Of all the Australian city locales, Brisbane has a special personality. If you have always liked the city and its attractions, you may want to own property in this part of the world. If this describes you, you may like purchasing a luxury penthouse or apartment and add it to your portfolio.
A Freehold Purchase
For anyone who is seeking Brisbane City luxury apartments who is also foreign, he or she can buy the properties on a freehold basis. If you want to invest in luxury, this is the way to do it. To learn more about how to transact this real estate sale, you will need to read the property contact and review the architectural plans. Other information will also enlighten you about this type of purchase.
Gaining Review Board Approval
In Brisbane, foreign buyers can secure ownership as long as they obtain approval from the Australian Foreign Investment Review Board. You need this approval before you proceed with a purchase. Therefore, you need to speak to the property company that is selling the apartment for full details.
Learning More About the Exemption Certificate
The developer holds an exemption certificate for selling new dwellings in Brisbane to people from other countries. This exemption is subject to certain conditions. Foreign buyers or their associates who buy specific units do not need foreign investment approval at certain dollar amounts. In this case, you need to hand over up to $3 million to avoid getting an approval. This is good to keep in mind if you are a serious foreign investor.
However, if you wish to invest more than $3 million, you need to apply for approval and pay the necessary fee. You will also need to ask for legal and financial advice if you are buying luxury apartments in Brisbane. Foreign buyers are considered purchasers who are non-permanent residents or non-citizens. If you consider yourself under this classification, you need to pay an additional stamp duty of 3% in Queensland. This fee is lower than what is charged for real estate in Victoria (7%) and NSW (8%). This is also good to keep in mind if you decide to expand your holdings.
Paying the Land Tax: How it Will Affect You
In some cases, purchasers may have to pay a state government land tax. If the real estate is not considered the owner’s principal residence, land tax rates usually apply. If you invest around $3 million dollars, you will need to pay a current rate of 1.50%. Should the investment exceed $5 million, the rate is established at 2%.
Review the Benefits Online and Find out More Details Today
If you are a real estate investor, “luxury” is a byword in the real estate market that you simply cannot ignore. That is why it is essential that you understand what you are buying and know the benefits of purchasing luxury real estate, especially in Brisbane. Review the advantages today for yourself. See why real estate investors have made gains when choosing this type of investment. Take time now to scrutinize these kinds of purchases online.