Economics
Australia Cracks Down on Illegal Home Buying by Foreigners
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Foreigners who illegally buy homes in Australia will face higher fines and be forced to sell the property under rules proposed by Prime Minister Tony Abbott’s government Wednesday.
Foreigners would have to pay a civil penalty of as much as 25 percent of the value of the property, Treasurer Joe Hockey told reporters in Sydney. Overseas investors in real estate will also have to pay application fees, starting at A$5,000, to help fund stronger enforcement of the rules.