Judgement day arrives for illegal foreign buyers
By Unconventional Economist in Australian Property, Featured Article
at 7:58 am on December 1, 2015 | 93 comments
http://www.macrobusiness.com.au/2015/12/judgement-day-arrives-for-illegal-foreign-buyers/
By Leith van Onselen
Today is 1 December, which means that the amnesty on illegal foreign buyers of Australian residential real estate is over and the Government’s new penalty regime comes into effect.
From today, a foreign national that has been found to have purchased an established dwelling without prior Foreign Investment Review Board (FIRB) approval, or has failed to dispose of a property once they have left Australia (in the case of temporary residents), faces increased penalties, including:
Criminal penalty of $135,000 or 3 years imprisonment; or Civil penalty of the capital gain made on divestment of the property or 25% of the purchase price or market value of the property (whichever is greater).
For the first time, third parties that knowingly assist foreigners to illegally purchase Australian homes...