FAQ

FAQ


Foreign Investment Review Board

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Foreign Investment Review Board Approval

Foreign purchasers intending to acquire real estate in Australia must first seek prior approval from the Government through the Foreign Investment Review Board (FIRB) unless specifically exempted by the Foreign Acquisitions and Takeovers Regulations. We strongly recommend that you visit the FIRB website on www.firb.gov.au for more information and seek professional advice, where appropriate.

All contracts by ‘foreign persons’ to acquire interests in Australian real estate must be under condition of foreign investment approval, unless approval was obtained prior to entering into the contract.

For properties to be purchased at auction, prior foreign investment approval must still be obtained and advice provided whether the parties were successful or not, and if so, a copy of the signed contract forwarded to the Foreign Investment Review Board (FIRB) after the auction.

The properties offered by APAD to clients have been approved by the FIRB. Hence, it saves you time, stress and hassle.

Types of Property

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We summarize the types of properties you are able to purchase depending on your residential status:-

Australian citizens or permanent residents:

  • No restrictions on the type of property you can purchase

Temporary Resident, Retiree or Student:

  • Can buy new property without restriction
  • Can buy an established property, provided it is your residence and it is sold when your visa expires.

Foreign Investors must possess a valid temporary residency visa to stay in Australia for a period exceeding 12 months at the time of the application in order to be eligible to acquire established residential real estate in Australia. Other requirements include:

  • Consent of the FIRB is required

Foreign national or foreign corporation:

  • Can buy new property
  • Can buy vacant land as long as building commences within 12 months of purchase
  • Can buy an established property only if an additional amount of no less than 50% of the original property cost is spent on improvements or additional construction
  • Can buy up to 50% of new projects or apartments
  • Can buy commercial property, but some rules apply
  • Consent of the FIRB is required