Australia holds considerable fascination for people on the other side of the world and with good reason. This wealthy and modern nation abounds in exotic beauty and a variety of climates. Australia’s political and economic climate remains stable and despite Australia’s remote location,... + Read More
the country has a strong cultural affinity with the western world. The majority of private islands for sale in Australia are found on the Queensland coast, close to the Great Barrier Reef. Islands in Australia are rarely offered on a freehold basis; 99-year leaseholds are the general rule
Australia “ Foreign Ownership
The process of buying property in Australia is relatively straightforward. Foreigners are allowed to purchase real estate as long as the Foreign Investment Review Board reviews and approves the purchase. This application takes under two months. Most islands are leasehold; however there are a few freehold islands that occasionally come onto the market.
All contracts by foreign persons to acquire interests in Australian real estate must be made conditional upon foreign investment approval, unless approval was obtained prior to entering into the contract. For properties purchased at auction, prior foreign investment approval must still be obtained. The buyer will advise the Foreign Investment Review Board if they were successful or not in buying the property. If so, a copy of the signed contract must be forwarded to the FIRB after the auction. - Read Less