Since the forced sale in early 2015 of the $39 million
Point Piper Mansion, Villa de Mare, which was bought in breach of
Australian foreign investment laws, the Government has foreshadowed
the introduction of a tougher and more robust foreign investment
regime. And From 1st December 2015, a number of changes to
Australia's foreign investment rules commenced.
These changes impact on builders and developers who sell and
market to foreign buyers. Previously there was no fee payable by
most purchasers of newly constructed residential dwellings.
Fees for Foreign Buyers
As of 1st December 2015, all applicants must pay a fee to the
Foreign Investment Review Board (FIRB) before the foreign
investment application is processed. The fee payable would depend
on the type of application and the value of the property intended
to be purchased. Key changes of the fees payable are set out in the
below table:
