Buying Property in Fiji
The foreign ownership of property in Fiji is restricted. If a foreigner wishes to purchase land then he/she requires either a residence permit or a work permit. Also, in case the area of the property is greater than 1 acre, then there has to be an approval obtained from the Minister of Lands. However, if a foreigner wishes to purchase an apartment, he/she can easily do so. This is because the trend of apartment living is not very popular there and hence there are very less takers for apartments. However, the only evidence of some sort of apartment living popular in Fiji is in the beach condominiums.
Also if a foreigner intends to rent a property out, then it is not allowed. Renting is a “restricted economic activity”. If 51% of the equity is held by a Fijian is when the Fiji law allows a foreigner to rent a property out.
Once a buyer chooses a property, the documents for sale are prepared by the help of a solicitor. These documents are then submitted to the Stamp Duties Office for stamping and payment of transfer tax. This process can take up to 7 days.
Once the stamping process is complete and the transfer tax is paid, the buyer and the seller meet at the Registrar of Titles office for settlement. This is where the verification of the title deeds is done and then the transfer documents are submitted for registration. It is at this point that a “guaranteed search” can be requested to verify any pending encumbrances on the property.
From here on, it can take up to 60 days before the new title is issued in the name of the buyer. The payment in the mean time is done in accordance with the agreement between the two parties during the time of purchase.
Buying Property in New Zealand
A wonderful country with a low ratio of population combined with excellent climatic conditions, New Zealand is considered to be a paradise to live in and is the chosen haunt of many foreign nationals. The process of purchasing property is much easier and less tedious than in many other countries and what makes it more attractive is the fact that you do are not levied any stamp duty or capital gains tax.
Acquiring property in New Zealand is quite uncomplicated and hassle-free much to the surprise of foreign buyers. Various properties to suit your requirements can be sourced out through the net or real estate agents. The main information that is mandatory in purchasing a property in New Zealand are an independent valuation of the property in question, a title search, inspection of the building, and a local council report (LIM report).
Once the property has been decided upon, things can move really fast if all other matters are conducive. Initially, you need to draw up a contract specifying the details of the sale including the price decided upon, the mode of payment, the time frame required, etc. Any specifics of the property in question can also be mentioned in the contract which is basically between the buyer and the seller.
Once the contract has been finalized, the agreement is sealed by the payment of a deposit which is usually 10% of the value of the property. Matters like getting the property title deed registered in the name of the new owner and other legal documentation can be done before the ‘settlement date’ and after paying the remaining money to the seller, the new owner can take stock of his property. The whole process could be completed within a time gap of 4 – 6 weeks.
New Zealand also allows facilities of mortgage via its banks and other financial institutions irrespective of your nationality. In fact, the banking system is so very efficient that you may finalize arrangements within a short period of 24 hours even.
Buying Property in Australia
Australia has recently made some changes in their laws regarding non-resident ownership of property. In the past few years there have been foreign buyers bidding up local sales and letting the land and properties lie undeveloped or unoccupied. This “land banking” drove up prices, increasing the average price of a house from $450,000 in 2008 to $524,000 in 2010. As a result, Australia has increased restrictions on foreign ownership of property.
If you are an investor that wants to buy a house or multi-family housing for redeveloping you have to start the work within 24 months of purchase. You have to apply to the Foreign Investment Review Board (FIRB) for approval to buy residential or commercial real estate. This is because they want to insure that when foreign investors buy any property, it will benefit the community. It doesn’t matter what the value of the property is, you need FIRB approval if you’re not a citizen.
You will wait most likely 30 days before you know what FIRB has decided about your application. There is no general approval; you must apply to purchase a specific property. If you just want to rent it out or are buying it for speculation, your application will be refused. A second residence for vacation purposes will not be approved if you’re not a resident.
If you buy from a developer they will apply to FIRB on your behalf. If you buy property this way, referred to as “buying off the plan”, you may rent it out after it is built, sell it or use it yourself. Further, you can’t hold more than half the property in any development. Before you buy, be sure to verify the FIRB letter! If you do intend to become a landlord be aware that there are regular taxes to be paid.
There are a few more rules that non-Australians must follow when buying property. If you do not reside in that country you cannot buy an existing house but must buy or build a new one. If you buy a property for your own use and decide to move out of the country you must sell the property when you leave. If you violate any of Australia’s property ownership rules, the property will be confiscated and sold by the government.