All Topics / General Property / Temporary resident?

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  • Profile photo of FUNFUN
    Member
    @fun
    Join Date: 2002
    Post Count: 31

    Just a quick question, does anyone know if a person, who is temporary resident (i.e. not permanent resident or citizen here, but allowed to work full-time), allowed to buy property for investment purpose?

    Thanks in advance!
    From FUN

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196

    Hi Fun

    With regard to second hand residential property, the FIRB web site says:
    “Acquisitions of residential real estate that has been previously owned or occupied, that is second-hand houses, flats or units, are not normally approved except for the following two categories:

    Foreign nationals temporarily resident in Australia, holding a current temporary resident visa which permits continuous residence in Australia for a further period of more than 12 months from the time of application. The dwelling must be used as their principal place of residence1 and not for rental purposes, and must be sold immediately when their visa expires, they no longer reside in the property or when they cease to reside in Australia.
    Persons who hold visitor or bridging visas are not eligible for approval under this category.
    This category includes students 18 years of age and over studying courses of more than twelve months duration at recognised tertiary institutions.
    A general limit of $300,000 applies to the value of properties acquired by these students.”

    Other rule apply to new residential real estate that has been approved for sale to non residents. For the full story, check out:
    http://www.firb.gov.au

    I hope this helps.

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of FUNFUN
    Member
    @fun
    Join Date: 2002
    Post Count: 31

    Thanks for the info and website, Paul.

    From FUN

    Profile photo of JenDJenD
    Participant
    @jend
    Join Date: 2004
    Post Count: 33

    Hi Fun,

    I’m not sure what your situation is, but I was able to purchase a property (just recently) with my Defacto-spouse, even though I was only on a bridging Visa, as non-residents can purchase a property with their spouses (defacto or married).

    Cheers,
    Jen

    Profile photo of FUNFUN
    Member
    @fun
    Join Date: 2002
    Post Count: 31

    Thanks Jen,

    That’s interesting to know, although i’m still single.

    Anyway, will foreigner (having temporary working visa) be able to set up trust with business partner who is citezen or permanent resident and hence buy properties for investment?

    Thanks everyone for help
    From FUN

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196

    Hi FUN

    May I suggest you go back to the FIRB web site and have a good read. The specific page is:
    http://www.firb.gov.au/content/real_estate/residential.asp
    The specific paragraph starts, “Under the Act, a foreign person is:”

    As you will probably have a “substantial interest” in the trust you speak of, the short answer is that this trust would not be able to buy residential land. Of course, you could test the term “substantial interest” buy setting up the trust and putting in an application but, if I was you, I’d get good professional advice before possibly wasting your money.

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of FUNFUN
    Member
    @fun
    Join Date: 2002
    Post Count: 31

    Thanks Paul,
    I read that before but somehow slipped from my memory. But as you said, I definitely get some professional advice if going to do so.

    Thanks again.
    From FUN

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