Inbound Property Development and Investment in Australia

With the fall of the Australian dollar, inbound property development and investment activities into Australia by cashed up foreign resident multinationals and high net wealth individuals is a more attractive proposition, and such activities continue to drive the Australian property market. 

No matter the size of the foreign investor or developer, the following key areas should be carefully considered as they could significantly affect the project and the results. 

  • Foreign Investment Review Board (FIRB)

It is critical for foreign taxpayers to consider any FIRB notifications and approvals that may be required for property investment and development activities in Australia, as failure to gain the required notifications and approvals, or the exploitation of approvals, could result in the forced sale of the real estate by the Australian Government. This is no longer a scare tactic. Several forced sales have been reported since July 2015. The moral of the story is: Don't put your investments or projects at risk, get the required FIRB approval. 

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About the author: Davide Costanzo provides advice to individuals and companies interested in property development and investment activities in Australia. Having provided assistance to a number of foreign clients, he has built a unique depth and breadth of experience in this sector. Davide can be contacted at dcostanzo@moorestephens.com.au