Are you a New Zealand citizen (or member of a related entity) that has purchased residential-related property or land in New South Wales (NSW)? Are you a New Zealand citizen that is considering becoming an Australian citizen?
If so, there are certain new/revised measures and interpretations of the law and associated guidance which may have a significant impact on your Australian taxation position.
Globalaw is honoured to announce that it has been ranked again in the highest band (Band 1) of the Leading Law Firm Networks table in Chambers and Partners’ ranking of Global Market Leaders for 2024.
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Florida’s new law, the Conveyances to Foreign Entities Act (the "Act"), Sections 692.201 – 205, Florida Statutes, went into effect on July 1, 2023, and redefined the Florida real estate market for foreign purchasers from seven “countries of concern.” The Act requires those foreign purchasers to determine whether they are Foreign Principals prohibited from acquiring or owning real property in Florida, whether they are subject to registration requirements, or whether they are required to dispose of such real estate. Non-compliance renders the real property subject to forfeiture and sale of such real property (subject only to the rights and interests of bona fide lienholders) and risks daily fines of $1,000 and criminal penalties.
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