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:
- Residential property valued under AUD1 million: fee of AUD5,000.
- 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).
- 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.