Law firm Chapman Tripp is calling on the government to overhaul the laws around overseas investment as part of its response to the economic crisis.
The firm says the current legislation designed in 2005 to protect iconic sites but is not working as intended.
Chapman Tripp partner Nick Wells says technicalities of the Overseas Investment Act 2005 has impacted two aims of the Act - liberal foreign investment and a reduction of compliance costs.
Since its introduction there has been a notable increase in consent applications and the time it takes to process them, creating a barrier to investment.
The Overseas Investment Office has suggested it increase its application fees so it has the resources to speed up the process.
However, Wells says the Act itself needs to be changed - in essence redefining what is classified as "iconic".
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Nick Wells on NZI Business.
