Foreign Ownership (Part 2)

If you are a “foreign person” under the provisions of the Foreign Acquisition and Takeovers Act 1975 (Cth) and you have been granted FIRB approval to purchase a property in Australia you need to ensure that the property is occupied or genuinely available for rent for at least half the year. Failure to do so […]

Foreign Ownership

If you are a “foreign person” under the provisions of the Foreign Acquisition and Takeovers Act 1975 (Cth) you need to obtain and No Objection Notification from the Foreign Investment Review Board before entering into the Contract and notify the Department of Natural Resources and Mines of your acquisition. Failure to obtain the No Objection […]

Foreign Ownership

Can a Foreign Buyer purchase land in Queensland? Clause 10.2 of the standard REIQ Contract provides a warranty by the Buyer that the purchase of the property is not notifiable under the Foreign Acquisition and Takeovers Act 1975 (Cth) and that the Foreign Investment Review Board (FIRB) has no objection to the Buyer’s acquisition of […]