How to Buy Property in Australia from Barbados
If you’re a Barbadian citizen looking to buy property in Australia, there are a few things you need be aware of before making your purchase. First, you’ll need to obtain approval from the Foreign Investment Review Board (FIRB) before you can buy property in Australia as a resident of Barbados. This approval process can take several weeks or even months, so it’s important to plan ahead.
Applying to the Foreign Investment Review Board (FIRB) to buy property in Australia from Barbados in 2023
The Foreign Investment Review Board (FIRB) is responsible for assessing and approving foreign investment in Australia from Barbados. To get approval from the FIRB, you will need to submit an application and provide documentation to the board including proof of your identity, proof of your foreign citizenship, and details of your proposed investment.
Determine if your proposed investment is subject to the Foreign Acquisitions and Takeovers Act 1975: Not all foreign investment in Australia requires approval from the FIRB. You can check whether your proposed investment is subject to the act by visiting the FIRB website. The FIRB will review your application from Barbados and make a decision within 30 days. Once your application is approved, you will receive an approval letter that you will need to complete your purchase.
It’s worth mentioning that the process of getting approval from the FIRB to buy property in Australia from Barbados can take several weeks. It’s important to note that in addition to the FIRB, you may also need to obtain other approvals or licenses from other government agencies depending on the nature of your investment.
- You will also need to have a valid visa that allows you to stay in Australia for long enough to complete the purchase
- Be aware of the currency difference between Barbados and Australia and the transfer fees
- You will need to have a tax file number in Australia as well as Barbados
- You should also be prepared to provide proof of your income and assets in Barbados