After establishing ourselves as Sydney's first Buyer's Agents back in 1997, PK Property today services more expatriates and foreign investors than anyone else in our field.
We have worked for clients in many overseas destinations including the UK, Hong Kong, Singapore, USA, China, UAE, Japan, Sweden, Africa, Indonesia, Ireland, Netherlands, Spain and many more.
Whether returning to Australia, relocating, or looking for an investment property in Sydney to get ahead of the growth cycle, PK Property can assist you every step of the way. Our complete buying solution service (Option 1) not only eliminates emotional impulse buying that often arises as a result of time restrictions, but also provides you with the confidence that you have bought the right property at the right price.
At PK Property, we understand that when you return home for a brief visit, the last thing you want to spend your time doing is looking at properties that don't suit your criteria or negotiating on a contract of sale.
We also understand the challenges of buying property remotely and will ensure every detail is attended to, resulting in a sound, stress-free and educated property purchase.
Some key benefits:
- At PK Property, we deal with a large number of overseas buyers and understand that part of our job is operating within different time zones. We also understand the urgency of a property negotiation and the emotion it entails. Therefore, we make ourselves available 24 hours a day, 7 days every week of the year. See Contact Us or Meet The Team
- We also understand that the wants and needs of expatriate/foreign investors are very different to local buyers. We specialise in accommodating these wants and needs and make it a priority at all times to keep you totally informed and up to date on your property purchase.
- Our service levels are maintained to the highest possible standard, therefore you will always be allocated two senior staff members to your property search & negotiation. One will be a Senior Property Search Consultant, the other an experienced qualified Buyer's Agent for superior negotiations.
- One of the most important things when representing an expatriate or overseas client is protecting their confidentiality. If the agent or seller knows they have an expat or overseas buyer wanting to purchase their property, they instantly think they have someone that can afford to pay a lot more than a local buyer. There are many creative techniques used to ensure confidentiality in the buying process. Here at PK Property, we have all the techniques.
As a PK Property client, you can be assured of professional and thorough service from exchange of contracts until settlement.
Above all, we promise to help you counter misinformation, overpricing and emotional impulse buying to ensure you buy the right property at the lowest possible price every time.
The process:
- When you have arrived and settled into Sydney, your Buyer's Agent can pick you up and take you to the short-listed properties, or you are welcome to follow in your own transport. We can also organise a child minding service should you want more freedom during property inspections.
- PK Property has purchased many properties “sight-unseen” over the years, and should you prefer to purchase in that manner, you can always ask a family member or associate to view properties with us for a second opinion.
- You will be given access to a shared Google Drive account, which allows you to view all digital photos, videos, floor plans etc of properties that may suit your brief, and any additional information for quick reference.
- We can organise all support services relating to your purchase – solicitors, finance & tax advice (both local and overseas) pest & building inspections, valuers, strata searches, Property Management, FIRB approval and many more industry related referrals. All you have to do is choose your dream home or investment property and we will do the rest.
We understand that purchasing a property from overseas can seem stressful and overwhelming. That's why we are here to provide a calm and educated approach during the decision making process.
Call our Buyer's Agents now on (+612) 9960 1066 or enquire today to receive our full fee guide. Full information on our services can be found on our Services & Fees page.
Please note: Peter Kelaher, Director of PK Property has been conducting overseas property buying seminars since 2001 for expatriates & foreign investors. So make sure you join our Sydney Property Market Update newsletter for your next seminar invitation.
Foreign Investors
The Australian Government's foreign investment policy has been designed to increase investment in Australia, and ensure that such investment meets the needs of the Australian community. The Australian Government acknowledges the important contribution offshore investment makes to the development of Australia's industry and community.
The below information has been sourced from the Foreign Investment Review Board website. We'd encourage expatriates & foreign investors to check this site regularly for updates as the government policies and advice are constantly changing.
Government Policy on Foreign Investment
The Australian Government encourages foreign investment that is consistent with community interests. The Government recognises the significant contribution that foreign investment has made and continues to make to the development of Australia. Foreign investment provides scope for higher rates of economic activity and employment than could be achieved from domestic levels of savings. Foreign direct investment also provides access to new technology, management skills and overseas markets.
Visa Entry Options into Australia
The Australian Business Innovation and Investment Visa is designed to promote investing and carrying out business in Australia by granting permission for applicants to reside in Australia. In summary, the Visa allows you to:
- Establish a new or develop an existing business and/or invest in Australia
- Travel in and out of Australia for the life of your Visa
- Bring family members with you to Australia
- Fast-track your permanent residency application
There are four streams of this visa and there different requirements for each type:
1. Business Innovation
For people with who want to establish, develop and manage a new or existing business in Australia. Applicants must be nominated by a State or Territory Government.
2. Investor
For people who want to make a designated investment of at least AUD $1.5 million in an Australian state or territory and maintain business and investment activity in Australia. Applicants must be nominated by a State or Territory Government.
3. Significant Investor Visa
This is also known as the Significant Investor Visa (SIV). To be eligible, you must invest a minimum of AUD $5 million over four years in complying investments.
- No more than 10% of the investment vehicle's net assets can be indirectly invested in residential real estate (eg. via managed funds and listed property trusts)
- Up to $3 million may be invested in managed fund(s) or LICs that invest in a combination of eligible assets that include:
- Up to $3 million may be invested in managed fund(s) or LICs that invest in a combination of eligible assets that include:
– Australian listed securities
– eligible corporate bonds or notes
– annuities; and
– real property (subject to the 10 per cent limit on residential real estate) - Direct investment in residential real estate is not a complying investment, however SIV holders can still independently invest in residential real estate so long as it complies with foreign investment rules
This Visa also has a residency requirement of:
- The primary applicant residing in Australia for 40 days per year (or 160 days over four years); or
- the secondary applicant (who can be a spouse or de facto partner) to reside in Australia for 180 days per year (or 720 days over four years)
In return, the visa allows a path to permanent residency over four years. Applicants can be nominated by a State or Territory Government or Austrade on behalf of the Australian Government.
4. Premium Investor Visa
This is also known as the Premium Investor Visa (PIV). To be eligible, you must invest a minimum of AUD $15 million over four years in complying investments including real property (excluding residential property). PIV holders can still independently invest in residential real estate so long as it complies with foreign investment rules.
The PIV offers a 12 month pathway to permanent residency. Applicants must be nominated by Austrade on behalf of the Australian government.
Note: other specific eligibility requirements for the above visa apply. See the Department of Immigration and Border Protection website for more information. Click here for a referral to an Immigration Lawyer that can fast track your Visa approval.
What type of property can foreign investors buy?
Vacant Land
Subject to an investor commencing construction within 24 months of FIRB approval.
New dwellings
Investors can purchase new dwellings. Where approval is obtained by the foreign investor for each purchase, there is no restriction on the number of units in the development that can be purchased by that foreign investor. A foreign investor wishing to purchase more than one unit is also able to make one application for all of the units provided each unit is itemised on the application. This category includes dwellings that are part of extensively refurbished buildings where the building's use has undergone a change from non-residential (for example, office or warehouse) to residential. It does not include established residential real estate that has been refurbished or renovated.
Commercial
Commercial real estate includes vacant and developed property which is not for residential purposes – such as offices, factories, warehouses, hotels, restaurants and shops. It does not include rural land. Purchase of commercial property is normally approved unless it is contrary to the national interest. This is determined by the Government on a case by case basis. Acquisition of certain types of commercial property do not require notification, regardless of the citizenship or residency status of the purchaser including:
- An interest in developed commercial property valued at less than $50 million or $953 million (indexed annually) for US investors, or $5 million for heritage listed properties where the acquirer is not a US investor; or
- An interest in developed commercial property where the property is to be used immediately and in its present state for industrial or non-residential commercial purposes. The acquisition must be wholly incidental to the purchaser's proposed or existing business activities.
Note: Second-hand dwellings
Foreign persons are prohibited from acquiring established dwellings for investment purposes (that is, they cannot be purchased to be used as a rental or holiday property), irrespective of whether th they are temporary residents in Australia or not. Foreign buyers can purchase an established dwelling as a home provided you receive approval from the FIRB (which typically takes from 2 to 10 days).
Significant Investor Visa
From the 24 Nov 2012, the Australian Government has created a new class of visa available to business people and high net worth individuals looking to invest at least $5 million in the Australian economy. In return for investing in State and Territory Bonds, Managed Funds or directly into Australian Companies overseas investors are offered concessions on the usual visa requirements.
To be granted a permanent Significant Investor visa, primary visa holder must be resident in Australia for at least 40 days for every year or part year that they have held a provisional Significant Investor visa. The residence period does not need to be met per year but can be met cumulatively over the time the primary visa holder held the provisional visa.
Who does not require Government approval? (Exemptions)
You do not need to submit an application for approval to acquire real estate in Australia if:
- you are an Australian citizen living abroad
- your spouse is an Australian citizen (not a permanent resident) and you are purchasing residential real estate in both names as joint tenants (not tenants in common)
- you are a New Zealand citizen and you are purchasing residential property
- you hold a permanent resident visa and you are purchasing residential property
- you are purchasing new dwelling(s) from the developer, where the developer has pre-approval to sell those dwellings to foreign persons
- you are acquiring an interest in a time share scheme which does not permit you (and any of your associates) more than 4 weeks entitlement per year
- you are purchasing certain residential real estate in an Integrated Tourism Resort (ITR)
- you are acquiring an interest in developed commercial property valued at less than $50 million or $1004 million (indexed annually) for US investors, or $5 million for heritage listed properties where the acquirer is not a US investor
- you are acquiring an interest in developed commercial property where the property is to be used immediately and in its present state for industrial or non residential commercial purposes. The acquisition must be wholly incidental to the purchaser's proposed or existing business activities
- you are acquiring an interest by will or by operation of law (such as, a court order regarding the division of property in a divorce settlement, but not if both parties simply agree to transfer property without a court's intervention)
- or you are purchasing property from the Government (Commonwealth, State or Territory, or local)
Do I need Government approval to buy real estate in Australia?
You may need to apply for foreign investment approval if you are a foreign interest who is:
- purchasing residential real estate (includes established or new residential property, vacant land and hobby farms)
- purchasing rural land
- purchasing developed commercial real estate
- making an application for designation as an Integrated Tourism Resort or Strata Titled Hotel
- purchasing vacant commercial real estate for development
- acquiring shares, business assets or dealing with some other interest in an existing company
- creating a new business or project
- dealing with some other form of interest
A foreign interest is defined as:
- a natural person not ordinarily resident in Australia
- a corporation in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest
- a corporation in which two or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest
- the trustee of a trust estate in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest, or
- the trustee of a trust estate in which two or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest
Other situations where FIRB approval is normally given includes:
- Foreign companies buying residences in Australia for their senior executives
- Foreign nationals temporarily resident in Australia for more than 12 months buying for their own use as a principal place of residence subject to the sale of the property when they cease to reside in Australia
- Foreign nationals purchasing residential real estate as joint tenant with an Australian spouse
Foreign Exchange
If you would like assistance in transferring your funds safely and quickly to Australia at cheaper than bank rates then we would recommend OzForex.
Click on the following link for the latest foreign exchange and currency information for property buyers, investors, traders and travelers: OZ-FOREX THE FOREIGN EXCHANGE SPECIALISTS
Call our Buyer's Agents now on (+612) 9960 1066 or enquire today to receive our full fee guide.
