Can Foreigners buy property in Fiji?
YES, Foreigners Can Buy Properties in Fiji!
Are you considering buying property in Fiji as a foreigner? Well, the good news is that foreigners can indeed buy properties in Fiji! Whether you have fallen in love with the country on holiday or are simply looking for a new investment opportunity, Fiji offers some incredible options for foreign buyers.
As the best real estate agency in Fiji, we understand that purchasing property in a foreign country can be an exciting but daunting prospect. That’s why we’re here to help guide you through the entire process, from start to finish, with our expertise, dedication, high standard of ethics and integrity, and our passion for exceeding our client’s expectations.
Before you start searching for your dream property in Fiji, there are a few things you should know. There are three types of land available in Fiji:
FREEHOLD LAND
Looking to buy property in Fiji as a foreigner? Good news! Foreigners are allowed to purchase Freehold Land in Fiji, which means outright ownership with the right to sell it freely forever. It is the most desirable type of land for non-residents and comprises around 8% of all land in Fiji.
Most of the Freehold Land opportunities are located in the northern islands of Vanua Levu and Taveuni. Viti Levu, Fiji’s main island, also has many Freehold Land opportunities, especially along the Coral Coast.
SOME RESTRICTIONS APPLY:
However, there are some restrictions. According to Fiji’s Land Sales Act of 2014, the sale of Freehold “Residential” properties within city/town boundaries to non-citizens is prohibited. Some exceptions to this rule include Strata or Unit Title (like the resort villas available on Denarau Island), Industrial or Commercial purposes, Residential purposes within an Integrated Tourism Development, and Operation of a Hotel.
If a non-citizen purchases Freehold Land, the Land Sales Act of 2014 requires that they build a “new residential dwelling within 24 months” that “incurs building costs not less than $250,000 FJD”. If the Freehold Land is over one acre, approval from the Minister of Fiji’s Lands Department will be required.
Contact Fiji’s best real estate agency for expert advice and assistance in finding your dream property in the beautiful Fiji Islands.
NATIVE LEASE
Fiji’s indigenous people own approximately 87% of all land in the country, which is known as Native Land. Non-residents can lease Native Land for a period of 99 years but cannot own it outright. The leases allow the lessee the right to exclusively occupy the land for a set period of time. While the lessee pays a “normal purchase price,” they are only leasing the land. The annual land lease payments are typically very low, and the leases usually carry development conditions that require lessees to develop within a certain time period. The leases can be sold or transferred with approval, and they are overseen by the TLTB (iTaukei Land Trust Board). Native Land is found across the country, and interested parties can contact a real estate agency to explore the various leasing opportunities available.
CROWN LEASE
If you’re looking to lease land in Fiji, you should know that the country has three types of land: Freehold Land, Native Lease, and Crown Lease. Crown or State Land in Fiji is owned by the government and is available for lease. The Department of Lands oversees approximately 5 percent of land in Fiji, which is state-owned. The same provisions under the Land Sales Act of 2014 that apply to Freehold Land also apply to Crown Land leases. This means that non-citizens are prohibited from purchasing Crown Land for residential purposes within town or city boundaries, except for Strata or Unit Titles, Industrial or Commercial purposes, or Residential purposes within Integrated Tourism Development. Lessees are usually granted the right to exclusively occupy the land for a period of time, typically 99 years, with low annual land lease payments.
Fiji follows a Torrens Title land registration system, which guarantees the title constitutionally by the State. Real estate in Fiji can be owned by individuals, companies, partnerships, joint ventures, or trusts. Non-Residents can sell a property to another Non-Resident, but they must obtain consent from the Ministry of Lands before entering into a binding contract. VAT is currently at 9%, and whether it applies or not depends on whether the vendor is registered for VAT.
Capital gains tax is 10% on profits from the sale of properties in Fiji, while Stamp Duty on real estate transactions has been eliminated in the 2020 Budget, providing instant savings for buyers. It is recommended to buy now before any changes in policies.