Australia

Australia

Australia's Budget 2017-18 unveils several changes to foreign investors

09 May 2017

Effective 9 May 2017, Australia introduced an "annual charge on foreign owners of under-utilised residential property”. Foreign owners of residential property will be required to pay an annual charge - the amount of which is equivalent to the relevant foreign investment application fee imposed on the property at the time it was acquired by the foreign investor - if the residential property is not occupied or genuinely available on the rental market for at least six months per year.

Also as of 9 May 2017, Australia prohibits property developers to sell more than 50 per cent of new residential housing developments to foreigners.