Land-Grab Shows Need for a Foreign Land Ownership Register
Wednesday, 13 March 2013, 3:06 pm
Press Release: New Zealand First Party
Andrew Williams MP
Associate Spokesperson for Finance
13 March 2013
Land-Grab Shows Need for a Foreign Land Ownership Register
The time is long overdue for the introduction of a comprehensive register of foreign ownership of New Zealand land, says New Zealand First.
No one knows how much New Zealand land is in foreign ownership with estimates on foreign control of our farmland alone ranging from one per cent to 8.7 per cent.
Under existing law, Overseas Investment Office approval is only required if foreign nationals intend to buy “sensitive” land with business assets worth more than $100 million.
It creates an inaccurate picture of foreign ownership of New Zealand farmland.
However, there is also no register of foreign land ownership in regards to New Zealand residential property.
Associate Finance spokesperson Andrew Williams says a Foreign Land Ownership Register Member’s Bill is being drafted which would establish the true extent of foreign land ownership.
“The latest example is the sale of eight Waikato dairy farms, totalling 3205 hectares, to Swedish pension fund Forsta AP-fonden.
“But the register needs to go much further and incorporate all New Zealand land in foreign ownership, including residential property.
“Failure to have such information on hand could mean that a massive chunk of New Zealand is sold from under our feet without us even knowing – and the process has already started.
“It’s not just New Zealanders who need to be aware of the great Kiwi land grab.
“Political parties also need accurate land ownership information so they can adopt appropriate policies,” says Mr Williams.
ENDS
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