Updates

Buying property in Australia – what overseas investors need to know

Australia is an attractive market for foreign investors, particularly when in comes to owning property including land. However, with escalating property prices in Sydney and Melbourne, the Australian and State Governments have made it more restrictive for foreign residents to purchase residential property in Australia. 

In this article, Ben Weeding from Buyside buyers agency outlines what investors can currently do when it comes to purchasing properties in Australia. Continue reading Buying property in Australia – what overseas investors need to know

Is FIRB approval required to purchase an Australian farm?

Australia has a vast amount of land and whilst not all is suitable for farming has become attractive to foreign investors particularly with the need for increased production with global population growth. 
Agriculture business

Proposed direct interests in an agribusiness generally require Foreign Investment Review Board Approval (FIRB) where the value of the investment is more than $55 million.

However, where the purchaser is from a country where Australia holds a Free Trade Agreement (FTA) there is no limit. Current FTA countries include New Zealand, Canada, Chilie, Korea, Japan, Thailand, Malaysia, Singapore and the US.

Agricultural businesses include forestry and fishing as well as processing for meat, poultry, seafood, dairy, fruits and vegetables, grains and sugar.

Agricultural land

This is land that can be used for a primary production business.

All proposed investments in agricultural land by foreigners must be notified to the Australian Taxation Office Register of Foreign Ownership. Approval is required where the cumulative value exceeds $15 million, again except FTA partners.

For further guidance go to the government websites Agricultural land investment and Agribusiness Investments.

David To, Private Client Director / NSW Asian Ambassador, NAB Private

Contact Details

Direct phone number: (02) 9237 9265
Mobile phone number: 0418 227 465
Email: David.To@nab.com.au
Website: www.nabprivate.com.au

What we do

David To is a Private Client Director and manages a team of specialised bankers who deliver tailored banking and financial services to the banks wealthiest clients and families. This includes

  • Lending for investment, home and business
  • Wealth Advisory and Risk Management via JB Were
  • Treasury and foreign exchange
  • Estate Planning and Philanthropy

Why international?

Born in Hong Kong, David can communicate fluently in Cantonese, Mandarin, Indonesian Bahasa and English and is active in the local Chinese and Vietnamese communities. As the NSW Asian Ambassador for NAB Private, David and his highly skilled team serve the banking and wealth needs of Asian clients.

Who we help

High net worth individuals and families looking for dedicated banking and investment wealth services for both domestic and international needs. Having a range of Asian language skills amongst the team is valued by migrants coming from Asia.

More changes likely to Significant Investor Visa Program

The Hon Alex Hawke, assistant minister for immigration addressing the BasisPoint conference.
At the recent BasisPoint Significant Investor Visa (SIV) conference, following the keynote address by the assistant immigration minister The Hon Alex Hawke MP, there were lots of questions from the more than 200 industry participants in attendance.

SIV is one of the streams within the Business and Innovation program and more than 1,700 visas have been granted since commencement in 2012 generating $8.7B in complying investments, with 88.4% of applicants from China. In July 2015 there was a change to the complying investments framework to more active assets to contribute to Australia’s economic growth. Continue reading More changes likely to Significant Investor Visa Program

155 SIV2’s granted with 150 awaiting approval

 With so much going on in the world, lifestyle destinations such as Australia and New Zealand are benefiting from investor migration. Whilst in both countries the majority have been from China, enquiries are increasing from other Asians countries as well as UK, US and South Africa.

The number of Significant Investor Visa (SIV) applications approved under the new investment regime to 31st March 2017, which includes $500,000 of the $5M into venture capital and the balance in Australian managed funds, has increased by 19 in last month to a total of 155, with a further 150 applications lodged and awaiting approval.

According to the Department of Immigration and Border Protection, the total number of SIV’s granted since the commencement of the program on 24 November 2012 is now sitting at 1,788, with 1,623 under SIV1 and 155 under SIV2.

The top five source countries of investor migrants to Australia is:

  • China – 88%
  • Hong Kong – 2.9%
  • Malaysia – 1.3%
  • South Africa – 1.2%
  • Vietnam – 1%

The NSW government has recently held roadshows in China and Malaysia and in June will present on the business, investment and lifestyle opportunities in Vietnam and Hong Kong.

Stacey Martin has an extensive career in financial services and private wealth management and founded the Expat Advisors Community network for professionals with internationally connected clients. As a trusted authority on the Significant Investor Visa (SIV) program, Stacey provides relationship management services for applicants to Australia and New Zealand,  predominantly from China, Vietnam and India. She is the author of “Smooth Road to Travel – China to Australia” which can be downloaded here.