Who Can Buy?
There are many factors that determine who can buy property in Queensland. Australian residents are free to purchase almost all property. Even though there are some restrictions for overseas residents, non-Australians are still able to invest in Australia. Another factor is your personal financial status. There are a number of financial reasons why people choose to invest in Australian property. Our office employ staff that can help identify your potential investment capabilities.
The advantage of being an Australian citizen or permanent resident is that there are very few restrictions on what you can purchase. Provided your financial situation is stable, you will be free to purchase both commercial and residential property without having to apply for approvals. This does not mean that a non-resident of Australia can not purchase property.
Persons who have not obtained Australian residency can also invest in Australia. The main factor is FIRB approval(Foreign Investment Review Board). In general, this approval comes along with brand new residential and commercial property and sometimes older properties.
The ability to invest in commercial property is reliant upon your intentions and ability to make the company run in ‘decent’ profits. Documentation to prove that a company has been operational in profit for a number of years is usually requested prior to approval. Another condition is that you must employ at least one Australian resident. A combination of these factors will make the approval process more successful.Foreigners may also purchase vacant land. This can only be approved if the overseas investor begins construction of a dwelling within 6 months of purchase of the vacant land.
Financial status will also determine who can purchase property in Australia. Of course if you have enough available funds, there won’t be any problems with regards to this. However, even if you need to borrow money, you can still purchase property. We have professionals who specialize in obtaining finance for overseas residents. There are also advantages of investing and borrowing in Australia.
Many local and overseas buyers purchase property in Australia to take advantage of growth and tax benefits. The Gold Coast has one of the strongest population growth rates in Australia. We have also experienced large amounts in federal funding for infrastructure development. These are strong indicators for appreciation.In addition to growth in value, are the tax benefits. By purchasing property, you will then have an asset that you can claim depreciation, expenses, interest repayments and other tax claimable benefits.
There are a few factors that determine what can purchase and how to utilize all advantages of your property. It is advisable that you contact our specialists to help you.