Peter Knight, of the highly respected Cromptons Solictors of Suva, comments:
We are the solicitors for Mr. David Miller, in the sale of freehold lots of land at Koro and have been acting in this capacity for a number of years. The land in question is freehold. Non-residents of Fiji are permitted to purchase land in Fiji subject, in the case of land in excess of 1 acre, to the consent of the Minister for lands under the Land Sales Act. In this case, Mr. Miller has obtained a blanket consent from the Minister for Lands for first sales to purchasers. Separate titles are available for all the lots. The lots are free from all encumbrances save for easement certificates relating to the estate roads.
Subject to the obtaining of building permit from the local authority, it is possible to construct homes on the lots. Stamp duty of 2% of the purchase price is payable on the sale and purchase agreement on transfer. Visitors to Fiji are allowed to stay in Fiji for up to six months in any one year on a visitors permit. Any person who is able to show that he/she has an assured income of a satisfactory amount from outside Fiji will qualify for a residents permit of up to three years initially. Our nearest neighbours of Wakaya Island have a similar concept of luxury resort and freehold home sites.
A recent article in Island Business states:
Others are Wakayas residents, the owners of palatial houses erected on some of the 500 to 600 ft high ridges of the island for the enjoyment of magnificent seascapes, panoramas, sunrises and sunsets. You are talking US$900,000 to more than US$2.3 million for one of these. Thats not counting the price of the site. That ranges from US$500,000 for a two acre lot to over US$1 million for larger estate lots of around eight acres. Sixty of Wakayas 90 lots have been sold and so far eleven houses have been built.