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Jan 10, 2013

Fiji's simple but slow transaction process


How high are realtors’ and lawyers’ fees in the Fiji? What about other property purchase costs?

Transaction Costs

Who Pays?
Stamp Duty 2.02% buyer
 
Costs paid by buyer 2.02%  
Costs paid by seller 0%  
ROUNDTRIP TRANSACTION COSTS 2.02%  
See Footnotes
Source: Global Property Guide



Footnotes to Transaction Costs Table

Stamp Duty
Stamp duty on property transfers is around 2.02% of the value of the property. Stamp duty is payable to the Stamp Duties Office based within the Fiji Revenue and Customs Authority (FRCA) office.

Foreign ownership of property is restricted.

  1. Land cannot be acquired without a residence or work permit.
  2. Purchases of more than 1 acre have to be approved by the Minister of Lands.

Foreigners can freely purchase apartments. Apartment living is unusual in Fiji, though there are some beach-resort condominiums.

In addition a foreigner cannot freely rent out property. By law, real estate management activities (which include renting out an apartment) are a “restricted economic activity”. Fijian law only allows foreign participation in restricted activities if 51% of the equity is held by Fiji citizens. In addition, owners must have the permission of the Fiji Trade and Investment Board (FTIB), but this is a formality which takes only 5 working days.

In Fiji freehold or land tenure is via a Torrens title land-registration system with the title guaranteed constitutionally by the State.

The process of buying land in the islands is relatively simple, but slow. Land titles are secure because Fiji freehold or land tenure is via a Torrens title land-registration system with the title guaranteed constitutionally by the State. You will be required to fill out forms, submit a police verification that you have no criminal record, and do various other tasks such as paying duties. It usually takes from 3 - 6 months to have a sale finalized.






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