Our experienced lawyers can help you get approval from FIRB so you can focus on moving in with confidence.
Who is the Foreign Investment Review Board
The Foreign Investment Review Board or FIRB, is a government body. FIRB can give people who are not citizens or don’t have permanent residency in Australia approval to purchase property in Victoria.
FIRB looks at a range of factors when considering an application to purchase a property, including whether your investment will help increase available housing in Australia.
Who needs FIRB approval
If you want to purchase property in Australia you may need FIRB approval if you’re not:
- An Australian citizen;
- A permanent resident of Australia; or
- An eligible New Zealand citizen.
If the purchaser is not a person, they may also require FIRB if it’s:
- A company where one or more of the following hold a substantial interest:
- An individual who isn’t ordinarily resident in Australia;
- A foreign corporation; or
- A foreign government.
- A trust who has a trustee who is a foreign entity.
FIRB approval is required before you purchase a property otherwise you risk a hefty fine.