Foreign Buyers
Are you looking to purchase property in Australia, but you are not an Australian resident?
The Australian Federal Government's Foreign Ownership legislation requires purchasers classified as 'foreign persons' who want to buy real estate in Australia to seek approval from the government through the Foreign Investment Review Board (FIRB).
A foreign person is someone not ordinarily resident in Australia. This includes overseas investors, businesses and student visa holders, a corporation (with specific requirements) and the trustee of a trust estate.
Australian citizens living overseas, foreign persons who hold permanent visas or a 'special category' visa - New Zealand citizens, for example - are exempt from FIRB approval requirements. Foreign persons who purchase residential property under co-ownership as joint tenants with their Australian citizen spouse are also exempt.
Foreign Investors may only purchase off the plan or new properties, including new properties which have not been occupied for more than 12 months. If purchasing a vacant block of land, FIRB approval is required after which building must commence within 24 months.
The property may be acquired for the foreign investors own use, rented out or sold to Australian interests.
Temporary residents do not require approval to purchase established dwellings for their own use, new dwellings and single blocks of vacant residential land. They are however, prohibited from purchasing established dwellings for investment purposes.
If you are a foreign buyer , unsure of where you would like to purchase your home or investment property, please contact us for a complimentary consultation to discuss the benefits of buying in Australia.