Government currently looking at provisions in relation to foreigners purchasing properties in Fiji

Minister for Economy, Aiyaz Sayed-Khaiyum says they are currently looking into provisions in relation to foreigners purchasing properties in Fiji.

While speaking at the Nadi Chamber of Commerce Business Forum, Sayed-Khaiyum says they want to ensure that there is investment in Fiji as opposed to holding on to land and speculating on it and the revenue does not come to Fiji.

He adds before, foreigners could not buy residential properties within municipal areas.

He adds outside municipal areas, foreigners could buy land but they had to build within a particular period of time and there had to be a minimum level of investment because there was a lot of price speculation.

The Minister for Economy says in some of the areas, such as Savusavu, the properties changed hands several times and a lot of times, the purchase price never came to Fiji.

He says the amount exchanged hands offshore so people were evading tax and showing very minimum amounts in Fiji.