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Monday, August 18, 2008

Reserve Bank of Fiji amends policy on remittances

The Reserve Bank of Fiji has amended its policy guidelines for former Fiji residents to boost remittance and investment. Under the revise Exchange Control Act, former Fiji residents issued with permanent resident visas will be considered Fiji residents.

The new policy amendments in effect are:

· for the issue and transfer of securities, former Fiji residents will no longer require approval for issue of shares, either new or additional, or transfer of shares; and offshore settlement will not be applicable;

· in the case of local borrowing by an individual, approval will not be required for the purchase of property to be fully funded from offshore;

· where shares are held by former Fiji residents, it will now form part of the local ownership since they are now considered Fiji residents; and borrowing will not require RBF approval if residents hold majority shares;

· on the issue of dividends and profit remittance, they will be encouraged to retain funds in Fiji as they are now considered Fiji residents;

· for former Fiji residents accounts held with the commercial banks, they may be allowed to hold external and or foreign currency account which are funded from external sources; and

· former Fiji residents will be allowed to repatriate their investment initially contributed from offshore on a condition that funds are sourced from income earned in Fiji.

This will encourage former Fiji residents and Fiji citizens abroad in investing back home or just by sending money back home to their families, friends and or loved ones, in return, it will improve the island nation’s remittances and offset loses from “brain drain.”

For advice on investment in Fiji, pls email info@gilbert.com.fj or call telephone (679) 3342719.

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