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FOREIGN ACQUISITIONS AND TAKEOVERS REGULATION 2015 (SLI NO 217 OF 2015) - REG 38

Acquisitions of interests in residential land

             (1)  The excluded provisions do not apply in relation to an acquisition of an interest in residential land by a foreign person if a subsection of this section applies in relation to the acquisition.

Acquisitions by persons with connection to Australia

             (2)  The foreign person meets any of the following conditions:

                     (a)  the foreign person is, at the time of acquisition, the holder of a permanent visa (within the meaning of the Migration Act 1958 );

                     (b)  the foreign person is, at the time of acquisition, the holder of a special category visa (within the meaning of that Act);

                     (c)  if the foreign person had entered Australia lawfully immediately before the acquisition, he or she would have been entitled to the grant, on presentation of a passport, of a special category visa (within the meaning of that Act);

                     (d)  the foreign person is an Australian corporation and would not be a foreign person if interests held directly in it by any one or more of the following persons were disregarded:

                              (i)  a person to whom any of paragraphs (a), (b), (c) and (e) applies;

                             (ii)  a person to whom any of paragraphs 35(1)(a) to (c) applies;

                            (iii)  a person covered by a previous application of this paragraph;

                     (e)  the foreign person is the trustee of a resident trust at the time of the acquisition, and would not be a foreign person if interests held directly in it by any one or more of the following persons were disregarded:

                              (i)  a person to whom any of paragraphs (a) to (d) of this subsection applies;

                             (ii)  a person to whom any of paragraphs 35(1)(a) to (c) applies;

                            (iii)  a person covered by a previous application of this paragraph.

Acquisitions of interests in residential land by spouses and de facto partners of Australian citizens etc.

             (3)  Both of the following apply:

                     (a)  the person is the spouse or de facto partner (within the meaning of the Acts Interpretation Act 1901 ) of:

                              (i)  a person who is, at the time of acquisition, an Australian citizen; or

                             (ii)  a person who is, at the time of acquisition, the holder of a permanent visa (within the meaning of the Migration Act 1958 ); or

                            (iii)  a person who is, at the time of acquisition, the holder of a special category visa (within the meaning of that Act); or

                            (iv)  a person who, if the person had entered Australia lawfully immediately before the acquisition, would have been entitled to the grant, on presentation of a passport, of a special category visa (within the meaning of that Act);

                     (b)  the interest is held by the person and his or her spouse or partner as joint tenants.

Acquisitions of interests in residential timeshare schemes

             (4)  Both of the following apply:

                     (a)  the acquisition is of an interest in a timeshare scheme that relates to residential land;

                     (b)  the foreign person's total entitlement, alone or together with one or more associates, under the timeshare scheme to access the land is no more than 4 weeks in any year.



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