Time’s up for foreigners who illegally own Australian real estate

Posted by Simon Dehne on December 1, 2015 in Latest News with No Comments

chinese_buyerTime has run out for foreign buyers who illegally own Australian real estate.

In May 2015, the government announced an amnesty of sorts for foreign investors who had breached Australia’s residential property rules.

Foreigners who illegally acquired an Australian home had seven months – until December 1 – to voluntarily come forward and disclose ownership.

In return, foreign investors were allowed a prolonged 12 months to sell their property and were protected from criminal prosecution.

But strict new rules around foreign property investment in Australia came into effect on Tuesday, and those who don’t abide by them now face tougher penalties.

Read more.

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