This letter highlights an important amendment to the Land Sales Act introduced in the recent Fijian Government budget.
- Any state land or freehold land for residential purposes in any area within the boundary of any town or city declared or extended under the Local Government Act (Cap.125) shall not be sold, transferred or leased to a non-resident.
However there have been amendments made to this rule, which are:
- Non-residents can own freehold and crown land if it is part of an integrated Resort Development
- Non-residents can own freehold and crown land if it is situated outside Town and Municipal boundaries.
- Foreigners who already own land but have not built a house are now required to do so within two years, or face a fine of 10% on the property’s value every 6 months.
- Stamp duty for non-residents has increased to 10%
Please note that this bill has created quite a few uncertainties in respect of land and property ownership and we expect on-going clarifications to be made by the Government. However, we can also see the positive side with new developments happening around the place and few more new properties becoming available for sale which will benefit the locals and foreigners as well that are willing to do developments.
Should you have any questions in relation to this please do not hesitate to contact us via email email@example.com / firstname.lastname@example.org or call us on +679 345 0034.