International Investment Information
FIRB Approval Process | Definition of Foreign Investment | Development | Residential | Other situations | Commercial
Lambert Smollen has extensive experience in
assisting International buyers and has Sales
Consultants that specialise in Foreign Investment
Review Board (FIRB) approval. On the Gold Coast
North shore we have many areas that are already
approved for overseas buyers, such as Hope Island
Resort and Sanctuary Cove.
FIRB Approval Process
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.
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Definition of Foreign
Investment
A foreign interest is briefly described
as:
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.
There are various forms of investment and proposals with regard to foreign investment in Australian real estate. These include:
1. Acquisition of developed commercial real
estate valued at AUD$5 million or more.
2. Acquisition of urban real estate - irrespective
of size.
3. Acquisition of urban real estate - irrespective
of size - unless exempt under regulations.
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Development
Proposed acquisition of real estate
development (within 12 months) is normally approved
unless it is contrary to national interest.
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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
Proposed acquisitions 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
