Investment for own residential or commercial purposes
Property investments in Australia by foreign investor who is not an Australian citizen or a permanent resident can be made in the form of residential or commercial real properties or investment via Business Migration program. It is a ruling in Australia that any investment to buy residential real properties in Australia by foreign citizens who are NOT an Australian citizen, permanent resident of Australia or an approved migrant must gain prior approval from the Foreign Investment Review Board (FIRB). The review normally takes up to 30 days and a purchase made by any foreigner will be conditional until a decision to grant or deny is made by FIRB.
For commercial and non-residential real estate, purchase valuing AUD5 million and above will require the FIRB approval. Such purchases are normally approval unless it is considered to be “contrary to the national interest”.
Investment for migration purposes
Under the Business Skill migration program, the Australian government is encouraging business owners and investors from abroad to migrate to Australia bringing their knowledge, experience and funds to establish their own business here. Owning an Australian property is a strong evidence to convince the relevant authority towards your seriousness about settling down and establishing yourself in this country.