Michael Johnson Posted February 4, 2019 Share Posted February 4, 2019 Good evening So today my in laws have received their bridging visa for class aged parent 804, we understand the expectation of them never obtaining the 804 Visa in their life time. They sold their house in the UK back in October and have the funds still in UK, are they allowed to buy a house here in OZ? They are in Australia and have been for 5 x weeks now and want to look at buying a house to live in and also buying an investment property to rent out, is that allowed? Can they buy a property here and what is the process please & is it difficult? Would they pay any tax when transferring the funds here in Oz to buy the properties? Many thanks in advance Kind regards Michael Quote Link to comment Share on other sites More sharing options...
Ken Posted February 5, 2019 Share Posted February 5, 2019 (edited) 19 hours ago, Michael Johnson said: Good evening So today my in laws have received their bridging visa for class aged parent 804, we understand the expectation of them never obtaining the 804 Visa in their life time. They sold their house in the UK back in October and have the funds still in UK, are they allowed to buy a house here in OZ? They are in Australia and have been for 5 x weeks now and want to look at buying a house to live in and also buying an investment property to rent out, is that allowed? Can they buy a property here and what is the process please & is it difficult? Would they pay any tax when transferring the funds here in Oz to buy the properties? Many thanks in advance Kind regards Michael There are no taxes on transferring funds. There never have been and it's unlikely there ever will be (although the number of times this question gets asked I'm wondering if PIO members are in favour of taxing them)! Someone who isn't an Australian citizen or permanent resident requires Foreign Investment Review Board (FIRB) approval before buying. The application fees for these are quite expensive (see firb.gov.au/ for more information). They are more likely to get approval for New Build properties (and many developers will already have exemption certificates in place so they can buy without going to FIRB themselves). Edited February 5, 2019 by Ken 1 Quote Link to comment Share on other sites More sharing options...
Michael Johnson Posted February 5, 2019 Author Share Posted February 5, 2019 Great thanks Ken, really appreciated Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.