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Are foreigners allowed to buy properties in Australia?

Foreigners can buy properties in Australia but there are restrictions which one has to be aware of.  Some important points to note for foreigners are:

  • You can only buy land and build your own home or you can buy newly completed properties. Foreigners are not allowed to buy established lived in properties.
  • All foreign buyers have to obtain approval from FIRB (Foreign Investment Review Board) and the non-refundable fees is set at $5K for property value below $1m and $10K for property value above this. You can lodge the application via the on-line portal from the FIRB website.
  • It is important to note that with this foreign policy ownership restriction, it also means that when it comes to you wanting to sell off the property, you can only sell to the local market. Foreigners will not be able to buy over these properties.   In a way, your options are limited.
  • Also, in Australia, all capital gains are subjected to taxation and so, when you on sell the property and makes any capital gain, you will be subject to 30% tax on your gains. It is best to consult your tax consultant for advise on all tax matters.