asked home buyers and sellers whether they or their immediate families were work or student visa holders and, if so, if they intended to live on their land. 

The results to this question are inaccurate and should not be used as 48% of those who answered as if they held a work or student visa, also claimed the main home exemption (that is only available to New Zealand citizens and residents).

We have made improvements to the way we gather this information, and will have precise information on transfers involving work or student visa holders in the report covering January to March 2017.

For transparency, we have shared the results we do have as well as more information on this in the appendix of the latest report.

This information was sourced from here and was released on February 23, 2017.

This is what the OIO says “About Us”.

The OIO makes sure New Zealand’s sensitive assets are in good hands, and enables overseas investment that benefits New Zealand.

New Zealand welcomes quality overseas investors who make quality investments that benefit New Zealand.

The Overseas Investment Office assesses applications from overseas investors to make sure they meet the criteria in the Overseas Investment Act 2005. Overseas people and organisations (more than 25 per cent foreign-owned) wanting to invest in New Zealand’s sensitive land, significant business assets and fishing quota must get consent before they do so.

To gain consent, investments from overseas investors must deliver benefits over and above those that a likely New Zealand investor would deliver. These benefits can be economic, such as additional jobs or improved market access, but can also include other benefits such as providing walking access, undertaking pest control, protecting and enhancing indigenous fauna and vegetation. 

Consent decisions are made by ministers, with advice from the Office, or by the Office itself, under delegation from ministers.

The OIO monitors investors to make sure they give us truthful and complete information about themselves and their plans, and keep the commitments they make when they apply for consent. We take enforcement action when required.

The Overseas Investment Office works to provide quality service to investors and their advisors. The OIO also works closely with other parts of government – for example New Zealand Trade and Enterprise, the Ministry of Primary Industries and the Treasury. The team has a broad range of skills, knowledge and experience, including investigators, advisors and solicitors, and a strong understanding of and interest in the business sector. We work in a fast paced environment that has a high level of public interest and scrutiny.

To report a suspected breach, go here.

Toi make a submission on an application for consent, go here.