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Will You Still Be Considered A Foreign Person After Coronavirus?

Foreign Ownership of Land Register Act 1988 amendments Amendments to the Foreign Ownership of Land Register Act 1988 (FOLR Act) [link here] commencing on 1 July 2020 will align the definition of a “foreign person” in the FOLR Act will with the definition in the Duties Act 2001 (a foreign individual, foreign corporation or trustee […]

Will You Still Be Considered A Foreign Person After Coronavirus?

Will You Still Be Considered A Foreign Person After Coronavirus?

Foreign Ownership of Land Register Act 1988 amendments

Amendments to the Foreign Ownership of Land Register Act 1988 (FOLR Act) [link here] commencing on 1 July 2020 will align the definition of a “foreign person” in the FOLR Act will with the definition in the Duties Act 2001 (a foreign individual, foreign corporation or trustee of a foreign trust). 

The notification required by the FOLR Act for when a person that holds a registered interest in land becomes or ceases to be a foreign person will after 1 July 2020 only need to be provided to the Registrar of Titles on an annual comparison basis within 3 months of the end of each financial year in which the change occurs (rather than 90 days after a change occurs).

If on 30 June 2020, a person that holds an interest in land becomes or ceases to be a “foreign person” because of this amendment, the person will be required to provide notification to the Registrar of Titles within 3 months of the end of the financial year (that is, by 30 September) in which the person becomes aware of the change in their foreign person status.

If you require assistance in determining if this amendment affects your status, the commercial law team at Aylward Game Solicitors is available to assist you on 1800 217 217.