$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. BNW Developments – one of the UAE’s fastest-growing real estate developers and Ras al Khaimah’s largest private developer – has now opened an office in Sydney. Source: BNW Ex Bollywood star turned managing director and co-founder of BNW Developments Vivek Oberoi. Source: Twitt...