*** note recent amendments to FIRB approvals which apply to temporary residents*** Foreign Investment Review Board (FIRB) Approval: This month I thought I would outline briefly when FIRB approval is required. I have taken information directly from www.firb.gov.au and summarized it below however if in doubt, please see the website directly and/or seek legal advice. What is the FIRB? The Foreign Investment Review Board was set up basically to examine proposals by foreign citizens to directly invest in Australia. Essentially it is the mechanism by which the government of the day uses to control the amount of foreign investment within Australia. Do I need FIRB approval as an Australian Expat? Australian Citizens living abroad do not need FIRB approval to acquire real estate in Australia. Do I need FIRB approval as a temporary / non resident? Temporary / non residents will be exempt from applying for FIRB approval if one of the following applies; Your spouse is an Australian citizen and… Read More
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