Further to our legal alert of 23 June 2022, amendments have been made to the Investment (Reserved and Restricted Activities) Regulations 2022 (IRRAR). These amendments:
- provide that a foreign investor must bring, into Fiji, “at least FJD $300,000” within 3 months from the date of incorporation. Previously this referred to the “investment amount” which in the case of restricted activities was more than FJD $300,000
- require foreign investors engaging in restricted activities to provide a progress report on the remittance of the total investment amount within 1 year, and
- introduce exemptions (in italics below) to the following restricted activities:
…..
| 7. | Subclass 55101 | Homestay and backpackers – motels, motor hotels, guesthouses, bed and breakfast units, visitor flats and bungalows, holiday homes, chalets, housekeeping cottages and cabins, youth hostels and mountain refuges
|
$1,000,000 | Development or purchase of individual units relative to timeshare, holiday homes, villas and apartments are exempt from the minimum investment threshold of $1,000,000
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| 8. | Subclass 55101 | Hotels or resorts
Suite/apartment hotels
Time-share units |
$2,000,000 | Development or purchase of individual units relative to timeshare, holiday homes, villas and apartments are exempt from the minimum investment threshold of $2,000,000
|
These amendments apply from 1 August 2022.
Please contact Richard Naidu, Glenis Yee, Rajnil Krishna or Janice Fong for further information on this Alert.
Disclaimer
The information and opinions in this Legal Alert are for general information purposes only. They are not intended as specific legal or other professional advice and should not be relied upon or treated as a substitute for specific advice. Munro Leys can accept no responsibility for any loss arising from reliance on the general information contained in this Legal Alert..