2024 | Top growth suburbs in Australia right now
Looking to invest in a property hotspot that's outperformed the market in 2023?Against a backdrop of rising interest rates and the pandemic frenzy fizzling out, you’d be forgiven for thinking the...
The Foreign Investment Review Board (FIRB) is a group that looks at requests from foreign individuals or companies who want to invest money in Australia.
The Foreign Investment Review Board (FIRB) is a group that looks at requests from foreign individuals or companies who want to invest money in Australia. They review these requests and give suggestions to the Treasurer about whether they should be approved or not.
A common example would be when a foreign investor wants to buy property in Australia. Before they can do so, they need to submit an application outlining their proposed investment. The
FIRB would then assess the application, considering factors such as the impact on the local property market, national security concerns, and compliance with Australia's foreign investment rules. Based on their evaluation, FIRB would make a recommendation to the Treasurer about whether to approve or reject the foreign investment proposal.
Yes, you typically have to pay a fee when submitting an application for foreign investment approval in Australia. The fee applies to various types of applications, such as approval to purchase a specific residential property, applying for an exemption certificate for a non-specified residential property, or requesting a variation to an existing approval.
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