All Topics / Help Needed! / Joint Names for Property

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  • Profile photo of nitrodropsnitrodrops
    Member
    @nitrodrops
    Join Date: 2009
    Post Count: 132
    June 20, 2009 - 2:31 am

    Hi All,

    Currently in the midst of submitting my loan applications.

    Came across this question on my mind.

    Myself is holding an OZ Citizenship. My missus is on permanent spouse visa, have to wait for another 5 years before able to apply for OZ citizenship.

    We are going overseas to work next year for a long time. I am afraid if my missus doesnt satisfy the 5 years stay in OZ, she may not have a chance to apply for citizenship or renew her PR again.

    So it ended up, a 'Citizen + Foreigner' owning a property. Btw, the property will be rented out when we are working overseas.

    If there going to be any implications for a foreigner to be a joint owner of an OZ property?

    Any kind replies are much appreciated.

    Cheers
    Nit

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    June 20, 2009 - 4:10 am

    permanent residence is enough. You are not classed as a 'foreigner' if you have permanent residence.

    But, if you are going overseas for a long time there could be tax implications.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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