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$750k ‘golden visa’: Aus landlords flee to tax-free offshore mansions
A Middle East developer BNW Developments has seen Australian interest in tax-free property surge. Their projects include Orvessa Residences by Michel Adam in Dubai. Source: BNW
Super-rich billionaires like Adrian Portelli aren’t the only ones racing to stash cash offshore after new federal laws – with everyday Aussie mums and dads fleeing to desert tax havens too.
A multi-billion surge in Australian property profits since John Howard introduced the world’s most generous landlord tax benefits has created a new class of property richlisters, placing neighbourhood landlords on the same playing field as offshore billionaires.
A full-blown exodus is underway headed for the Middle East, as internationally renowned global developers touch down in Australia this week to boost it along – with Australians already owning 5.7 per cent of the entire Dubai property market, the same as oil-rich neighbours like Saudi Arabia.
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