Land Information New Zealand (LINZ) has warned that designing an accurate foreign ownership of land register may raise privacy and Bill of Rights (BoRA) issues. The register’s accuracy would require establishing the ultimate owner of companies and trusts, and would require solicitors to provide citizenship information about buyers. The Australian Government has established a register of foreign investment in the residential property market and is considering expanding this to include rural land purchases. The New Zealand Government has been publicly sceptical about how effective the policy will be but, recognising that there is some support for it in the electorate, has said it will follow with interest what happens in Australia.
Full article at stuff.co.nz