The Foreign Investment Review Board (FIRB) was established in 1976 as a means of advising the Australian government on foreign investment policy.
Understanding the FIRB is crucial, so sit back, and relax as we break down the FIRB and its impact on investors.
What is the FIRB?
The FIRB is the advisor board that oversees the purchase of real estate, both residential and commercial by an individual that is not an Australian citizen, permanent resident or an approved migrant.
The FIRB ensures that the investment made will be beneficial to the Australian economy and not just to the investor.
Who needs FIRB approval?
As mentioned, any individual who is not an Australian citizen, a permanent resident or an approved migrant who is considering purchasing property in Australia, needs FIRB approval.
What types of property can be purchased?
- Investment Property: Must be a new property that has not previously been sold or occupied in the last 12 months.
- Residential Property: Established property can be purchased as long as the property is for residential purposes.
- Vacant Land: The ability to purchase this type of land depends on an individual’s Visa status. The building of a property must also take place within one year of purchasing the vacant land.
How much are FIRB fees?
For residential property and exemption certificate application fees for residential land, the following fees apply.
Amount / Fee per action
- Less than $75,000 / $4,200
- $1 million or less / $14,100
- $2 million or less / $28,200
- $3 million or less / $56,400
- $4 million or less / $84,600
- $5 million or less / $112,800
For more information on FIRB, visit the official website.