Can owning a property assist you in migrating to Australia?
Here is a quick update to bring you up to date with the current view on the usefulness of owning property in as an aid to migrating, or extending a visa holder’s stay outside .
First, we wish to stress that there is absolutely no direct link such as “Buy a Property and Migrate” although you may be aware of claims made by some individuals to this effect.
However, ownership of an Australian property can assist to make the pathway a little easier, eg—
1. Retirement – Yes. Net assets in will in general mean that a retiree will not be required to “liquidate” offshore assets to show that they have funds that can be transferred to because the net value of their property in will be counted directly in this class. This applies also to the new Investor Retirement class.
2. Spouse, de facto and some family cases (Parent, Carer etc) – In some cases ownership of a property in can reduce the chances of the department of immigration asking for an assurance of support from Australian sponsors, or easing the burden of a sponsor.
3. Investment cases – Yes, assets that have accumulated value in can be used to meet the requirements of this class.
4. Business and Senior Management – Yes. These classes have rules about the amount of assets capable of being transferred to . The net value of a property in is an easy way of meeting part of the requirements.
5. Resident Return – Yes. Although ownership of a property in will not be the sole determining factor, it will assist in strengthening the applicant’s cases.
6. For anyone who plans to migrate and wants to minimise their tax liability – Yes. There are huge Tax incentives invilved in buying investment property well before you migrate: see the other reports on this website for more information on this topic.
IT ALSO MAKES A LOT OF SENSE TO SECURE A MORTGAGE, AND IN SOME CASES TO BUY BEFORE YOU MIGRATE, so you have a home to move straight into.
7. And in some cases it can help to establish a general “intent to migrate” which may be useful.
(NB: in all these classes there are of course other factors.)
This information has been provided in by our recommended Migration Agent, and was correct at the time of printing. Individual circumstances may vary from examples shown. Not to be relied upon, as migration laws are continually changing, however, this info is provided in good faith.
