*** 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;
What is a spouse?
Spouse includes de facto partner (whether of the same sex or a different sex) – that is, although they may not be legally married, they have a relationship as a couple and live together on a genuine domestic basis (sections 22A and 22B of the Acts Interpretation Act 1901).
I am a temporary resident on a 457 visa residing in Australia, do I need FIRB approval?
If you are not buying with an Australian citizen then you will need FIRB approval if you are looking at buying an existing second hand home that is to be an investment property. If you are buying a home to live in yourself, or buying something that is brand new or constructing a home, then FIRB approval is not required.
I am a foreign citizen looking to invest in Australia. Do I need FIRB approval?
Yes, unless you are looking at buying directly from the developer (ie, brand new property either built or to be constructed) AND the developer has pre-approval from the FIRB to sell those dwellings to foreign persons. Ie, the FIRB would rather give one approval for the entire development than have to take FIRB applications from everyone looking to purchase.
More information for Australians living overseas here. More information for temporary residents here.
ShannonJustin was brilliant to have as an broker. He worked with my schedule and got everything organised with good counsel and assisted with resolving any issues, and where he wasn’t able to personally, pointed me in exactly the right direction to work the issue, myself. Absolutely will be utilising his services again in the future.
Ilse & Dave HawkinsJustin guided us from start to finish with our refinancing process, and was able to get the lowest possible interest rate. He kept us informed and made it a simple and quick. Justin was a pleasure to deal with! Thank you Justin!
Dan & Lisa DuncanWe have worked with Justin to refinance our house and an investment property.
We had some complexities that Justin guided us through. He achieved a better rate and structure for us than we had dealing directly with the CBA.I have worked with other brokers over the years, but none as responsive, knowledgeable, and easy to work with. Thanks mate!
Almost there, please complete the form to request your..
In this Guide, you’ll discover…
Free Report LIVE 2020 WDS
Almost there, please complete the form to request your..
In this FREE phone consultation, you’ll discover…
And, much more – We will answer any of your questions!
In this Guide, you’ll discover…
We guarantee 100% privacy. Your information will not be shared.
In this Guide, you’ll discover…
We guarantee 100% privacy. Your information will not be shared.
Almost there, please complete the form to request your..
In this Guide, you’ll discover…
In this Guide, you’ll discover…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
Almost there: please complete the form to request your…
We respect your privacy