Australia Government forces foreigners to sell $92M of illegally purchased property. FIRB laws restrict foreigners to buy only new Australian real estate

Australia Government Forces Foreigners
to Sell Property

Australia Government Forces Foreigners
Australia Government forces foreigners to sell $92M of illegally purchased property. FIRB laws restrict foreigners to buy only new Australian real estate

The Australian government has announced the forced sale of another 16 properties purchased illegally by foreign buyers in breach of the FIRB regulations. Federal Treasurer Scott Morrison has ordered the sale of $92 million worth of Australian property in the Governments crackdown in foreign investment in housing. Foreign investors that have fraudulently purchased Australian real estate face criminal prosecution and civil penalty orders. In addition to being forced to sell the property immediately without being able to retain any profits, individual property investors face a fine of $135,000 and/or 3 years imprisonment. A company will be forced to handover $675,000. Australia Government FIRB law demands foreign buyers seek approval from the Foreign Investment Review Board (FIRB) before purchasing property in Australia.


Date: September 19, 2016 - Reviews: 787
Published by: Mortgagee Property Limited - Reporter: Scott O. Talbot
Category: Australia Government forces foreigners
Videos: Watch on YouTube - Watch on YouKu
Download: PDF print version


Federal Government forces sale of 16 foreign-owned properties

Federal Treasurer Scott Morrison has ordered the sale of 16 properties owned by foreign investors after they were found to have breached regulations. “The foreign investors either purchased established residential property without Foreign Investment Review Board approval, or had approval but their circumstances changed meaning they were breaking the rules.” Seven of the 16 properties were purchased by Chinese investors, while the others were bought by nationals of the UK, Malaysia and Canada.


View the orginal artilce here


Australia has forced the sale of 16 properties

SYDNEY: Australia has forced the sale of 16 properties bought without government permission by foreigners, Treasurer Scott Morrison said on Monday, after ramping up enforcement of overseas investment rules that have until recently been rarely applied. Foreign ownership of land has become a sensitive issue in Australia and a flashpoint between Australia and China as debate rages over the effect of overseas investment on real estate prices and on national interests. Chinese nationals were involved in seven of the 16 deals which have been rolled back since May. "Foreign investment in Australia occurs on Australia's terms," Morrison told reporters at a press conference in Sydney.


View the orginal artilce here


Illegal foreign-owned property crackdown

Sixteen international investors will have houses worth up to $2 million forced onto the market, after they were found in breach of Australia's foreign investment rules. It is the latest instalment of the Coalition's crackdown on foreign-owned property, which has identified more than 40 purchases that defy the regulations. More than $90 million in property has been forcibly sold, with the latest 16 properties worth $14 million combined.


View the orginal artilce here


Foreigners illegally buy $6m in SEQ homes: Tax Office

Seven south-east Queensland homes purchased illegally for $5.9 million by foreign buyers have been identified in an Australian Tax Office investigation. The homes, which will now be sold, were purchased by buyers from Taiwan, China, the United States, Singapore and Papua New Guinea. The properties include a $2.5 million home in Helensvale and one in Eight Mile Plains worth $785,000. On Monday, federal Treasurer Scott Morrison identified homes in Eight Mile Plains, Stretton, Helensvale, Robertson, Crestmead and Labrador that had been purchased against Foreign Investment Review Board guidelines.


View the orginal artilce here


Treasurer to target illegal house sales with muti-million dollar Manly homes part of new wave

A CRACKDOWN has been launched on foreign investors who have illegally bought houses on the northern beaches. The owners of two big-money homes in Manly will be forced to sell the properties, which are worth millions. Treasurer Scott Morrison announced the move, which is part of a new push to stop the abuse of the Australian property market. One of the houses was bought for $1.5 million on August 10, 2009. The other cost of $1.1 million and was bought on May 9, 2003. Both of the owners are from Canada.


View the orginal artilce here


Australia forces sale of 16 foreign-owned properties since May

Australia has forced the sale of 16 properties bought without government permission by foreigners, Treasurer Scott Morrison said on Monday, after ramping up enforcement of overseas investment rules that have until recently been rarely applied. Foreign ownership of land has become a sensitive issue in Australia and a flashpoint between Australia and China as debate rages over the effect of overseas investment on real estate prices and on national interests. Chinese nationals were involved in seven of the 16 deals which have been rolled back since May. “Foreign investment in Australia occurs on Australia’s terms,” Morrison told reporters at a press conference in Sydney.


View the orginal artilce here


Foreign investment in Australia occurs on Australia’s terms

Foreign investment in Australia occurs on Australia’s terms’: Federal government forces sale of 16 foreign-owned properties. Treasurer Scott Morrison has forced the sale of another 16 residential properties held by foreign investors worth $14 million because they were in breach of the law. The properties were purchased in Victoria, NSW, Queensland and Western Australia with prices ranging from $200,000 to $2 million, and involved individuals from the UK, Malaysia, China and Canada. Two apartments on a Manly block overlooking Shelley Beach are among those implicated. "The foreign investors either purchased established residential property without Foreign Investment Review Board approval, or had approval but their circumstances changed, meaning they were breaking the rules," Mr Morrison said in a statement today. “This isn’t just something that happens on waterfront properties. This isn’t something that just happens in Toorak.”


View the orginal artilce here