Non-Cook Islanders seeking permission to reside or do business in the Cook Islands are regulated by the Development Investment Act 1995-6, the Leases Restrictions Act 1976 and the Entry Residence and Departure Act 1977.

The Development Investment Act stipulates that foreign organisations or companies that want to set up an enterprise must first obtain approval and register their planned activities, in accordance with the recently adopted 2003 Investment Code.

The Leases Restrictions Act does not allow freehold ownership of land. Leases of a maximum of 60 years must be approved by a committee established under the Act. The Entry Residence and Departure Act demands that anyone other than Cook Islanders and permanent residents who wish to live and work in the islands must first obtain a work and residence permit.

The Development Investment Act does not allow any foreign enterprise (a business with more than one-third foreign ownership) to carry on business in the Cook Islands in any activity unless it is registered.

Registration applications must be made to the Cook Islands Development Investment Board. There are various incentives and concessions for tariff protection, import duty and levy concessions, tax concessions by way of accelerated depreciation, allowance for counterpart training and recruitment of Cook Islanders from overseas.

The board’s investment code states that generally provision should be made in the case of a new foreign investment for the acquisition of equity by or on behalf of Cook Islanders, or for joint ventures with enterprises owned or controlled by Cook Islanders.

The term “Cook Islanders” includes Cook Island Maoris and Permanent Residents. The Development Investment Board may waive these requirements if the investor can demonstrate that attempts were not successful to attract Cook Islanders’ participation.

The long-term sustainable development of the Cook Islands is based on.

1. A striving for self-reliance, rather than permanent dependence on overseas assistance.
2. A national commitment to living within its means.
3. Private sector-driven economic growth
4. A restructured public sector that is effective, efficient and affordable.
5. Social equity for all, including safety nets for the weak and defenceless members of society.

To view the Cook Islands Investment code click here (investment-code.pdf - 32k)