There are about 333 islands that comprise Fiji, but not all of them form a part of the Fiji real estate for sale. The local population is around 850,000 and the major earner for the country is tourism. In the past few years, it has become a top destination for the divers and those that want to enjoy the sunshine and the sand. Earlier, these islands were known as Cannibal islands by mariners and were avoided because of the fierce tribes that inhabitated these islands.
There are several restrictions that are place for foreigners that wish to purchase real estate in Fiji. Foreigners that wish to purchase the Fiji real estate for sale need to either get a residency permit or need to get a work permit. If the land area is greater than 1 acre or approximately 4000 square meter, then the prior approval of Ministry of lands is mandatory.
Under the enactment of the foreign Investment Act, 1999, for the development of real estate and development of the real estate in Fiji, any company must have at least 51% ownership by the Fiji citizens and residents. Foreign investors looking for Fiji real estate listings should know that land can only be bought by corporations and not by individuals.
Fiji had a number of coconut plantations and these are now been subdivided and are available for sale through the Fiji real estate listings. The properties are beautiful and large plots of 300 acres and above are also available. The asking price for these plots is around US$250,000. Smaller plots of 1 -5 acres are quite reasonable and will cots approximately US$25,000 ? 100,000.
There are a number of smaller islands that are also available as Fiji real estate for sale and can be purchased by foreign investors at around US$1 million. Rents are quite high and small apartments and villas can be rented out for as much as US$3500 ? 4000 a month.
Buying the real estate in Fiji can take at least 6 months as it?s a very slow work with a number of forms, approvals and verification done by the police. Freehold land is available and this is done via the Torrens title land registration system.
The rental income form the Fiji real estate is taxed at progressive rates and capital gains from the sale of the real estate in Fiji is not taxed. However if the real estate in Fiji that has been acquired and sold within 3 years of the purchase, the capital gains from this transaction is treated as ordinary income and will be taxed as per the rules of the prevailing income tax rates.
Taylor White is an international real estate investor and leading the charge at International Real Estate Listings the worldwide leader in Fiji real estate and Fiji real estate listings. Fiji real estate owners, agents, and developers are encouraged to create an account, upload an unlimited number of listings, write as much creative property details, include a You Tube property video, and it will be activated as a basic listing for 6 months, free.
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