FOREIGN PURCHASES OF AUSTRALIA’S DEVELOPED COMMERCIAL PROPERTY NOW NEED FIRB APPROVAL … WHATEVER THAT MEANS

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 …

READ MORE:   https://www.mondaq.com/australia/real-estate/933434/foreign-acquisition-of-developed-commercial-property-in-australia-now-requires-approval-from-firb