The FIRB process is a joke. If they really want to deter people from breaking rules, why not enact a rule that says any person guilty of an office will go to jail, and any selling agent or seller or lawyer acting on behalf of the seller who cannot verify that FIRB approval has been granted where required will be fined up to $500,000.
Foreign Buyers will increase
- Thread starter Paul@PFI
- Start date
It's very, very easy to get around the FIRB and, if foreign investors know that purchases are not policed, I can see that they just go ahead and buy they want to buy and flout the law. At the moment the onus is on the foreign investor to approach the FIRB when wanting to purchase a property. It's pretty silly for the government to expect that foreign investors will take that initiative when there is nothing at all to be gained for them. And the FIRB have a total of eight people working there. That also would make it difficult. The government needs to take the bull by the horns and get serious.
What might be a stupid question but can you be a foreigner in Oz to buy?
At what stage do you become a non foreigner - perm residency?
In Mindarie the demographic is more than 60% non Australian (all UK and South Africans). Some may or may not have residency. We will be selling our 4 apartments as brand new.
Can the 'local' non residents buy via FIRB or am I totally confused
Hi Westminster,
Permanent Residents can buy what they want. 457 holders (i.e. temporary migrants sponsored by employers for up to four years) must apply for approval before buying - I have no idea what is involved here. In the Mindarie area I would imagine most are PR's if not citizens.
Good luck with your sales!!
