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Thursday, December 3, 2020

Fiji Property and Citizenship Guide

Location of Fiji

Key Facts:

Climate – tropical marine; only slight seasonal temperature variation

Population (2020) – 926,276

GDP (Per Capita) (2018) $5,876

Official language – Fijian, English, Fiji Hindi

Major religions – Christianity (64.4%), Hinduism (27.9%), Islam (6.3%)

Ethnic Groups – Indigenous Fijians (56.8%), Indo-Fijians (37.5%), Rotumans (1.2%) 

Government – parliamentary republic

Currency – Fiji Dollar (FJD), 1 FJD = $0.47

Taxes – Resident individuals are liable to tax on taxable income accruing in or derived from Fiji or elsewhere. Non-residents are liable to tax only on taxable income accruing in or derived from Fiji. Pensions received by non-resident pensioners from a Fiji source will not be taxed. When a non-Fiji citizen is in Fiji mainly for employment purposes under a contract of employment of not more than three years, income other than employment income is not subject to tax in Fiji if it is not derived from or does not accrue in Fiji. Income tax is assessed on taxable (chargeable) income. Where the taxable income of a resident exceeds $23,640, income tax is $1,702 plus 20% in excess of $23,640. In the case of non-residents, income tax is 20% of the taxable income. In addition to income tax, social responsibility tax (SRT) and environment and climate adaptation levy (ECAL) are imposed on chargeable income.

Residency by Investment:

Permanent Residence Permits are granted to non-citizens who considers his or her home to be in the Fiji Islands and whose presence in Fiji will be beneficial to the interests of the Fiji Islands or to a citizen or citizens of the Fiji Islands.

Citizenship by Investment:

Investment Options:

Option 1 – 7year Investor:

A 7 -Year Investor Permit is issued to foreign investors who are able to show proof that a minimum of $118,201 has been remitted from offshore and injected into the local economy as part of one’s investment portfolio under the ambits of Section 39 of the Immigration Regulation, 2007. The following is also required:

  • A Fiji Trade and Investment Bureau’s investment approval letter.
  • A certified copy of a Foreign Investment Certificate issued by FTIB.
  • A properly filled-in application in the official form provided by the Immigration Department.
  • Certified copies of the applicant’s passport/s (bio-data page).
  • Police reports in respect of the applicant from the country of citizenship and/or residence where he/she lived for 12 months or more in the last 10 years.
  • Medical reports conducted within 3 months or less from the date of application.
  • The requisite fee.

Option 2 – 3 year Investor:

The 3-Year Investor Permit is granted to non-citizen investors who are engaged in a business project approved by the Fiji Islands Trade and Investment Bureau (FTIB) for a minimum of $23,640. FTIB approval is via the issuance of a Foreign Investment Certificate (FIC). Authority is under Section 9(2)(c) of the Immigration Act, 2003. The following are also required:

  • A Fiji Trade and Investment Bureau’s investment approval letter clearly stating the shareholding structure.
  • A certified copy of a Foreign Investment Certificate issued by FTIB.
  • A properly filled-in application in the official form provided by the Immigration Department.
  • Certified copies of the applicant’s passport/s (bio-data page).
  • Police reports in respect of the applicant from the country of citizenship and/or residence where he/she lived for 12 months or more in the last 10 years.
  • Medical reports conducted within 3 months or less from the date of application.
  • The requisite fee.

Why it makes sense?

  • High approval rate
  • It allows for any child, spouse and former Fiji citizen to apply for citizenship by registration.
  • It also allows foreigners, who are working, investing or residing in Fiji for the last ten years, to apply for Fiji citizenship by naturalization.
  • Government introduced the concept to allow those that might have left the country to return and re-invest in the country.
  • It has also opened up new opportunities for persons falling into the qualifying categories to return either as retirees or investors.

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