Active Property Consulting – the buyers advocate, also assists non citizens of Australia, interested in buying property in Australia. Being a buyers agent and advocate we will help you look for a property and will asssit you with the whole process till the property is acquired. Our overseas property acquisition assistance has earned us the name of the best buyers advocate and agent through Melbourne.
Australian Government requirements for citizens residing
abroad and Foreign Interest.
The Australian Government recognises the significant contribution that foreign
investment has made and continues to make to the development of Australia.
Foreign investment provides scope for higher rates of economic activity and
employment than could be achieved from domestic levels of savings. The largest
number of foreign investment proposals in Australia involves the purchase
of real estate.
The Government's foreign investment policy aims to directly increase the supply
of new housing (ie, new developments - house and land, home units, townhouses,
etc) and brings benefits to the local building industry and their suppliers.
You don't require Government approval if you,
Are an Australian citizens, residing in Australia or abroad;
Are holders of Australian permanent resident visas;
Are a persons entitled to hold a special category visa, for example, New Zealand
citizens; and
Are Australian citizens and their foreign spouse when purchasing residential
real estate in joint names as joint tenants.
Will I need Government approval to buy Real Estate
in Australia?
You may need to apply for foreign investment approval if you are a foreign
interest who is purchasing;
Residential real estate, Rural land, Developed commercial real estate,
Vacant commercial real estate for development.
A foreign interest is defined as:
A natural person not ordinarily a resident in Australia;
A corporation in which a natural person not ordinarily resident in Australia
or a foreign corporation holds a controlling interest;
A corporation in which 2 or more persons, each of whom is either a natural
person not ordinarily resident in Australia or a foreign corporation, hold
an aggregate controlling interest;
The trustee of a trust estate in which a natural person not ordinarily resident
in Australia or a foreign corporation holds a substantial interest; or
The trustee of a trust estate in which 2 or more persons, each of whom is
either a natural person not ordinarily resident in Australia or a foreign
corporation, hold an aggregate substantial interest.
What type of property can foreign investors buy?
Vacant Land, subject to an investor commencing construction within 12 months
of FIRB approval.
Second-hand dwelling are restricted to temporary residents with visas (more
than 12 months) or investors making the dwelling their principal place of
residence.
New dwellings ownership is restricted to no more than 50 per cent of the dwellings
in a development being sold to foreign interests. For single dwellings, a
developer must have another dwelling that is similar in construction and proximity.
Commercial.
Purchase of commercial property is normally approved unless it is contrary
to the national interest. This is determined by the Government on a case by
basis.
Further details are available on the Foreign Investment Review Board website:
http://www.firb.gov.au
Contact Active Property Consulting on +61-419-009-927