Chinese buyer
- Thread starter balwoges
- Start date
Strict conditions apply - refer to the firb.gov.au website
Loads of issues. If its new-resi its usually OK but if its an existing build there are problems. Commercial prop can be easier sometimes. I refer such enquiries to a lawyer for them to handle the FIRB first.
I probably get three or four problem enquiries through SS a month. I wont touch it. Accountants can be unwilling participants through trusts too. I now ask for photo ID / Passport ID for suspect trusts at time of formation and they tend to come clean.
The biggest concern I encounter is foreign students and young persons on Visas buying using parent offshore $$. They do have a single dwelling exemption BUT many of them push it a bit. Their view is they are here so they are resident...Its not that simple. The definition that FIRB use is a foreign non-resident. You only need satisfy one limb to have a concern...ie if you have a Visa its worth checking before buying. Being in Australia doesn't make it right.
http://www.firb.gov.au/content/guidance/downloads/gn2_jan2012.pdf
I probably get three or four problem enquiries through SS a month. I wont touch it. Accountants can be unwilling participants through trusts too. I now ask for photo ID / Passport ID for suspect trusts at time of formation and they tend to come clean.
The biggest concern I encounter is foreign students and young persons on Visas buying using parent offshore $$. They do have a single dwelling exemption BUT many of them push it a bit. Their view is they are here so they are resident...Its not that simple. The definition that FIRB use is a foreign non-resident. You only need satisfy one limb to have a concern...ie if you have a Visa its worth checking before buying. Being in Australia doesn't make it right.
http://www.firb.gov.au/content/guidance/downloads/gn2_jan2012.pdf
The buyer has put out feelers re my industrial property, have made him aware I know of potential problems and I am not keen to go down this path.
Thanks for your thoughts, you confirm what my antenna was telling me
see this link.
http://www.firb.gov.au/content/monetary_thresholds/monetary_thresholds.asp
If it is commercial and not heritage listed does not need any approvals up to $55 Million. Looks like you would be fine to go ahead and negotiate.
cheers
Tbolt
