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ARTICLE · 03 APRIL 2009

Changes To Foreign Investment Review Process Implemented On 31 March 2009

HopgoodGanim
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The final stage of changes to the Government's foreign investment screening arrangements for acquisitions of real estate by foreign persons was fully implemented on 31 March 2009 – over a month after initial expectations.

AustraliaReal Estate and Construction
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Tony Baldwin, Partner
Tracey Rundle, Partner
Janelle Kenzler, Solicitor

The final stage of changes to the Government's foreign investment screening arrangements for acquisitions of real estate by foreign persons was fully implemented on 31 March 2009 – over a month after initial expectations.

The Assistant Treasurer announced the changes on 18 December 2008, with policy changes being implemented immediately. The balance of the changes, to be incorporated into the Regulations1, were due to be implemented in February 2009.

Changes made to the regulations

Streamlined procedures

New and updated forms have been issued for foreign persons to complete and submit to the Foreign Investment Review Board (FIRB) in relation to the acquisition of residential real estate:

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