Your company, trust or superannuation scheme must meet all these requirements to become a portfolio investment entity (PIE).
- You must be a New Zealand resident.
- You cannot have stopped being a PIE in the last 5 years.
- Your investors, asset value and income must meet the following requirements.
Your investors
- You must have an investor class with at least 20 investors or have a specified investor, like another PIE. (This requirement does not apply to listed PIEs.)
- A single investor usually cannot hold more than 20% of investor interests in a class.
- PIEs usually should not hold more than 20% of voting or value interests in a company or investor class.
Your asset value
At least 90% of your asset value must be:
- an interest in land
- a financial arrangement
- an excepted financial arrangement
- a right or option relating to these investment types.
Your income
At least 90% of your income must come from property under the requirements above and consist of:
- dividends
- replacement payments
- income treated under the financial arrangement rules as earned by the entity
- income under a lease of land
- earnings from the sale or transfer of property noted above
- foreign investment fund income
- income from another PIE
- income from superannuation funds
- management fee rebates.
Extra requirements for certain types
Multi-rate PIEs, listed PIEs and other sub-types must also meet extra requirements.
Multi-rate portfolio investment entity
Last updated:
01 Apr 2025