AUSTRALIA HAS TRIPLED THE FIRB FEE FOR FOREIGNERS PURCHASING EXISTING HOMES
According to the latest announcement from the Australian Taxation Office (ATO), foreign investors (those who do not hold Australian residency or citizenship) are now required to pay triple the previous amount for the Foreign Investment Review Board (FIRB) registration fee when purchasing existing residential properties on the secondary market. However, the FIRB fee for foreign investors purchasing new and unused properties remains unchanged.
This increase in FIRB fees for existing residential properties on the secondary market applies from April 9, 2024, until June 30, 2024.
Specifically, if a foreign investor purchases an existing residential property priced from AUD $75,000 to below AUD $1 million, the FIRB fee is AUD $42,300. Meanwhile, if it is a new property, the FIRB fee remains at AUD $14,100.
For those considering the pathway to permanent residency, owning a property as a foreign investor will bring more benefits and rights.
Therefore, if you are interested in understanding the pathway to permanent residency correctly and clearly, feel free to contact Australian Migration Advisor Long Phan for specific advice.
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The main goal of the Skilled Visa Program Advisory Board is to provide advice and professional support to the Migration Institute of Australia (MIA) on the Skilled Visa Program. The board is committed to enhancing understanding, evaluating policies, and ensuring effective strategies within the context of the Skilled Visa Program.