By Paul McKenzie .
The Indian and South Asian community in Australia, is shaping up to be one of the largest migrant groups, along with the British/Irish and Chinese. Many business and professional people are coming out to Australian capital cities, some with families, to live, work and buy real estate – whether as owner occupier, investor or both.
For residential property, when on a 457 Visa, there are rules with the Australian Foreign Investment Review Board (FIRB). Foreign persons, regardless of citizenship or residency, do not require foreign investment approval to acquire an interest in residential real estate that is a new dwelling purchased from a developer that holds a new dwelling exemption certificate that allows the developer to sell dwellings in the specified development to foreign persons. New residential means not been previously occupied or part of a development, was sold by the developer of that development and has not previously been occupied for more than 12 months.
Foreign persons generally need to apply and receive foreign investment approval before purchasing new dwellings if the developer has no FIRB exemption certificate. Applications to purchase new dwellings are usually approved without conditions and via FIRB website –Apply on line – https://firb.gov.au/applications/apply-now/ and applicable Fees, on a progressive scale – https://firb.gov.au/applications/estimator/ are:
Image
New dwellings do not include established residential real estate that has been refurbished or renovated. A single dwelling that has been built to replace one or more demolished established dwellings would generally not be considered a new dwelling for the purposes of Australia’s foreign investment framework.
Second hand or Old Residential –
Non-resident foreign persons are generally prohibited from purchasing established dwellings in Australia. However, if temporary resident to Australia –
Temporary residents will normally be allowed to purchase only one established dwelling to live in as their residence (home) in Australia, subject to the conditions that they:
Use the property as their principal place of residence in Australia;
Do not rent any part of the property, included ensuring that the property is vacant at settlement; and
Sell the property within three months from when it ceases to be their principal place of residence.
Temporary residents are not permitted to purchase established dwellings as investment properties, or rent out, or as holiday homes.
The Australia India Business Council (AIBC) Real Estate Chapter, will be holding an Australian Property Event for Visa 457 holders in February 2016, Sydney CBD. Sumo Global Property, with ABS Conveyancing, will be hosting a “Property & Conveyancing Seminar” – 11 AM, Saturday 12 March 2016, at the Chatswood RSL Club. Both events will be Prime Property Focus events – property market research, Risk Management and Legal with the Conveyancing, both Existing & Off the Plan Properties.
For registration contact Vishal Gupta on 0425 335 795 or Paul McKenzie on 0411 037 057
