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Integrated
Tourism Resorts
Foreign Investment Policy (ITR)
The Government's Foreign Investment Policy allows for
foreign investors to acquire any residential real estate
(vacant land for development, units off the plan or established
properties) within a designated Integrated Tourism Resort
(ITR) withouth the need to seek approval under the Foreign
Acquisitions and Takeovers Act 1975 (FATA).
That is, in an ITR all new and used dwellings as well
as those under construction or 'off the plan', owned by
Australian residents or foreign interest, can be acquired
and resold to other foreign investors without requiring
approval under the FATA.
The ITR exemption only applies to residential real estate
within resort that have applied for and been designated
exempt by the Foreign Investment Review Board. All other
real estate acquisitions by foreign interests remain examinable
under existing residential real estate policy
Outside the designated ITRs, all other foreign acquisitions
of developed residential real estate (new or used) and
residential land for development including sales off the
plan will continue to require Government approval. Proposed
aquisitions of units etc 'off the pla', provided they
have not been used and that no more than 50 per cent are
sold to foreign investors. Foreign acquisitions of used
residential real estate are not normally approved except
fpr Australian citizens living abroad, foreign nationals
with permanent recidency rights in Australia and approved
migrants. |
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Property
Integrated Tourism Resort
