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Overseas Buyers

Australia is a country growing in population and in its economy. Sydney is also renowned for being one of the top 5 liveable cities, which makes it a tempting home for Australians and migrants as well as a great investment for overseas buyers.

The Government recognises the importance of offshore investment and the positive contribution it makes to the development of Australia's industry, resources and community.

Definition of Foreign Investment

A foreign interest is one or more of the below criteria:- 

  • A person who is not a resident in Australia 
  • A corporation, business or trust where a foreigner and any associates have 15% or more ownership, or in which several foreigners have 40% or more aggregate of the ownership.
  • There are various ways to make foreign investment in Australian real estate
  • Acquisition of developed commercial real estate valued at AUD$5 million or more. 
  • Acquisition of urban real estate - irrespective of size. 
  • Acquisition of urban real estate - irrespective of size - unless exempt under regulations.
  • Proposed acquisition of real estate development (within 12 months) is normally approved unless it is contrary to national interest.

Residential Foreign Investment

Proposed acquisition of residential real estate is exempt from examination in the case of Australian citizens living abroad, who are holders of permanent visas or entitled to hold a 'special category' visa.

Foreign interests are usually given approval to buy vacant residential land on condition that construction of a dwelling is to commence within 12 months. Approval will also usually be granted to buy home units and townhouses off plan, under construction or newly constructed (but never occupied), on condition that no more than half of the units in any one development are sold to foreign interests.

Other situations where approval is normally granted includes: 

  • Foreign companies buying residences in Australia for their senior executives
  • Foreign nationals temporarily resident in Australia for more than 12 months buying for their own use as a principal place of residence subject to the sale of the property when they cease to reside in Australia. 
  • Foreign nationals purchasing residential real estate as joint tenant with an Australian spouse.

Commercial

Proposed acquisition of commercial development is normally approved unless it is contrary to national interest. This is determined by the Government on a case by case basis. Bless Real Estate have assisted many overseas buyers and can help with any lodgment or form filling requirements.

Bless Real Estate know the overseas buying process in detail and can assist you every step of the way if you are thinking of investing in Sydney. Call us today and find out how we can help you!