Purchasing property in australia – some useful information
Australia’s investment rules provide a range of opportunities for foreign interests seeking to purchase property in australia.
Definition of foreign investment a foreign interest is briefly described as:
- A person not ordinarily resident in australia
- 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.
Approval to purchase a residential property is normally granted to:
- Foreign nationals purchasing residential real estate as joint tenant with an australian spouse.
- Foreign companies purchasing second hand dwellings for the use of their australian based staff provided that they sell or rent the dwelling if it is expected to remain vacant for more than 6 months. there is no limit to the number of established dwellings which can be purchased, where required for employee accommodation.
- Foreign nationals being temporary residents purchasing:
- An established dwelling to be used as their principal place of residence (not for investment purposes);
- Any new dwellings; and
- Single blocks of vacant residential land (other acquisitions of vacant land will require notification and will normally be approved subject to development within 24 months).
Australian citizens living abroad who are holders of permanent visas or entitled to hold a ‘special category’ visa are exempt from examination under foreign investment rules.
Please make your own enquiries. For further information, click here to view the foreign investment review board website.