Worthwhile discussion, total non - resident direct investment into Australian real estate may be as high as 18% and growing . Sounds all well and good for the economy , but is that really true. for starters, a lot of direct cash injected straight into Australia, NZ, Canada real estate etc is corrupt money I.e. Money stolen from Chinese government enterprises by corrupt officials. from my experience, passive investment into Australian real estate has little multiplier effect for a local economy or, indeed the nation. What do you think is happening to the rent , the absentee landlord is squirrelling away whist waiting for a possible Aussie exile, when the party comes knocking on his door. Study shows that non residents Chines aren't paying tax on their rental income, but getting local real estate agents to shuffle it back to Asia, not China, where conspicuous spending is frowned upon, but Macau or to HongKong .
So in actual fact when you sell your home to an Asian, you are possibly abetting money laundering, tax evasion and providing the first plank an emerging plan by a dodgy non resident to gain residency as an economic fugitive. Have a look at the list of demands the Chinese tax office have made to Australia under our JTSIC arrangements, surprise , surprise they want to know about direct investments by their own people. Yep, wake up Australia indeed.
