Federal government cracks down on foreign investors

Federal government cracks down on foreign investors

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Treasurer Joe Hockey has announced the forced sale of five residential properties that are “unlawfully held” by foreign nationals.

The properties are in Sydney, Brisbane, Perth, Adelaide and the Gold Coast, and range in value from $265,000 to $8.1 million, according to Mr Hockey.

“The foreign investors involved either purchased established property without Foreign Investment Review Board approval or had approval but their circumstances changed meaning they were breaking the rules,” he said.

“The investors linked to the five properties voluntarily came forward to take advantage of the amnesty I announced in May. They now have 12 months to sell the properties, rather than the normal three-month period, and will not be referred for criminal prosecution.”

Mr Hockey said he expected more divestment orders will be announced in the future.

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