INVESTING IN PROPERTY AUSTRALIA
AS A FOREIGNER
Foreigners living in or outside the country can invest in property in Australia
Investor visas are available for foreigners investing in property.
Foreign investors who meet criteria can eventually apply for Australian citizenship.
As one of the wealthiest countries in the world, Australia has become a dream destination for foreign migration and investment. The Australian dollar is one of the strongest currencies in the world, and on top of that the country consistently ranks high for quality of life, stable economy, beautiful weather and scenery, and liveable cities.
Another reason that foreigners choose Australia is because of the country’s ease of pathway to citizenship. With the proper paperwork and planning, all Permanent Residents (PR’s) can eventually qualify to become citizens. It’s a merit-based system that is fair, objective, and predictable.
AT APFG WE HAVE THE RESOURCES TO ADVISE FOREIGN CLIENTS TO GET ON THE RIGHT TRACK FOR PROPERTY INVESTMENT IN AUSTRALIA, INVESTMENT VISAS, AS WELL AS THE PROPER STEPS TO BECOMING PR’S AND THEN AUSTRALIAN CITIZENS.
BUYING PROPERTY IN AUSTRALIA AS A FOREIGNER
Foreigners who wish to buy property in Australia can do so by meeting all necessary requirements and applying to the Foreign Investment Review Board (FIRB). These applications are available to foreigners from all countries.
When buying an investment property, foreigners are limited to only new properties. According to FIRB, these regulations are to gear foriegn investment towards increasing the housing supply, benefitting the construction industry and supporting the economy.
TYPES OF PROPERTIES AVAILABLE FOR FOREIGN INVESTMENT:
New properties or buildings. Talk to our agents about our options for new apartments, co-living, or house & land options.
Vacant land, but only with the condition that you will build a new property.
Established buildings, but only if you will tear down the building and build a new property on the land.
There are fees for the FIRB approval, and it’s a tiered system depending on the value of the property, beginning at AUD $5600 for properties valued under AUD $1million, AUD $11,500 for properties over $1million, and increasing by roughly AUD $10,000 with each additional million dollars. (fees are estimated, contact our team for more accurate assessment).
FIRB APPROVAL PROCESS
Foreigners must have FIRB approval before purchasing a property or signing any unconditional contracts for the right to buy a property in the future. Additionally, you must have all of the information on the desired property to apply for approval. If there is a risk that you may lose a property to another or sell out while waiting for approval, you can sign contracts that are conditional on receiving your FIRB approval.
Once you submit your application with the Australian Tax Office, and pay the necessary fees, there is a statutory 30 day period for the decision, with an extra 10 days for notification.
Talk to our team for more information, and begin your FIRB application with the Australian Tax Office (ATO), Residential Real Estate Application Form.
AUSTRALIAN INVESTOR VISAS (SUBCLASS 188)
There are four classifications for foreign investor visas, which are allocated through the Business Innovation and Investment Program. This provisional visa is for foreigners who wish to own and manage a business in Australia, conduct business and investment activity or undertake an entrepreneurial activity in Australia.
- Meeting certain requirements, eligible family members and dependants are able to accompany on the visas as well.
- The investor visa can lead to permanent residence or citizenship, depending on meeting all of the requirements.
Talk to one of our agents for more information on your interests and qualifications.
THE BUSINESS INNOVATION AND INVESTMENT PROGRAM INCLUDES THE FOLLOWING:
Business Innovation Stream
For those with business skills, allowing them to operate business in Australia.
Valid for 5 years.
- Pass a points test
- Must be nominated by an Australian State or Territory government agency
- Ownership and management of an Australian business, with proof of your business success and annual turnover
- Net assets and investment of AUD $1.25 million within Australia
- Be under 55 years old
- Have a clean record and no debts to the Australian government
- Reside in Australia for at least one year
GET STARTED
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