This note provides an overview of the regulatory framework on overseas investment in New Zealand under the Overseas Investment Act 2005 (OIA 2005), including overseas investments in sensitive land and significant business assets. It describes the underlying policy, key legislation, the decision-making roles and power of government ministers and the Overseas Investment Office and requirements for consent. Significant reforms were made to the regime between 2018 and 2021 in relation to the coverage of the OIA 2005 and the tests that apply. The effect of those reforms are outlined in this note.