Property owners can sell their property at any time after settlement, subject to fulfilling all necessary Fijian regulatory approvals, including payment of 10% Capital Gains Tax, if due.
Yes, non-residents can sell properties to another non-resident buyers in Pacific Harbour. There are restrictions on the sale of freehold and crown residential property in the urban areas of Fiji only. For any vacant freehold lot there is a requirement to build a new home costing no less than FJD $250,000 within 2 years of settlement, if the property is owned by non-residents.
There is 10% Capital Gains Tax due on your net proceeds of the sale of property in Fiji. Certain exemptions and allowances are permitted by FRCA on a case by case basis.
For example, in accordance with Section 7(1)(d) of the CGT Decree if the subject property was your primary residence for entire time then Capital Gains Tax will not be applicable.
CGT is assessed at the time of sale by FRCA and generally your solicitor or accountant will prepare the CGT submission, but we are always involved in both managing the communication between the parties and providing any improvement cost information we may have for our HPS Clients.
For further information on Capital Gains Tax in Fiji we would be happy to refer you to a locally based solicitor or accountant.
Developers are subject to tax on profit. The current corporate tax rate is 20%. You are generally not considered a developer unless you are actively developing and selling property in Fiji, or have a very large acreage and are selling off subdivided parcels, or own several individual properties in Fiji. Please contact a chartered accountant in Fiji for further information.
Most transactions take 60-90 days but this is dependent on the terms of the Sale and Purchase Agreement, any mortgage financing approvals, or other Fiji Government approvals including Capital Gains Tax Clearance and other pre-settlement matters. We would be pleased to provide referrals to very capable solicitors in Fiji that can assist to ensure your purchase or sale is handled in a very professional and efficient manner. We also are very actively involved managing the entire sales process through settlement.
Yes. From 1 January 1,2013 you do don't need Reserve bank approval to remit funds overseas up to the following limits:
- Dividends and profits up to $500,000 per business per annum
- Withdrawal of investment up to $500,000 per applicant per annum
Over these limits require approval from the Reserve bank and approval is easily obtained if all taxes in Fiji have been paid.
We will do our utmost to ensure your property sells as quickly for you as possible, and at a fair price. We will stage and take photographs of your property to make it immediately appealing to a prospective buyer. These images will be both listed on our website and displayed at our well-located office in the heart of the Arts Village, Pacific Harbour. We will also disseminate the listing details through our wide online social network, and to consider listing the property online on international property portals for maximum sales exposure.
For a fast sale, we can recommend an Open Home – for this we will advertise your villa in the national Saturday papers then open and stage your home for inspection.
We may offer you a ‘Sale Optimization’ Package that includes a gardening team, the staging of your home, advertisement in Saturdays edition of the national press and any minor repairs that should be attended to.
For showpiece properties we are also able to complete a comprehensive international marketing campaign.
We will not charge you a cent until your home has been legally sold and the Certificate of Title transferred into your buyers name. Upon completion, your lawyer will disseminate funds including an agreed upon rate of commission that we have negotiated with you. This is usually 5% + VAT.