Significant reforms to FIRB approval from 1 January 2021
Written by Ben Malone on January 11, 2021
There are a number of significant changes to the FIRB approval framework taking effect from 1 January 2021.
One of the most significant changes is that the temporary $0 monetary screening thresholds on most foreign property investment revert to the usual thresholds which applied pre-29 March 2020 (ie the ‘pre-Covid’ thresholds already in place).
The $0 threshold will remain for sensitive national security land or businesses, meaning foreign investors will continue to require FIRB approval for these types of acquisitions regardless of value.
There have also been significant changes to the fees payable for FIRB applications – now by way of a ‘tiered’ structure tied to the value of the property which is likely to result in higher fees for most commercial property transactions, in particular higher value transactions.
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https://pinpoint.cch.com.au/document/legauUio3697613sl1502889120/patel-v-sengun-investment-holdings-pty-ltd-2023-aplc-23-046
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The Legal 500 has been analysing law firm capabilities across the world for more than 3 decades in over 150 jurisdictions. Their research is based on: “feedback from 300,000 clients worldwide, submissions from law firms and interviews with leading private practice lawyers, and a team of researchers who have unrivalled experience in the legal market.” – https://www.legal500.com/about-us/
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