FOREIGN PURCHASES OF AUSTRALIA’S DEVELOPED COMMERCIAL PROPERTY NOW NEED FIRB APPROVAL … WHATEVER THAT MEANS …
-dating from 29 March 2020 for FIRB approval for investments by foreigners have been reduced to $0 for agreements entered into after this effective time
-previously a range of private purchases in Australian media, residential land sites, mining and production tenements, and vacant commercial land proposals were subject to $0 threshold rules and required FIRB approval
-temporarily FIRB approval now required for purchase of commercial property or businesses valued at less than $275M
AND MORE …
AND NOTE …
-residential property applications are usually processed within 30 days; no expectation by the FIRB that the processing times are to be delayed
LOOKS like more of the same … the sell-off of Australia’s National Estate ….
TO DATE only five foreign investment applications have been rejected …
