INVESTING IN AUSTRALIA FROM OVERSEAS

Investment in Australia from overseas is controlled by the Foreign Investment Review Board (FIRB).

The Australian government also regulates the people that are approved to operate in the investment and property industry.

Before making a business or property investment in Australia, be sure to consider the following :

1. Deal with a reputable International Property Specialist.
2. Have access to quality property research.
3. Legal, Financing and Taxation advice is imperative.
4. Property Management Services to look after your property.
5. Make sure the property has FIRB approval or is capable of receiving approval.

Overseas Investors

The Australian Government's foreign investment policy has been developed to encourage investment in Australia and ensure that such investment is consistent with the needs of the Australian community. The Government recognises the important contribution offshore investment makes to the development of Australia's industry, resources and community.

The Board examines proposals by foreign interests to undertake direct investment in Australia and makes recommendations to the Government under its foreign investment policy.

Definition of foreign investment

1. A person not ordinarily resident in Australia.
2. A corporation, business or trust in which a foreigner and any associates have 15% or more ownership or in which several foreigners have 40% or more aggregate of the ownership.

Development

Proposed acquisition of a real estate development (within 12 months) is normally approved unless it is contrary to national interest.

Residential

Proposed acquisition of residential real estate is exempt from examination in the case of Australian citizens living abroad who are holders of permanent visas or entitled to hold a 'special category' visa.

Foreign interests are usually given approval to buy vacant residential land on condition that construction of a dwelling is to commence within 12 months. Approval will also usually be granted to buy home units and townhouses off the plan, under construction or newly constructed (but never occupied), on condition that no more than half of the units in any one development are sold to foreign interests.

Other situations where approval is normally granted includes:

1. Foreign companies buying residences in Australia for their senior executives
2. Foreign nationals temporarily resident in Australia for more than 12 months buying for their own use as a principal place of residence subject to the sale of the property when they cease to reside in Australia.
3. Foreign nationals purchasing residential real estate as joint tenant with an Australian spouse.

Commercial

A proposed acquisition of commercial development is normally approved unless it is contrary to the national interest. This is determined by the Government on a case by case basis.

To view our portfolio of properties that have FIRB approval, please click on the "Property Search/Projects" link. For more information on foreign investment guidelines, please visit the Australian Government Site by simply clicking on the following link or alternatively contact our office.
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