What is FIRB Exemption?
As a development situated in Hope Island Resort, The Peninsula is exempt from review from the Foreign Investment Review Board (FIRB). This FIRB exemption a result of Hope Island Resort’s designation as an integrated tourism resort. In 1991, special rules pertaining to dwellings within integrated tourism resorts meant that dwellings could be sold to foreign individuals without the need for individual foreign investment approval. However, the government has not made any new exemptions since 1999.
This makes properties in The Peninsula unique amongst other non-Resort counterparts on Hope Island. All dwellings (including waterfront lots, townhouses, and apartments) can be sold to foreign individuals without FIRB approval. This presents an extremely are investment opportunity, particularly in Australia where foreign purchasers usually cannot purchase second-hand properties.
For more details on the legislation that permits FIRB exemption, please click here.