In order to create a more streamlined process and help reduce compliance costs for foreign investors wishing to buy Australian Property, certain acquisitions and Australian property purchases do not require notification or approval by the Foreign Investment Review Board (FIRB) under the Foreign Acquisitions and Takeovers Act 1975 (FATA).
For example, Hope Island and Sanctuary Cove are two very popular areas along Queensland’s magnificent coastline which have been designated as Integrated Tourism Resorts (ITR) by the Australian Government. This means foreign property investors do not need to seek government approval if they wish to buy residential property that is within the bounds of these resorts.
What is The Foreign Investment Review Board? FIRB
The Foreign Investment Review Board (FIRB) is responsible for assessing direct investment proposals and then making recommendations to the Australian government about these particular proposals. When assessing proposals, the FIRB is required to take into consideration the compatibility of the proposal, with all of the Australian government’s foreign investment policies.
All Foreign Investors Require Government Approval – Unless Their Acquisition of Australian Property Qualifies for an FIRB Exemption
All foreign property investors will need Australian government approval prior to acquiring an interest in Australian real estate UNLESS they qualify for an FIRB Exemption. If a foreign property investor wishes to acquire an interest in Australian residential real estate, they will typically require Government approval prior to this acquisition. An FIRB Exemption will basically allow you (as a foreign investor) the opportunity to bypass this government approval stage and buy property directly from your Buyers Agent.
For example, when purchasing certain residential real estate in an Integrated Tourism Resort (ITR) location such as Hope Island or Sanctuary Cove, you will not need or require to seek government approval beforehand because this certain scenario qualifies for an FIRB Exemption.
FIRB Exemptions for Hope Island and Sanctuary Cove
Hope Island and Sanctuary Cove are two beautiful locations situated just North of Queensland’s Surfers Paradise. Hope Island and Sanctuary Cove have been designated as Integrated Tourism Resorts (ITR) by the Australian Government and do not require you to seek foreign government approval if you wish to buy residential property that is within the bounds of these resorts.
Hope Island Resort
Hope Island Resort is a luxurious coastal community which continues to grow with subsequent land releases and the new developments of luxurious facilities. Currently Hope Island has:
- Top-Class Boat Marina,
- Half-Olympic size swimming pool,
- Tennis Courts,
- 24 hour security and
- Several world renowned Golf Courses.
- A huge selection of recreation and relaxation spots to enjoy the Hope Island serenity.
Hope Island is very accessible and is serviced by many transport options for both local and inter-city commuting. It is located adjacent to the M1 motorway which connects the entire Hope Island community with the rest of the Gold Coast and surrounding Brisbane areas.
Hope Island contains extensive pathways to resort facilities and shops – with Golf buggies being the most popular form of transport within the Resort. A shared pathway to Sanctuary Cove is also currently under negotiation, which will further enhance the appeal of living in such a magnificent location.
Sanctuary Cove is a gated community located within the luxurious suburb of Hope Island. Sanctuary Cove provides a completely self-contained residential environment with its own Shopping Center, Entertainment Facilities, Boating Marina and Premiere Golf Course. Sanctuary Cove is located in the high-growth northern Gold Coast region of QLD and offers quality residential living options with outstanding Infrastructure, Amenities, Leisure Facilities plus 24-hour security.
Sanctuary Cove is just 40 minutes from QLD’s major Airports and only 20 minutes from the world-famous Gold Coast beaches. The natural beauty and superb residential planning of Sanctuary Cove combine to create a truly unique living experience.
Would You Like to Purchase Property/Real Estate in Hope Island or Sanctuary Cove? East Coast Buyers Agents Can Help You!
East Coast Buyers Agents are experts at acquiring Real Estate for Foreign Property Investors – especially in the areas of Hope Island & Sanctuary Cove. ECBA work in conjunction with a large network of Australian Real Estate professionals so we are able to offer you the best possible real estate options available in Hope Island and Sanctuary Cove. East Coast Buyers Agents also understand you would like to receive exceptional value for money when purchasing Australian real estate so we work endlessly to ensure you buy the best possible properties at the lowest possible prices.
To contact your personal East Coast Buyers Agent → CLICK HERE ←