Board Set
2010
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Do I Require Foreign Investment Review Board Approval (FIRB)? A Guide for Temporary Residents
What is the Foreign Investment Review Board?
The Foreign Investment Review Board ('FIRB') is essentially a board set up by the Australian Government to advise on and monitor foreign investment within Australia.
Do I need FIRB approval as a temporary / non resident of Australia?
Prima facie, if you do not hold Australian Citizenship or Permanent Residency then you will be required to make an application to the Board before going unconditional on a contract to purchase property. However, there are some notable exceptions where temporary / non residents of Australia will be exempt from applying for FIRB approval. The main exemptions are;
1. Your spouse is an Australian citizen and you are purchasing real estate in both names as joint tenants (ie, buying together). Note, spouse is defined in the Acts Interpretation Act and can included defacto spouse,
2. You are a New Zealand citizen and purchasing residential property,
3. You hold a permanent resident visa,
4. The property you are purchasing is brand new and the developer has blanket approval from the Board.
If none of these exemptions apply to you but you are;
1. Buying a residential home to live in as your principle place of residence, and/or
2. Purchasing a brand new home, off the plan apartment, vacant land or construction,
Then an application to the Board is required but will generally be approved.
Is an application to the Board difficult to make?
The process is very simple. Simply download the application form from the FIRB website, complete and email or fax in. You will generally get an answer within a week or so however the advertised time frame is 30 days.
What is a spouse?
Spouse includes de facto partner (whether of the same sex or a different sex) - that is, although they may not be legally married, they have a relationship as a couple and live together on a genuine domestic basis (sections 22A and 22B of the Acts Interpretation Act 1901).
I am a temporary resident on a 457 visa residing in Australia, do I need FIRB approval?
If you are not buying with an Australian citizen then you will need FIRB approval if you are looking at buying an existing second hand home.
I am a foreign citizen looking to invest in Australia. Do I need FIRB approval?
Yes, unless you are looking at buying directly from the developer (ie, brand new property either built or to be constructed) AND the developer has pre-approval from the FIRB to sell those dwellings to foreign persons. Ie, the FIRB would rather give one approval for the entire development than have to take FIRB applications from everyone looking to purchase.
About the Author
Board Set-Up With Ronnie Creager
















