Changes affecting every buyer of residential land

Overseas Investment Amendment Act 2018 now in force

We covered the Overseas Investment Amendment Bill in Property Speaking’s Spring 2018 edition. The Bill has become law and is now the Overseas Investment Amendment Act 2018 (the OIA Act). It has been in force since 22 October.

The implication for you is that when you next buy residential property, there will be another layer of compliance to be completed before your property purchase goes through.

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Preventing money-laundering in New Zealand: a law firm’s role

New changes regarding law firms are coming into force and they may affect your next visit to us. The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (known as AML/CFT) applies to New Zealand law firms from 1 July of this year.

The legislation aims to ensure New Zealand is a safe place to conduct business. The government wants this country to remain at the top of the list of low risk countries with a reputation for low corruption and strong protocols to prevent money laundering activity.

What is money laundering?

Money laundering is the acquisition, possession, transfer, concealment or the conversion of property knowing it is derived from a criminal offence. There are three stages of money laundering:

  1. Placement
  2. Layering, and
  3. Integration.

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Ni Hao: Doing business with Chinese investors

We’ve all seen the headlines about growing Chinese investment around the world and New Zealand is certainly no exception. Although you may already have been in business for years and have a great deal of experience, if you want to be truly successful with a Chinese counterparty then there are some key cultural differences which you should take on board. With that in mind we have set out some points to be aware of when you’re dealing with Chinese investors.

Key cultural differences

Many Asian cultures emphasise indirect communication, particularly if there is a problem. This can be frustrating for Westerners who would prefer just to ‘get it on the table’ and discuss. An email worded to state, ‘… we value the fact that we are equal partners …’ may be phrased that way because they are not feeling like an equal partner and are hoping the situation will improve. That subtlety may well be completely lost on the Western recipient who may be later surprised to find out that all is not as it seemed.
You can deal with a situation such as this by spending time asking questions of the other side and seeking to really understand what they are thinking. If you get a response which seems indirect then that’s a signal that you should follow up with other questions.

chinesebusiness

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Latest Rural eSpeaking

Today we publish the Midwinter issue of Rural eSpeaking; we hope you enjoy reading it. If you would like to talk further about any of the topics covered in this edition, please don’t hesitate to contact us. In this issue we have articles on:

· Selling the Farm to Foreigners: Overseas Investment Act 2005

· Occupational Safety and Health: The rural perspective

· Over the Fence: Increase in GST – Lack of ease in easements – Building a house on bare land: GST implications