The RBF also relaxed its policy on foreigners to borrow in the domestic market for purchase or construction of residential properties. This is to encourage the building and construction industry and also for the development of integrated resorts with residential accommodation. I also wish to mention here a related new policy of Fiji My Second Home Scheme which was introduced last year.
The scheme provides an opportunity for citizens of other countries to make Fiji their second home. The financial criteria under the scheme is the compulsory opening of a fixed deposit account of $ for participants over 50 years, and a fixed deposit account of $ for participants below 50 years. Interest income from these deposits is exempt from tax.