Expatriates
Michael Ramsay Property specialise in assisting Australian’s living overseas. Whether it be an investment property or a family home to return to our expertise and knowledge of the market will ensure you knowexactly what you are purchasing. Attempting to purchase a property while living overseas is difficult. What you see on the internet or what agents tell you about a property can often seem deceptive, whether it be the property itself or its neighbours.
We understand the additional information that expatriate purchasers require. We provide a full range of services from detailed photographs of the property, the suburb and the streetscape. Floor plans and location maps are also provided. More importantly detailed information of recent sales in the suburb ensures you are confident you are not paying too much for the home. We will also arrange to have contracts checked on your behalf as well as building and pest inspections where wefeel it necessary and the negotiation of the property management when acquiring an investment.
We personally inspect all properties on your behalf and then provide a final submission of those we feel meet your criteria. If you have a family member or associate you wish to inspect the property on your behalf we will arrange an inspection time suitable to them.
Our goal is to provide total confidence in your purchase and assist you to maximize your tax benefits and secure the most appropriate property to create the maximum capital appreciation in the shortest possible time, all the while taking advantage of your minimal income tax rate.
Foreign Investors
Looking to purchase a property in Melbourne but not an Australian resident? The Australian Government has guidelines and limitations as to the type of property you may purchase. Any property purchase must firstly be approved by the Foreign Investment Review Board.
Foreign investors need to apply for FIRB approval to purchase residential property in Australia but approval is subject to various strict conditions. The most common of these are as follows:
PURCHASING AN EXISTING PROPERTY
The foreign investor must be a holder of a temporary resident visa in Australia for more than 12 months. You will be required to live in the property and once you leave Australia you must sell the property. You are not able to rent the property during your stay in Australia or afteryou leave the country. Should your visa expire you will also be required to sell the property.
NEW AND “OFF THE PLAN” PROPERTY
You may purchase a property that has not previously been occupied or sold and is part of a development or you can buy a property “off the plan”. That is you purchase it from a development that has either not commenced or completed construction. Only 50% of any development is allowed to be sold to foreign investors.
VACANT LAND
If you purchase a vacant block of land you are required to commence building within 12 months of receiving foreign investment approval.
For more detailed information on the guidelines of Australia’s foreign investment policy contact the Foreign Investment Review Board at http://www.firb.gov.au/
Should you need assistance finding the right property to purchase that will meet the guidelines of the FIRB we can provide full range of services.
