This is a Board set up under the
Treasury Department of the Federal Government. The Board, amongst other
functions, deals with foreign persons who purchase property in Australia.
Generally, if a foreign person wishes to purchase commercial property
under $5,000,000.00, then approval from the Board is not needed. Similarly,
if a foreign person is to purchase a farm or rural property, permission
is not needed.
A foreign person will obtain permission to buy vacant land providing they give an undertaking to commence construction of a dwelling house within one year. A foreign person will also be given permission to buy a Unit that has never been occupied and providing the builders of the Units have sold less than 50% to foreign persons.
A foreign person who holds a visa which entitles them to remain in Australia for more than one year will generally be granted permission to buy a house that is already built, providing that they live in the house and sell it when their visa expires.
For any foreign person to enter Australia they must have an appropriate visa. Generally most people will be able to obtain a visitor visa which can be extended up to a period of one year. These visas are granted provided that the Australian Government is satisfied that the person is coming here for a genuine visit.
The Law of property in Australia is similar to the English system. There are central registries showing the ownership of land. The transfer of the ownership involves a Lawyer carrying out certain searches or enquiries regarding the property.
If it is necessary for permission from the Foreign Investment Review Board to obtain to the purchase, then the contract is made conditional upon that. The system in Australia of property is generally quite simple and relatively inexpensive.
Cairns Real Estate Agency
Selective lifestyle properties for interstate and overseas clients.
English/German speaking Real Estate Agent providing personal service. Familiar with FIRB rules.
Boland's Centre, 14 Spence Street (PO Box 5419) Cairns CBD 4870 Qld Australia
E-mail: email@example.com - Mobile 0407 405 776