Foreign Buyer Service
The Australian Government realises the importance of foreign investment in Australia and its significant contribution to economic activity. However Foreign Investment Review Board approval or notification is needed for most property purchases. Buying Houses Australia can arrange and assist with this approval process:
- Foreign non-residents or short term visa holders may invest in Australian real estate by acquiring new dwellings, off-the-plan properties under construction or yet to be built, or vacant land for development.
- Foreign non-residents or short term visa holders cannot buy established (secondhand) dwellings unless it is for redevelopment. Refer to the Foreign Investment Review Board (FIRB) website for detailed information www.firb.gov.au.
New Visa Category
The new "Significant Investor Visa" subclass 188 and 888 will provide a new pathway for migrant investors who have demonstrated experience and success in business or investment. Some of the key components of the new significant investor visa include:
- Submit an expression of interest in SkillSelect
- Be nominated by a state or territory government
- Make investments of at least five million Australian dollars into complying investments
The complying investments include state or territory bonds, ASIC regulated managed funds and direct investment into private Australian companies outside the domestic superannuation regime.
The new migrant pathway requires 160 days spent in Australia over 4 years and 320 days over the 8-year period covering two visa extensions.
With a residency visa in place overseas clients will be able to purchase property in their own name. See our blog article on Significant Investor Visa.Image credit: Gordon Wrigley