If you have breached Australia’s rules against foreign investment in residential real estate, now is the time to confess!
The government is offering a reduced penalty period until 30 November 2015 for those who own up to breaching the rules. The reduced penalties during this period include being given much more time to sell your property, even up to 12 months, and you may also escape criminal prosecution such as fines or jail.
If you think you are guilty of breaking the rules, don’t wait to confess! If the government discovers your breach before you tell them, you will receive the full penalties.
If you are not an Australian citizen or permanent resident, you need government approval before purchasing real estate in Australia. Even if you have obtained approval, there are restrictions on the type of property you can buy and how long you can own it for. New Zealand citizens are exempt from the rules relating to foreign investment in residential real estate.
At The Migration Place we are lawyers, not just migration agents and are experienced in assisting people with all aspects of their migration to Australia. Contact us today for a consultation on (07) 3229 4025.