Hi OzB
I inherited a Beirut apartment from my grandfather earlier this year. My expectation was that the apartment would be worth somewhere between $150K and $200K USD. To my astonishment it was valued at around $1.5 million USD as it's apparently located in a sought-after suburb called Zeytounah bay with beach views. The real estate agent we spoke to has advised the area is popular with Gulf Arab investors and would sell quickly at the right price.
Now my question is if the property was sold for $1.4 Million which is over two million AUD, how do you transfer that amount of money to Australia without triggering alarms? Does the Australian government tax you on a property you sold overseas? what is the best way to transfer this money with minimal fees?
at that $$ please seek professional advise….