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.