Noosa
Real Estate Overseas Buyers
Overseas
Buyers
The Australian Government's foreign investment policy
has been developed to encourage investment in Australia
and ensure that such investment is consistent with the
needs of the Australian community. The Government recognises
the important contribution offshore investment makes to
the development of Australia's industry, resources and
community.
Definition
of Foreign Investment
A foreign interest is briefly described as:
1. A person not ordinarily
resident in Australia
2. A corporation, business or trust in which a foreigner
and any associates have 15% or more ownership or in
which several foreigners have 40% or more aggregate
of the ownership.
There are various forms
of investment and proposals which comprise foreign investment
in Australia real estate.
These include:
1. Acquisition of developed
commercial real estate valued at AUD$5 million or more.
2. Acquisition of urban real estate - irrespective of
size.
3. Acquisition of urban real estate - irrespective of
size - unless exempt under regulations.
Development
Proposed real estate development (within 12 months) is
normally approved unless it is contrary to the national
interest.
Residential
Proposed acquisition of residential real estate is exempt
from examination in the case of Australian citizens living
abroad who are holders of permanent visas or entitled
to hold a 'special category' visa.
Foreign interests are usually
given approval to buy vacant residential land on condition
that construction of a dwelling is to commence within
12 months. Approval will also usually be granted to buy
home units and townhouses off the plan, under construction
or newly constructed (but never occupied), on condition
that no more than half of the units in any one development
are sold to foreign interests.
Other situations where approval
is normally granted includes:
1. Foreign companies buying
residences in Australia for their senior executives
2. Foreign nationals temporarily resident in Australia
for more than 12months buying for their own use as a
principal place of residence subject to the sale of
the property when they cease to reside in Australia.
3. Foreign nationals purchasing residential real estate
as joint tenant with an Australian spouse.
Commercial
Proposed acquisitions of commercial development is normally
approved unless it is contrary to the national interest.
This is determined by the Government on a case by case
basis.
