Foreign investors feeling the sting of FIRB crackdown

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Anyone who thought the federal government was going to fall short on their warning to foreign investors had best reconsider their position.

As reported by Lucy Macken, Domain.com.au, the federal government has forced the sale of an additional seven properties illegally owned by foreign investors, bringing the total to 19 since the reform in February 2015.

Foreign investors have up until the 30 November 2015 to voluntarily come forward to the Foreign Investment Review Board to avoid possible criminal and civil prosecution, after which time could face fines or imprisonment.

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