|Changes made yesterday by the Foreign Investment Review Board (FIRB) have taken just over a month to be legislated after an REIA approach in mid October.
Here are your talking points:
- Foreign buyers will now be allowed to purchase an off-the-plan property when another foreign buyer has failed to reach settlement
- Reduced risk when off-the-plan sales to foreign purchases fall through
- Legislation is effective immediately for potential purchaser applications made by individuals
- Regulation change will also be made soon to enable developers to acquire New Dwelling Exemption Certificates for foreign buyers of the on-sale of off-the-plan homes.
Previously, the on-sale of an off-the-plan apartment was regarded as a second-hand sale, which was not open to foreign buyers who are only able to buy new dwellings.
“This is most welcome news and will minimize the negative impact of off-the-plan sales to foreign purchasers not being completed’, said Mr Sanders, President of…
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