Are you a foreign person who wish to invest or buy property in Australia? You need to know what FIRB is and how it may impact on your investment decisions.
A foreign person is generally an individual that is not ordinarily resident in Australia.
Foreign Investment Review Board (FIRB) is the government body responsible for reviewing and approving application made by a foreign person interested in investing in Australia. The investment can be in the form of acquiring a major share in companies, buying land or even buying an off-the-plan apartment .
As of today, the payable fees to FIRB will be doubled across all applications. For instance, if you are a foreign person interested in buying an apartment off-the-plan worth less than $1 million, the payable fee to FIRB will be increased from $6,350 to $12,700.
Foreign persons who do not comply with the foreign investment review framework may be subject to significant penalties, including both civil and criminal penalties. If you are an overseas investor and require further assistance with FIRB, please do not hesitate to contact this office.