Foreign Investors

As licensed builders, over recent years, we have increasingly dealt with:

• foreign residents seeking property in Australia; and
• Australians seeking to invest in property overseas

We are aware of the unique needs of this type of client and of the types of properties they seek and the conveyancing requirements they have.

 

Property Investing In Australia

If you are a foreign resident who is considering buying property in Australia it is important for you to contact Platinum Property Law before signing a Contract for Sale of Land as in most situations the Contract will be subject to you:

• Meeting the investment requirements of the Foreign Investment Review Board (FIRB); and

• Obtaining the written approval of the Foreign Investment Review Board.

 

For more information on the FIRB and its requirements visit www.firb.gov.au.

Purchasing an Australian property may also give foreign residents extra points towards migration and particular visas under the Department of Immigration and Citizenship rules and it is important to obtain advice on which types of properties may qualify.

No matter where you are in the world Platinum Property Law can help you buy property in New South Wales and can communicate with you effectively through SKYPE and Email.

 

Australians Investing In Asia

We ourselves are involved in asian property development and have access to a team of professionals who are experts in this area.

We are able to consider Property and Lease Agreements in relation to asian property purchases with our particular areas of expertise being Bali and the Phillipines.

There are many traps for the unwary when buying property in Asia.

In particular , Australians are used to buying a property and owning it outright. In Asia most properties are available to foreigners by way of a leasehold interest only and it is important that you clearly understand this.

At the end of the lease term ownership of the property reverts back to the Seller.

In some countries (eg. the Phillipines) Australians can own a condominium outright and receive a Condominium Certificate of Title. There are traps with this type of purchase though as you have to be sure that not more than 50% of the project is foreign owned. If you buy the apartment that tips the foreign ownership over the threshold, your purchase may not give you title. Also, many condominium contracts attempt to provide usufruct, rather than absolute ownership of the property, which means that the property reverts back to the Seller after a fixed period.

Australians cannot own land in the Phillipines and will only be able to obtain a leasehold interest in say a house. The prices can be very high and many foreigners do not realise that they are not purchasing outright ownership.

We know the property business inside out. We are your one-stop property and lease shop.

If you have any questions on foreign investment in Australia or in Asia please call Property Platinum Law.

For More Information Call Us Now On : 02 9627 7400