Australia is fast becoming one of
the best destinations for property investment. Stable economy and engaging
lifestyle compel few people to stay here permanently while others end up making
property investment in the country. If you are a non-resident of Australia and
planning to purchase a property, try to understand certain rules pertaining to
purchase of commercial property in the country.
In the country, commercial land
means any building on the land or seabed of the offshore area where:
·
Not more than 10 number of dwelling can be built
·
Land is solely used for primary production
business
·
One dwelling (beside commercial residential
premises) is already present
All foreign investors need to
seek approval from the Foreign Investment Review Board (FIRB) before purchasing
commercial property in the country. Certain category of buyers is exempted from
the rule. These buyers are:
- Australian
expats
- Australian
citizens
- New Zealand
citizens
- Permanent
Residents (PR)
Along with approval,
non-residents need to submit FIRB application fee also which vary for developed
commercial land, vacant commercial land, agricultural land and land used for
exploration, mining and production. Similarly, there are certain set of rules
with regard to commercial property loan granted to non-residents or foreigners
in Australia. Other domains like stamp duty and property taxes also need to
consider. So, if all these restrictions are holding you back for making
commercial investment in the country, need not to fret. There are many real
estate agents in the country that has been helping people by completing all
legal formalities on their part.
Dream Design Property is one of the leading Property Investment and
Management Companies helping residents and non-residents in choosing the right
residential and commercial property. Moreover, the company also helps its
clients in completing all legal formalities in the most effortless manner. So,
simply speak to company’s professionals, disclose your requirements and your
status (resident or foreigner), they will offer property investment solutions
accordingly.