A retirement village contains two or more residential units to provide residential accommodation and/or services or facilities predominantly for people who are retired – and those people agree to pay a capital sum to live there.
Note that a ‘capital sum’ can also mean periodical payments, if the payments are substantially more than would be paid to cover rent for such services or facilities.
Residents ‘purchase’ a right to occupy, or an occupation right agreement. The purchase is based on a capital investment and is a form of tenancy.
Retirement villages can also include residential units that are unit titles under the Unit Titles Act 2010. Intending residents are strongly encouraged to seek independent legal and financial advice to ensure they fully understand the type of retirement village obligations that they are entering into.
MBIE is responsible for the Retirement Villages Act 2003, since 1 July 2005. Within this section on our website, you will find links to the Act and other supporting regulations and information.
Registrar for Retirement Villages is located in the Companies Office in MBIE and the Registrar of Retirement Villages is responsible for registration-related matters.
Commission for Financial Capability (The Commission) is responsible for the promotion of education and publication of information about retirement villages, monitoring the effects of the legislation and Code of Practice and the establishment and oversight of the disputes panel system.
There are several ways to access our publication on Retirement Villages:
Information about the role of Statutory Supervisors is available from the Companies Office website.