Just catching up on this now ….
From the Wall Street Journal (may be gated): Australia looks to tighten regulations on foreign property buyers
In brief:
A government committee assigned in March to probe overseas purchasing of Australian property issued 12 recommendations Thursday:
- These include a cleanup of government procedures to help uncover illegal home buying,
- penalties for breaches of the current framework,
- punishments for third parties involved in rule-breaking,
- and law changes to ensure the immigration department informs the foreign-investment watchdog when a person leaves the country after their temporary visa expires
