We have always wanted to "live" in Australia, and hope this dream is coming a little closer.
By buying a B&B / small hotel , will I be able to obtain a business visa :
I am 46 Y old - my wife is 45
Have the cash to take over a business (or lease) to aprox 500,000
We are belgian nationals
I have extensive work experience in the hotel industry - for +20 years

Any comments , advise will be greatly appreciated.

Thanks

There are visas for establishing a business or taking over an existing business.
You ought to start by having a good read here, including all links and references - Visa Options - Business - Visas & Immigration

I haven't checked at all to see what basic eligibility requirements are but that would be my first step - the eligibility section, and it's a two step approach from provisional to permanent.

If you do find you can meet requirements, there's also the practical considerations of getting something for around $500,000, perhaps some country areas with depressed pricing but then that could also be because of limited clientele/income.

One thing that usually goes by the wayside with a depressed economy is the spending on luxuries which may include the weekends away in a B&B or a country hotel and so something that needs to be taken into account re what immi will look at to move from provisional to PR.

Thank You Wanderer ...
Another question I do have in regards to the Police Certificates:
Due to my job, we have lived in just over 10 countries for the past 20 years ... does that mean I will need to get from each country where we lived (over 1 year) a police certificate, or is this at the discretion of the Emigration Officer ?
Any of you have experience on this matter ?
many thanks

With things like supportive documentation it's a case of either you provide it correct or get a reject [lose application fee too] - I think the requirement is countries that you have lived in for more than 12 months in last ten years isn't it?, and there's a link I remember that gives addresses for different countries.

Police clearance checks are a common requirement for many countries, not just Australia. Embassies should be used to dealing with these requests, so even though it will take a little while to, it shouldn't be a major hassle in the larger scheme of things.

Since you already have hotel experience, I don't think you will find too many differences with how things work in Australia. Realestate prices are high though. There might also be foreign investment implications, as I believe foreigners buying property in Australia need government approval.

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Please post your visa application details in the visa timeline threads - Skilled visa applications Spouse/Defacto applications

On Foreign Investment there is FIRB: Foreign Investment Review Board - Home and not sure on how that works with someone having a temporary visa on probation but have a look at requirements and it may not apply at all for you would not be the first person who has come in on a business visa, purchasing a business/property as part of the plan.

It’s nice. Good luck for your business and congratulation that your dreams come true.

According to me you can be able to obtain a business visa.