New FIRB guidance released on acquisition of agricultural land by foreign investors
7 February 2018
The Australian Government has released new guidance clarifying that foreign investors can only acquire agricultural land when there has been an open and transparent sale process.
When announcing the changes, Treasurer Scott Morrison said: “Subject to exceptional circumstances, foreign investors will need to demonstrate that agricultural land they intend to acquire has been part of a public sales process and marketed widely to potential Australian bidders for a minimum of 30 days, and Australian bidders have had an opportunity to participate in the sale process.”
Changes have been made to the following guidance notes:
A link to the Treasurer’s media release announcing these changes is available here.