Real Estate Boom in Australia Spurs Crackdown on Foreigners Buying Houses Illegally

by Admin on September 26, 2014

The Australian reports that real estate agents, lawyers, and accountants who help foreigners buy real estate illegally in Australia may face new penalties if passed by a parliamentary committee next month.

It is illegal for foreign investors and temporary visa holders to buy existing residential properties in Australia, unless the Foreign Investment Review Board grants approval, according to The Sydney Morning Herald. Current regulations are only applicable to purchasers who are fined $85,000 if caught breaking the law.

The current restrictions aren’t being adequately enforced though, said Kelly O’Dwyer, the economics committee chair leading the inquiry, and the FIRB is being criticized for because, despite a real estate boom, it hasn’t prosecuted anyone since 2006, reports the SMH.

“New civil penalties need to be introduced and enforced,” said O’Dwyer, according to SMH. “For those who do the wrong thing, and who try and get around our foreign investment framework, the penalty needs to be more than simply the ‘cost of doing business’ – it should hurt – and it should reflect in some way the value of the residential property that has been purchased in contravention of the laws.”

The Thailand real estate lawyers at Chaninat and Leeds specialize in Thailand real estate law and procedures and have decades of experience assisting foreign nationals in Thailand. 

The Australian reports that the committee is considering expanding penalties to anyone who helps foreign buyers with illegal real estate transactions, including real estate agents, lawyers, and accountants.

The parliamentary inquiry is reportedly due next month.

Continue reading for the full story: 

The Australian – Real Estate Agents, Lawyers Face Fines Over Home Sales to Foreigners

The China Syndrome: At the Frontline of Australian Property Revolution

 

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