Overseas Investment Office
The Overseas Investment Office is the New Zealand government agency responsible for regulating foreign direct investment into New Zealand. The Office is responsible for high value investments (2006: NZD $100m+), investments in sensitive land and investments in fishing quota. The Office is part of Land Information New Zealand, the New Zealand Government Agency responsible for survey, land valuation, land titles and mapping. This link recognises that the majority of the Office's work relates to the control of sensitive land. The Office replaces an earlier agency called the Overseas Investment Commission. History The Overseas Investment Commission (OIC), established in 1973, imposed certain limitations on foreign investment. OIC consent was required for foreign investments that would control 25% or more of businesses or property worth more than NZ$10 million. Restrictions and approval requirements also applied to certain investments in land and in the commercial fishing industry. In August 2005, the Commission was abolished and replaced with a scaled-down Overseas Investment Office. The rules were relaxed so that intervention by the OIO is only required when foreign investment involves expenditure of more than $100 million. In its first year of existence, the OIO approved $14.3 billion in sales to foreign buyers – double