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Migrating to Australia?

If you are interested in buying property in Australia because you want to migrate to Australia on a Permanent Residence Visa (with a view to taking up Australian citizenship at a later date), it is perhaps premature to investigate the purchase of property before your eligibility for a PRV is assessed. PRVs are only granted after assessment of many factors. Some of these are nomination by an employer, affiliations with family members already living in Australia and the business skills you can offer Australia.


Applications to FIRB

Applicants must write to:

The Executive Member
Foreign Investment Review Board
c/- The Treasury
Canberra ACT 2600

and request a Form 3 Notice under Section 26 of the Foreign Acquisitions and Takeovers Act 1975.

The type of information required by FIRB includes your name, address, nationality, type of property you are interested in, a copy of the contract, your passport number and other details relevant to the type of category of purchase you want to make.

If, for example, you want to buy under one of the temporary resident categories outlined before, the FIRB will want to see a signed statement that the residence will not be rented out, and will be sold to Australian or other eligible purchasers when you leave Australia.

Your legal advisor can let you know exactly what information is required by FIRB, or you can make a general enquiry by phoning 61 6 263 3795 or faxing 61 6 263 2940.


FIRB Sanctions

If FIRB approval is given for a foreign citizen or company to buy vacant land, or an existing property which is to be converted into residential property (eg a former factory or warehouse), the purchasers must start the building or refurbishing work within a year of receiving approval to purchase and there would need to be proof that the building/refurbishing will be of assistance to the community and its housing needs.

Fines on individuals of up to $A50,000 and on companies of up to $A250,000 can be imposed if there is no notification for prior approval received by the FIRB and property is nevertheless bought.