I’m looking at selling some rural land which could possibly be developed into residential land. The buyer has said that they need FIRB approval. Is this correct, and if so, how long will it take?

Hi Nick
Assuming the buyer is either a temporary resident or foreign investor then yes, they will need FIRB approval, usually takes around 30 days.
Kind Regards
Caroline Pollard

Hi Nick

It may not be the case that the buyer needs FIRB approval. Depending on where the buyer is from and what other 'agricultural land' assets they hold they may not need FIRB approval at all. Generally, a foreign person can hold up to $AUD15M of agricultural land.

The fact that the land could possibly be developed into residential land does not mean it is no longer agricultural land. The land needs to be conducting, or capable of conducting, a primary production business. If that is the case with your land then FIRB may not be applicable.

You are best to consult a lawyer who will be able to obtain all the necessary information and advise you accordingly.

All the best for the sale.