Australia strictly controls foreigners buying houses in violation of regulations-fines or equal to house prices
According to a proposal proposed by an Australian parliamentary investigation team, foreign home buyers who violate property rights laws and regulations will face more severe penalties. In addition, they will be deprived of the profit from the sale of houses. The authorities will also cross-check their immigration records. Foreigners’ Australian real estate investment is the subject of this investigation, which is led by Union MP Kelly O'Dwyer. In order to gain more time to negotiate with the state government on the establishment of a national landlord registry, the investigation team will not submit recommendations until the end of November.
Ordwell told Fafas Media that this investigation is considering increasing the penalties for foreigners who violate the rules so that the penalty amount is commensurate with the value of the property they purchased. "The highest penalty that can be enforced now is about 8.5 yuan. Many people say that they only use this money as business costs." She said. The investigation team may also recommend depriving those foreigners who have been forced to sell the property of the capital gains they earn during the purchase and sale of the property in Australia. The current system allows them to retain this profit, which Ordwell believes is "obviously a wrong incentive" and encourages the breeding of bad behavior.
Ordwell once again criticized the enforcement effectiveness of the Foreign Investment Review Board (FIRB) and the data collected, saying that its information incorrectly believed that all foreigners would comply with laws and regulations to submit home purchase applications when buying a house. "I don't think there is any reason to explain why there has not been a report since 2006. I am puzzled about the internal process of FIRB." She said.
The law requires residents with temporary residence visas to sell their properties when they leave the country. However, the Ministry of Finance, to which FIRB belongs, stated that “the number of foreign investors who voluntarily dispose of properties cannot be determined within a limited time.” "We have turned back and told them that now they have more time, and we look forward to their reply." Ordwell said. The Ministry of Finance previously listed only three foreigners prosecuted under the "Foreign Mergers and Acquisitions Law". They were from Russia, Bangladesh and China. They were all prosecuted before 3!
Australia Newland Real Estate