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Reserve Bank Of Fiji Announces Policy Changes

Reserve Bank of Fiji announces policy changes

Jun 23, 2008 - Following the relaxation of local borrowing by non-resident controlled companies announced at the end of April, the Reserve Bank is relaxing the policy on local borrowing by non-resident individuals.

The new guidelines are as follows:

1. Non-resident controlled companies may now apply for exempted status which would allow non-resident individuals investing in their projects to borrow up to 75% locally under the following conditions:

Project would have been 25% completed when the lending policy was implemented in January 2008;

Documentary evidence of completion to be verified by a Chartered Accountant;

Only stage of project in progress at that time of policy change will be exempted.

2. Non-resident individuals can borrow locally up to 60% to build new residences.

3. Non-resident individuals can borrow locally up to $100,000 for maintenance and
repairs of properties.

Non-resident individuals will still be required to fund acquisition of properties entirely from abroad.

These measures come into effect immediately. Details of these measures are available from the Reserve Bank.


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