23Meaning of overseas-based

1. The following persons are overseas-based:

2. a borrower who is not New Zealand-based under section 22:
3. a New Zealand-based borrower who is physically absent from New Zealand for a period of 184 consecutive days:
4. a New Zealand-based borrower who is treated as physically absent from New Zealand for a period of 184 consecutive days because—
   1. the borrower is physically in New Zealand for a period, or aggregated periods, of 31 days or less during a period of 184 consecutive days; and
   2. the borrower is physically absent from New Zealand for the first day of that 184-day period.

5. A borrower must not be treated as being physically absent from New Zealand for any day on which that borrower is treated as being physically in New Zealand under section 22(1)(b).

6. A day on which a borrower is treated as being physically in New Zealand under section 24 or 25 counts in the same way as a day on which the borrower is actually physically in New Zealand.

7. A period of 184 consecutive days may include any days before the day on which a person becomes a borrower.

8. For the purposes of subsection (1), a borrower is treated as being overseas-based—

9. from the later of—
   1. the day on which he or she became a borrower; and
   2. the first day of the 184-day period; and
10. for each subsequent day.

11. A borrower ceases to be overseas-based if that borrower becomes New Zealand-based.