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Review of foreign investment rulesApr 24, 2010 Background and progress –On 24 April, Assistant Treasurer Nick Sherry announced that the rules relating to foreign investment in residential real estate were being tightened. Temporary residents would now have to notify the Foreign Investment and Review Board (FIRB) of purchases and have them approved. They would also have to build within 24 months on vacant land and sell the property again when they leave Australia. To enforce this, the government is introducing increased penalties and monitoring, including a community hotline and asking real estate agents to monitor the legitimacy of sales. Conveyancers need to be aware of the rule changes and eligibility to buy, which should be available at www.firb.gov.au but conveyancers should check that the rules have been updated on the site. Answers to some of the more Frequently Asked Questions can be found on an FAQ sheet published by FIRB which can be accessed by clicking here. AIC is monitoring the issue, as there may be some pressure to devolve some of that responsibility for checking to conveyancers. |
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AIC National Secretariat: Rosemary Cotton/Phone: 0458 555 243/Email: rosemary@aicnational.com.au
© 2011 Australian Institute of Conveyancers. All rights reserved.
