Australian Government Forces Foreigners to Sell Property
The Australian government has announced the forced sale of another 16 properties purchased illegally by foreign buyers in breach of the FIRB regulations. Federal Treasurer Scott Morrison has ordered the sale of $92 million worth of Australian property in the Governments crackdown in foreign investment in housing. Foreign investors that have fraudulently purchased Australian real estate face criminal prosecution and civil penalty orders. In addition to being forced to sell the property immediately without being able to retain any profits, individual property investors face a fine of $135,000 and/or 3 years imprisonment. A company will be forced to handover $675,000. Australia Government FIRB law demands foreign buyers seek approval from the Foreign Investment Review Board (FIRB) before purchasing property in Australia.