Changes impacting foreign buyers

Involved in a transaction involving the sale of property to a foreign buyer?

If you are, please note that the days of no cost applications to Australia’s Foreign Investment Review Board (FIRB) are gone.  From 1 December 2015, the following fees apply when seeking FIRB transaction approval:

  1. Residential property valued under AUD1 million: fee of AUD5,000.
  2. Residential property valued over AUD1 million: fee of AUD10,000 (the fee increases in increments of AUD10,000 per additional AUD1 million in property value).
  3. Off-the-plan developments (“blanket approvals”): developers to note that a fee of AUD25,000 applies for “blanket approvals”. Such approval includes an ongoing obligation to report on a 6-monthly basis of properties sold to foreign buyers.