BTR Series Part 9—Navigating The Need For Foreign Investment Approval

In Part 9 of this series, we take a closer look at the foreign investment considerations for build-to-rent (BTR) projects. In particular, we consider the circumstances where a foreign developer or financier would likely need to obtain confirmation from the Federal Treasurer that the Commonwealth of Australia does not object to a particular action (FIRB approval). This is commonly referred to as "FIRB approval", as the Treasurer receives advice from the Foreign Investment Review Board (FIRB) when deciding whether or not to approve an action.

LET'S RECAP: WHO NEEDS APPROVAL?

Under the Foreign Acquisitions and Takeovers Act 1975 (Cth) (Act), a "foreign person" is defined as:

• An individual not ordinarily resident in Australia;