Buy Property in Australia from Latvia

How to Buy Property in Australia from Latvia

 

If you’re a Latvian 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 Latvia. 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 Latvia in 2023

 

The Foreign Investment Review Board (FIRB) is responsible for assessing and approving foreign investment in Australia from Latvia. 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 Latvia 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 Latvia 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 Latvia and Australia and the transfer fees
  • You will need to have a tax file number in Australia as well as Latvia
  • You should also be prepared to provide proof of your income and assets in Latvia

Buying property in Australia from Latvia in 2023 does not need to be a complicated process with the right knowledge and preparation. Here are some steps to consider when buying property in Australia from Latvia.

 

  1. Research the Australian property market: Before making any purchases, it is important to research the Australian property market and identify areas that align with your investment goals.
  2. Find a reputable real estate agent: A reputable real estate agent can assist you in finding the right property and guide you through the buying process from your home in Latvia.
  3. Obtain a mortgage pre-approval: If you require financing, you will need to obtain a mortgage pre-approval from a local lender in Australia or back home in Latvia. This will give you an idea of how much you can borrow and will make the buying process easier.
  4. Hire a lawyer: Hiring a lawyer in both Australia and Latvia is recommended as they can help you navigate the legal requirements of buying property in Australia from Latvia and assist you in understanding the terms of the contract.
  5. Sign the contract and transfer funds: Once you have found a property and the terms of the contract have been agreed you need to sign the contract and transfer the funds from Latvia to the seller.
  6. Register the property: Once the funds have been transferred, the property will need to be registered in your name in Australia. This process can vary depending on the state or territory in which the property is located. You will require your Latvia Passport details to and FIRB approval for this registration.
  7. Arrange for property management: If you plan to rent out the property, it is important to arrange for property management. This will ensure that the property is properly maintained and that rent is collected on time. It is recommended to use a well known Property Management company in Australia such as Book Direct and Save.

 

Buy property in australia

Buy property in Australia from Latvia

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Jane Njoma is a Registered Migration Agent (RMA) with the Australian Migration Agents Registration Authority. She is a member of the Migration Institute of Migration Alliance. Jane Njomo has many years of work experience as an Australian Migration Consultant and runs Lets Go Emigrate Australia as a Free Resource for Information on Immigrating to Australia. Jane believes in broader global access to Australian Immigration information and provides the information free of charge after acquiring the website in 2021.