There were big changes regarding “Foreign Investors” handed down in the NSW Budget today.
As from 21st June, 2016, Foreign Investors buying residential real estate in NSW will have to pay a 4% surcharge on stamp duty.
As from the 1st January, 2017 Foreign Investors will also have to pay a 0.75% surcharge on Land Tax.
Also, the standard 12 month deferral of payment of stamp duty on an “off the plan” purchase contract will not be available to Foreign Investors.
It’s really great that people are sharing this inmtnfaoior.