21 Feb 2006

Fiji brings in new rules for foreign property investors

9:31 am on 21 February 2006

Fiji has introduced new rules for foreign investors in the country's booming real estate business.

Fiji TV reports that foreigners buying real estate in Fiji will now have to bring in 50 per cent of their financing from overseas.

The chief executive of the justice ministry, Sakiusa Rabuka, says until now the system has been abused because investors obtain approval from the Fiji Trade and Investment Bureau and then seek financing from local banks and institutions to implement their plans.

Mr Rabuka says if foreign investors come to Fiji, they must be prepared to put their money where their mouth is and bring overseas financing.

He says the new rules mean that they are trying to keep to the true definition of a foreign investor and attract quality investment.