If you are looking at holiday property for sale, buying abroad in general, or particularly interested in investing in Australia, this article should at least give some respite about certain situations in Australia and residency. Here you will find General Information About Foreign Investors and Answers To Frequently Asked Questions About Australia:
• Foreign Investors can generally invest in another country. For instance if you are an investor from the UK and are looking at a foreign investment in Australia, your investment approval will depend on what it is you want to invest in. It is only in rare circumstances, acquisitions of residential real estate which will need prior foreign investment approval before your purchase can go ahead. It is in certain acquisitions of commercial real estate that will also require prior foreign investment approval. In respect of acquisitions of shares or other assets of businesses will also require prior foreign investment approval in some instances, this will be based on the size and type of property investment.
• More information of the above can be referred to on ‘www.firb.gov.au’ located under Policy Documents.
• In many instances there are always concerns about notification thresholds. Usually acquisitions of shares, or assets of, businesses or developed commercial properties valued at $50 million or even more, or $800 million or so for a US investor will require approval including all acquisitions in the ‘sensitive sectors’ – residential real estate or an accommodations facility.
• Depending on what you need to buy, there are forms to be completed as appropriate to what it is you want to buy. For those who fall under the category of ‘individuals’, the R3 Form will be required by foreign investors. For companies and trusts, the C1 form is available for straight forward residential real estate applications. For the developers the D2 form is available in particular if you require an advanced approval to sell up to 50 per cent of a new residential development to foreign persons. However, you will need to address information requirements set out (you will need to look at Australia’s Foreign Investment Policy or Urban Land Policy, you will also have to submit an application in letter form, including the appropriate Statutory Notice).
• The length of assessments of applications conform to requirements to make decisions need to be carried out within 30 days of actually receiving a statutory notice with another 10 days .Those 10 days are specifically for advising the parties of the decision. This time period can be extended by another 90 days if it is necessary.
• If you however, are a foreign person living in Australia only on a long stay with a temporary resident visa, you will still be required to get approval to buy an established house to live in.