elly O’Dwyer Calls For Tougher Laws for Foreign Investment
Wonder why property prices keep skyrocketing in Sydney and Melbourne? Some really greedy, rule-bending foreign investors may actually have an answer. After the Australian Federal Governments recent declaration on taking stronger action on foreign investment breaches, about 195 shocking cases of possible rule-breaking in Australian real estate foreign investment have been revealed and brought forward, leaving future black-marketers shrouded in tension and fear. It has been found out that illegal foreign investment in Australian real estate now amounts to millions of dollars.
“The properties… range in value from the hundreds of thousands to the multi-millions … we’ve already seen the Government take action with a $39 million property in Sydney that forced the divestment of that property.”
ATO Treasurer Kelly O’Dwyer recently announced that greedy manipulators were using existing trust structures to get around structured foreign investment rules. She also said that there was an existing loophole in Australian real estate law that was allowing this outlawliness, a loophole which has since been solved.
“We have already identified breaches where one individual is linked to 10 properties ranging in value from the hundreds of thousands to over $1 million. That individual is being properly investigated now by the Foreign Investment Review Board.”
She also announced that these foreign investors will now be investigated upon and prosecuted to the fullest extent of law, unless they choose to reveal themselves and surrender within the grace period offered to them.
“If they don’t voluntarily come forward, of course the gloves are off.”