The Australian Government and Australian Taxation Office (ATO) have announced a change in the screening process for the purchase of Australian agricultural land by foreign investors. Currently in order for a land purchase to come under review by the Foreign Investment Review Board (FIRB), the purchase of land was to be to the value of $252 million. Under the new screening process, a land purchase of $15 million or more will now come under scrutiny from the FIRB. In addition to this change, the ATO will be conducting an audit to establish a register of foreign agricultural land holdings in Australia, irrespective of the value of the land purchase.
Prime Minister Tony Abbott spoke of the change and not wanting to discourage foreign investment.
“We do want foreign investment but it’s got to be the right investment , the right investment that serves our purposes.” This will come into effect as of the 1st of March, 2015.
The Investor Visa (subclass 891) is one of the most beneficial visas for the Australian economy and foreign investors alike. If a foreign investor has maintained a designated investment of AUD1.5 million for a minimum of four years, then they may become eligible for either an Investor Provisional Visa or an Investor Visa.
If you would like more information on the requirements for applying for any of the Investor Visa subclasses or interested in the requirements for foreign investment, give one of our qualified migration agents a call today.