As part of an initiative to assist Fiji's balance of payments, the Interim Prime Minister and Minister for Finance Commodore Frank Bainimarama has announced the opening of Foreign Currency Accounts Scheme for non-residents.
The Reserve Bank of Fiji has revealed that the Scheme offers tax exemption on interest earned on term deposits held with local banks and deposit taking institutions and under the scheme, non-residents can either hold foreign currency denominated deposits or Fiji dollar accounts.
However, the RBF said on foreign currency deposits, investors with deposits more than the equivalent of FJ$300,000 will be eligible for tax exemptions on the interest income.
The Reserve Bank said the scheme is expected not only to benefit participants but also the country in terms of the expected foreign exchange that would be brought in.
The new Scheme comes into effect from January 1st.
Non-Residents Foreign Currency Accounts Scheme Opened
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