Foreign Investment Review Board (FIRB) Applications
The Foreign Investment Review Board (FIRB) examines proposals by foreign investors to initiate direct investment in Australia's economy. They also make recommendations to the Government on whether these proposals are suitable for approval under the Government's foreign investment policy.
The main functions of the Foreign Investment Review Board (FIRB) are to:
• Examine proposals from investors into foreign investment interests;
• Advise the Government on foreign investment matters;
• Foster awareness of the foreign investment policy and to educate foreign investors; and
• Provide guidance to foreign investors to ensure compliance with the foreign investment policy.
Foreign Investment in Real Estate Property in Australia
If you would like to buy real estate in Australia, either to live in or as an investment, then you may be required to obtain FIRB approval. Szabo & Associates Solicitors can provide assistance and advice to foreign investors regarding all matters of foreign investment in real estate in Australia.
The Foreign Investment Review Board (FIRB) is concerned with the following categories of foreign investment in real estate property:
• Real estate investment – however, some lenders may restrict the amount you can borrow to invest;
• Residential real estate, including property that is zoned other than residential real estate, but including a component of residential;
• Commercial real estate;
• Rural land and other rural real estate;
• Accommodation facilities, which can include hotels,motels, hostels and serviced apartments; and
• Urban land corporations/trusts, e.g. the trust or corporation holds more than 50 per cent of its assets in urban land (vacant or developed real estate property).
Arrange a consultation with an experienced solicitor to discuss all Foreign Investment Review Board (FIRB) applications.
Who Needs to Submit an FIRB Application for Approval to Invest in Real Estate?
Foreign citizens living overseas will require FIRB approval before buying an investment property in Australia. Australian citizens, New Zealand citizens and permanent residents are not required to obtain FIRB approval to invest in real estate. For temporary residents (greater than 12 months), FIRB approval is not required for most types of real estate investment; however, some lenders may restrict the amount you can borrow to invest.
Applying to the Foreign Investment Review Board
Call us on 02 9281 5088 or book a consultation to speak with an experienced solicitor about all Foreign Investment Review Board (FIRB) applications, or to enquire about purchasing real estate property or direct investments in Australia.