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ARTICLE · 05 JANUARY 2015

Don't be caught out by FIRB real estate requirements

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Property owners and investors need to be familiar with the Foreign Investment Review Board (FIRB) requirements.

AustraliaGovernment, Public Sector
Kelvin Tam
Kelvin Tam
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On Friday 12 December 2014, ASIC released a class order clarifying key fee and cost disclosure requirements for product disclosure statements and periodic statements for superannuation and managed investment products. This follows an ASIC review of fee disclosure practices and a consultation process that took place in September 2014.

Because of the recent influx of overseas interest in the Australian real estate market, owners and investors need to be familiar with the Foreign Investment Review Board (FIRB) requirements. FIRB's role is to review applications by foreign persons to invest in Australia. Foreign persons include: a person who does not ordinarily reside in Australia; or a corporation where a natural person, not ordinarily resident in Australia, holds a controlling interest or a foreign corporation holds a controlling interest. Different policies apply to the purchase of commercial and residential property by foreign persons.

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