Foreign Investor Alert!

Posted @ Dec 19th 2013 11:41am - By Irene

Attention Foreign Investors! Did you know that Cairns Harbour Lights is one of the very few apartment buildings in Cairns with FIRB pre-approved stock available for sale? This is very important for any non-Australian wanting to buy an apartment in this beautiful tropical coastal city. The Rules:   Australian Foreign Investment Policy dictates that foreign non-residents and short-term visa holders cannot buy second-hand ("established") dwellings as investment properties or as homes. This means any residential property that has been lived in or sold (either rented for more than 12 months or sold by the developer to a third party), is out of bounds for a foreigner. [Guidance Note 3 - Australian Government FIRB website] The good news is that foreigners are permitted to buy brand new dwellings, but only after obtaining approval of the proposed acquisition from the Foreign Investment Review Board (FIRB). In the case of Cairns Harbour Lights however, the developer was able to obtain pre-approval from FIRB for the sale of some of its apartments. This means that a foreign purchaser will be saved the trouble of tackling the lengthy FIRB approval process. This means that a foreigner can buy a new apartment at Harbour Lights without hassle or delay. However, there is only a small of amount of new stock still available for sale at Cairns Harbour Lights. In fact four (4) only, in total. So, if you are a non-Australian resident, you have fallen in love with Cairns, and you want to buy a big, beautiful, waterfront apartment here - you need to be quick! Cairns Harbour Lights has four (4) up-market, brand new residential apartments with spectacular water views left, and they are ready for sale to foreigners.  Contact me to inspect today

Irene

 

Comments

Natasha @ Feb 20th 2015 12:52am
Foreigner & would like more info
Natasha @ Feb 20th 2015 12:56am
Foreigner & would like more info
Sutherland Nele @ Jun 8th 2015 9:44pm
I'm interested in purchasing an apartment. Please email me the details if there is still an opportunity. thank you, Sutherland
CAROLE PATTERSON @ Jul 17th 2016 1:00am
irene Can you you email the price and description of the 4 properties:FIRB ALSO, CAN A FOREIGNER [eg USA] LIVE IN THEIR CONDO YEAR ROUND [AS IN ITALY]?
Helen & Irene @ Jul 18th 2016 8:06pm
Hi Carole Thank you for asking about our Australian Foreign Investment Review Board (FIRB) pre-approved apartments at Cairns Harbour Lights. Only 2 FIRB Apartments Left: There are now only 2 FIRB Pre-approved apartments remaining for purchase by foreigners in the whole of Cairns and they are both at Harbour Lights on the Cairns waterfront. Both are luxury 2 bedroom units with spectacular water views. See our website for details of price and description by clicking on the following links: http://www.harbourlights.com.au/property/details/luxurious-penthouse-apartment/17 http://www.harbourlights.com.au/property/details/2-bedroom-apartment/16 The FIRB pre-approval means a foreigner buying property in Australia does not have to apply for FIRB approval. For purchases under $1milllion the FIRB application fee is now $5,000 and for properties over $1million the fee is $10,000, so this is good news! Buy before October 2016 and Save $: Also, after 1 October 2016 an Additional Foreign Acquirer Duty (AFAD) will begin to apply and that’s an additional 3% on top of the transfer duty already payable. Foreign buyers will be paying more than $68,000 in transfer duty on a $1 million purchase instead of the current $38,025 for an investment property. So there is a great incentive for foreign investors to enter into a contract to buy before 1 October! Can You Live in Your New Apartment: If you wish to live in the apartment year round you will also need a visa or other suitable immigration status. Visitors’ visas usually only last for 3 months but can sometimes be extended for another three months on-shore. The following link is very useful. https://www.border.gov.au/Trav/Visa-1 However it is complicated and we can recommend a great immigration lawyer to help you explore the options and guide you through this process - Tony Hogarth | Partner Mullins Lawyers | Level 21, Riverside Centre 123 Eagle Street, Brisbane Qld 4000 t +61 7 3224 0369 | f +61 7 3224 0333 thogarth@mullinslaw.com.au | www.mullinslaw.com.au We really hope this helps. If you need any other details or assistance please do not hesitate to contact us. Cheers Helen & Irene

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