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Fiji is an island nation of more than 300 islands in the South Pacific Ocean. It has a reputation for pristine beaches and large tracts of lush land, which make it a desirable place to buy real estate. While Fiji's culture and geography are relaxed and tropical, political and legal considerations make buying property in Fiji a little tricky.
Real estate sector in Fiji offers a brighter prospectus to investors; about 9% of all land in Fiji is freehold and can be owned outright by foreigners. Land titles are guaranteed secure freehold titles under the Torrens Title System (similar to the system used in Australia and New Zealand).
Foreigners who purchase freehold land in Fiji hold title to their property. Furthermore, Fiji's government encourages foreign investment through the Fiji Trade and Investment Bureau (FTIB). The FTIB is a government agency that has set up procedures that are specifically geared to allow and encourage foreign investment in Fiji.
There are 3 types of land in Fiji, they are:
Freehold- Land accounts for 8.2% of the land and can be boughtoutright. The Minister of lands consent must be obtained for purchase over one acre of freehold land.
Crown lease land- accounts for 8.4% of the land area and can be leased from the Crown. The offer for sale of property on crown land of over 10 hectares must be advertised locally before an application for consent is considered by the Minister. This procedure gives the opportunity for local Fijians to apply first before property is sold to foreign investors. This land is leased from Government.
Native lease land- has the largest holding with 83.4% of the land and can be leased from indigenous landowners through the Native Land Trust
Board (NLTB). Native land is owned by Fijians in communal tenure with Surplus land, outside reserve land, able to be leased but not to be sold.
There are five main lease classifications- agriculture, residential,Commercial, industrial and special with each one holding separate Lease procedures and regulations.
The island is also a beautiful, verdant destination, not over-commercialized; with a range of top adventure activities and sightseeing attractions as well as offering a secure, safe and relaxing lifestyle.
By: Shabina Sanad
GOWEALTHY.COM © 2008
For comments: editor@gowealthy.com
