Australia toughens property ownership laws for foreigners

‘Australia has devised new punitive measures to enforce the restrictions set for the foreigners who violate the country’s law on the purchase of real estate.

Under the new measures, foreigners in violation of the property law will face up to three years in jail or fines of 127,500 Australian dollars (USD 100,050) for individuals, and 637,500 Australian dollars for companies.

Prime Minister Tony Abbott has announced that, despite his country’s willingness to attract outsiders to bring their money into the country, he did not want them to buy any of the existing residential properties, advising foreigners to purchase the “right things” instead.’

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