"Leading Fiji to Economic Sucess"

FOREIGN CURRENCY PAYMENTS effective from 2 April 2020 (revised 11 June 2020)

Note: Reserve Bank approval must be obtained for all payments above the Delegated Limit.

(Conversion of F$ into foreign currency including deposits into designated F$ external accounts of non-residents and payments made out of account holders’ foreign currency accounts)

Type of Payment Delegated Limit Documentary Requirements(to be  sighted and stamped by authorised dealers) Documentary Requirements for Reserve Bank Approvals
Airline Ticket Sales (applicable only to overseas airlines with offices or agents in Fiji)  

Up to $1,000,000 per application

 

  • Documentary evidence that amounts applied for are sourced from the Airline’s ticket sales e.g. bank statement, invoice etc;
  • Tax clearance for amount due above $20,000 per application or invoice; and
  • For payments below $20,000, the invoices must have the “Remittance Approved” stamp by FRCS.
 

  • Tax clearance; and
  • Documentary evidence that amounts applied for are sourced from the Airline’s ticket sales.
Charges/Fees/Services

  • Freight & Shipping
  • Other Transport Charges
  • Royalty & Commisson

Patents, Copyright

  • ·      Brokerage & Other Charges to agents and representatives outside Fiji
  • ·      Movie/Film Hire, News Service
  • ·      Repair – domestic air/shipping, other
  • ·      Technical, Professional & Management Fees
  • ·      Advertising
  • ·      Office Expenses
  • ·      Software, etc
  • ·      Visa Application Fees
  • ·      Reimbursement/Refund
  • ·      Other
 

Up to $1,000,000 per invoice

 

  • Invoice or statement for payment due;
  • Tax clearance certificate for amounts above $20,000; and
  • For payments below $20,000, the invoices must have the “Remittance Approved” stamp by FRCS.

 

Note:

(1) In the case of refunds and reimbursement, a tax clearance is not required if funds are received within a month from the date of repatriation.

 

(2) All commercial banks and FX Dealers payments including head office expenses or reimbursement charges require Reserve Bank approval.

 

(3)Head Office expenses by Institutions licensed by the Reserve Bank is not delegated.

 

·   Invoice or statement; and

·   Tax clearance certificate.

Court Order Payments

a)     Alimony

b)     Collection of debt

c)     Other

Up to the full amount
  • Signed Court Order
  • Copy of beneficiary’s foreign passport or PR visa
Out Of Court Settlement Requires Reserve Bank approval
  • Tax clearance for amounts above $20,000;
  • Out of Court Settlement Agreement; and
  •  Beneficiary’s foreign passport or PR visa
Type of Payment Delegated Limit Documentary Requirements

(to be sighted and stamped by authorised dealers)

Documentary Requirements for Reserve Bank Approvals
Credit Card Payments

·        Personal

 

 

 

 

·      Corporate Cards

 

 

 

·      Cash drawing

 

$5,000 per month

 

 

 

 

$10,000 per card per month

 

 

$1,500 per month

·   Statement of account.

·   Please note that payments for overseas issued credit cards must have the “Remittance Approved” stamp by FRCS.

 

 

·   Statement of account.

·   Please note that payments for overseas issued credit cards must have the “Remittance Approved” stamp by FRCS.

 

Note:

1.        The monthly limits of $5,000 & $10,000 apply to the repayment of offshore transactions on locally issued credit cards.

2.        Credit cards payments that are funded from an

external account are not subject to the monthly limits.

·   Statement of account.

·   Tax clearance for amounts above $20,000; and

·   TIN letter or FRCS joint card

Note: For payment of overseas issued credit cards below

$20,000, the statment must have the “Remittance Approved” stamp by FRCS.

 

·   Same as above

Debit Card Facility

·          Monthly Overseas Usage

$2,000 per month Note:

1.        Debit cards that are funded from an external account are not subject to the monthly limits

2.        Monthly limit applies to overseas usage only

Any requests above the monthly limit must be emailed to ecservice@rbf.gov.fj by the Commercial Banks together with the supporting documents. Considerations will only be

given to special/one-off cases.

Deposits into F$ External A/cs

·       Salaries & wages from employment in Fiji

 

·       Interest payable on the account

 

·       Payments from other external accounts

 

·       FNPF Proceeds/Pension funds

 

·       Tax Refunds

 

·       Proceeds from sale of foreign currency sourced from

external sources or remaining from travel funds uplifted

 

Up to the full amount Up to the full amount Up to the full amount Up to the full amount

Up to the full amount Up to the full amount

 

  • Pay slip which should indicate tax has been deducted

 

 

  • ·n/a

 

 

  • Documentary evidence of source of funds

 

 

  • Confirmation from FNPF or bank statement to show deposit of FNPF funds

 

  • ·Confirmation from FRCS or bank statement to show deposit of tax refund
 

 

 

 

 

 

 

 

 

 

 

 

Note: There are no Exchange Control restrictions on the remittance of funds from an external account provided that all documentary requirements for the local deposits were met.

Type of Payment Delegated Limit Documentary Requirements

(to be sighted and stamped by authorised dealers)

Documentary Requirements for Reserve Bank Approvals
Deposits into F$ External A/cs

·       Proceeds of sale of assets/personal effects/maturity proceeds

 

 

·       Income from rental/directors fees/gratuity

 

 

 

 

·       Living allowance/fees etc from local sources

 

 

 

·       Reimbursement of rental bond/Immigration bond

/Claims/others etc

 

 

·       Other funds from local sources

 

Requires Reserve Bank approval

 

 

Up to $50,000 per annum

 

 

 

 

 

Up to $2,000 per month

 

 

 

 

Up to $10,000 per month

 

 

 

 

Up to $200 per month

 

·   Tax Clearance Certificate for amounts above $20,000

·   Capital Gains Tax certificate w.e.f 1 May 2011; and

·   Signed Sale & Purchase Agreement or documentary evidence of sale.

 

·   Tax Clearance Certificate for amounts above

$20,000. For payments below $20,000, the document must have the “Remittance Approved” stamp by FRCS;

·   Rental agreement or letter from the company authorising payment of gratuity/directors fees.

 

·   Confirmation from the organisation on the purpose of payment and that the account holder is employed by the organisation

 

 

·   Tax Clearance Certificate for amounts above $20,000

·   Letter from the landlord or from the Institution confirming the reimbursement of expenditure;

·   Cheque or refund letter from the Immigration Department.

 

·   Tax Clearance Certificate;

·   Capital Gains Tax Certificate w.e.f 1 May 2011;

·   Signed Sale & Purchase Agreement.

 

 

·   Tax Clearance Certificate;

·   Rental agreement; and

·   Letter from the company authorising payment of gratuity/directors fees

 

 

·   TIN letter or FRCS joint card;

·   Confirmation from the organisation on the purpose of payment and that the account holder is employed by the organisation;

·   Tax clearance for amounts above $20,000

 

·   Tax Clearance Certificate for amounts above $20,000;

·   Letter from the landlord or from the Institution confirming the reimbursement of expenditure;

·   Cheque or refund letter from the Immigration Department.

Education Expenses

·          Paid directly to the education institution

 

 

·          Paid directly to the student/nominee

 

 

·          Scholarship Payments by recognised institution

 

Up to $100,000 per student per annum

 

 

Up to $20,000 per student per annum

 

 

Up to full amount due

 

·   Current invoice from the Institution.

Note: Payments to third party must be reflected in the invoice from the Institution.

 

·   Enrolment letter on letterhead current letter from the Institution or current letter from the Institution; and

·   Statement of expenses for the current year.

Note: Nominee must hold PR visa or foreign passport.

 

·   Confirmation of scholarship by Institution

 

·   Current invoice from the Institution.

Note: Payments to third party must be reflected in the invoice from the Institution.

 

·   Enrolment letter on letterhead or current letter from the Institution;

·   Statement of expenses for the current year; and

·   TIN letter or FRCS joint card.

Note: Nominee must hold PR visa or foreign passport.

Type of Payment Delegated Limit Documentary Requirements

(to be sighted and stamped by authorised dealers)

Documentary Requirements

for Reserve Bank Approvals

Emigration Allowance Source of Funds

·          Sale of personal assets

·          Maturity of life insurance

·          Death benefits

·          Rental/directors fees

·          Savings/FNPF/Refund

·          Estate Funds

·          Pension

 

Up to $150,000 per family per annum

 

·   Valid passport (including family members)

·   Permanent     resident                         visa/Returning                         Residence visa/Residence visa (including family members)

·   Tax Clearance Certificate for amounts above $20,000

·   Airline Tickets(where applicable).

·   Capital Gains tax certificate (if source of funds is from sale of asset in Fiji w.e.f 1 May 2011)

 

·   Valid passport (including family members);

·   Permanent         resident                            visa/Returning                            Residence visa/Residence visa (including family                members);

·   Tax Clearance Certificate;

·   Airline Tickets (where applicable);

·   Capital Gains tax certificate (if source of funds are from sale of assets in Fiji w.e.f 1 May 2011)

 

*Tax clearance is not required if funds applied for are solely sourced from the applicant’s

FNPF funds or tax refund.

Note:

·   Authorised dealers to ensure that the last page of Fiji passports are endorsed with the amount of foreign exchange facilities approved for emigration

·   Emigrants are only allowed to carry Fiji currency

notes up to $500 and foreign currency notes up to the equivalent of F$10,000 (inclusive of the F$500)

·   Travel allowance is not applicable for emigrants.
 

Gifts

 

Up to $2,000 per applicant per beneficiary per annum

 

·   TIN letter or FRCS joint card of the applicant; and

·   Evidence of relationship (where applicable).

 

·   TIN letter or FRCS joint card of applicant;

·   Beneficiary’s Permanent Residence visa;

·   Tax clearance for amounts above $20,000;

·   Deed of Gift (for gift above $50,000); and

·   Evidence of relationship (where applicable).

Government Department

Payments/Transfers including the following payments:

 

·          Funding of Offshore Accounts

·          Payment of allowances for Government officials on overseas attachments

·          Payments to be deposited into the external accounts of expatriate staff

·          Other Government payments

 

Up to full amount

·   Approval  letter  from  the  Ministry  of  Economy or

relevant approval/documents from the Line Ministry;

·   Invoice for amounts due;

·   Tax clearance certificate for amounts above $20,000; and

·   For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS.

 

Note: Commercial banks will not be required to follow up on the original custom entries for advance import payments made by Government Departments.

Type of Payment Delegated Limit Documentary Requirements

(to be sighted and stamped by authorised dealers)

Documentary Requirements for Reserve Bank

Approvals

Import Payments

·     Goods on board ship or aircraft, or goods landed but awaiting Customs clearance.

 

 

 

·      Goods already landed & cleared by the Fiji Customs (inclusive of freight & Insurance for shipment)

 

·     Prepayment of term bills for goods already landed & cleared by Fiji Customs

 

 

·     Advance Import Payments prior to shipment of goods

 

Note:

·     Advance Payment to a personal account is only delegated up to $2,000 per invoice.

 

·     Advance Payment to a party other than the supplier must be clearly stated in the payment terms of the invoice.

 

Up to full payment due for Letters of Credit and Sight Draft arrangements.

 

 

 

Up to the full payment due

 

 

 

Up to $1,000,000 per invoice

 

 

Up to $2,000,000 per invoice

 

·   Original supplier’s invoice showing the value of goods imported;

·   Original Bill of Lading or Airway Bill confirming details of the current shipment or cargo; and

·   Relevant original Customs documents upon receipt of goods in Fiji

 

·   Original      supplier’s      invoice                    and                Customs                    SAD documents.

 

 

·   Supplier’s invoice;

·   Supplier’s demand for immediate payment; and

·   Original Customs SAD documents to be provided once goods have been cleared by Customs

 

·   Invoice from supplier, which includes request for payment prior to shipment of goods;

·   For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS ;and

·   Original Customs SAD documents to be provided to authorised dealers for stamping within 30 days of arrival of goods to Fiji.

 

Note: Commercial banks will report to the Reserve Bank on a quarterly basis all companies that default in the provision of original Customs SADs for amounts above

$50,000.

 

 

 

 

 

 

 

 

 

 

 

·   Supplier’s invoice;

·   Supplier’s demand for immediate payment; and

·   Customs SAD documents.

 

 

·     Invoice from supplier, which includes request for payment prior to shipment of goods; and

 

·    Original Customs SAD documents to be provided to authorised dealers for stamping within 30 days of arrival of goods to Fiji.

 

Merchanted Goods

 

Up to $200,000 per invoice

·     Supplier’s invoice;

·     Company’s invoice to its overseas customer;

·     Confirmation of funds once received in Fiji; and

·    For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS.

 

Note: Commercial banks will report to the Reserve Bank on a monthly basis all companies that default in the provision of bank confirmation within the 30 day period.

 

·   Company’s invoice to its overseas customer;

·   Supplier’s invoice; and

·   Confirmation of funds once received in Fiji.

Type of Payment Delegated Limit Documentary Requirements

(to be sighted and stamped by authorised dealers)

Documentary Requirements

for Reserve Bank Approvals

Payment to Third Party (Goods already received in

Fiji)

 

Up to $100,000 per invoice

 

·   Supplier’s invoice. For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS;

·   Letter from the supplier stating payment to be made to third party; and

·   Original Customs SAD documents.

 

·   Supplier’s invoice;

·   Customs SAD documents; and

·   Letter from the supplier stating payment to be made to third party.

 

Oil Import Payments

 

Requires RBF approval

 

·   Supplier’s invoice;

·   Customs SAD documents; and

·   Confirmation of all re-export shipments.

 

Lubricant/Engine Oil/Hydraulic Oil

 

Up to $100,000 per invoice

 

Note: This delegation does not apply to fuel companies (i.e. Total Fiji, Mobil and Pacific Energy)

 

·   Supplier’s invoice. For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS; and

 

·   Original custom SAD documents.

 

For advance payments, the original custom SAD documents must to be provided to authorised dealers for stamping within 30 days of arrival of goods to Fiji.

 

·   Supplier’s invoice;and

·   Customs SAD documents.

 

For advance payments, the original custom SAD documents must to be provided to authorised dealers for stamping within 30 days of arrival of goods to Fiji.

Lease Payments

·          Aircraft

·          Fishing or cruise vessels

·          Machinery

·          Other Lease Payments

 

Up to $500,000 per amount due per annum

 

·   Signed lease agreement

·   Tax clearance for amounts above $20,000

For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS.

 

·   Signed Lease Agreement; and

·   Tax clearance certificate.

Loan Repayments

 

·          Principal & Interest (excluding up front fees)

 

 

 

 

·          Loan prepayment

 

Up to $50,000 per amount due as scheduled

 

 

 

 

Requires RBF approval

 

·   Signed Loan Agreement & repayment schedule;

·   Bank confirmation for receipt of loan funds;

·   Audited Financial Accounts; and

·   Tax clearance certificate for amounts above $20,000 or “Remittance Approved” stamp from FRCS for amounts below $20,000

 

·   Signed Loan Agreement & repayment schedule;

·   Bank confirmation for receipt of loan funds;

·   Audited Financial accounts(where applicable); and

·   Tax clearance certificate for amount above $20,000

 

 

·   As above;

·   Lender’s demand for early repayment; and

·   Revised repayment schedule (where applicable).

Type of Payment Delegated Limit Documentary Requirements

(to be sighted and stamped by authorised dealers)

Documentary Requirements for Reserve Bank Approvals
Lottery Tickets

Note: upfront payment of lottery winnings is not permitted

 

Up to $500 per applicant per annum

[Applications above this limit are restricted]

 

·   Documentary evidence from recognised overseas lotteries only (not pyramid selling e.g. dollar jet)

 

·   Documentary evidence from recognised overseas lotteries only (not pyramid selling e.g. dollar jet)

Insurance Payments Offshore by local licensed Insurance Brokers

 

** Placement Offshore

 

Gross premium up to

$100,000 per insurance policy per annum

 

Note: Gross premiums above $100,000 will require the prior approval of the Insurance Unit of the Reserve Bank.

 

·   Invoice from the Offshore Insurer. Invoice must state the gross premium amount;

·   Tax clearance certificate for amounts above $20,000;

·   For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS; and

·   Form D approval for gross premiums payments above $100,000 per policy per annum.

·   Completed Form D

·   Invoice from the Offshore Insurer. Invoice must state the gross premium amount;

·   Tax clearance certificate for amounts above $20,000;

·   For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS.

Insurance Payments Offshore by Individuals/Companies

 

** Placement Offshore

 

Requires RBF approval

 

Note:

·   Refers to individual/companies that deal directly with an offshore insurer, without the arrangement or effected by a local licensed insurance broker.

 

·   Will require the prior approval of the Insurance Unit of the Reserve Bank.

 

·   Completed Form D

·   Tax clearance certificate for amounts above $20,000; and

·   For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS.

Re-insurance Payments Offshore  

Requires RBF approval

 

Note: Will require the prior approval of the Insurance Unit of the Reserve Bank.

 

·   Completed Form D

·   Tax clearance certificate for amounts above $20,000; and

·   For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS.

 

Maintenance

 

Up to $2,000 per applicant per beneficiary per annum

 

·   TIN letter or FRCS joint card; and

·   Evidence of relationship (where applicable)

 

·   Copy of the Permanent Residence visa of beneficiary;

·   TIN letter or FRCS joint card;

·   Tax clearance certificate for amounts above $20,000; and

·   Evidence of relationship (where applicable).

Type of Payment Delegated Limit Documentary Requirements

(to be sighted and stamped by authorised dealers)

Documentary Requirements for Reserve Bank Approvals
Medical Expenses

 

·          Paid directly to the Medical Institution

 

 

·          Paid directly to the patient/nominee

 

Up to $100,000 per medical treatment

 

 

Up to $50,000 per treatment

 

·   Invoice or letter from the medical institution stating the amount due; and

·   Visa of the applicant (where applicable).

 

 

·   As above

Note: Nominee must hold PR visa or foreign passport. If the nominee is accompanying the patient, then visa and airline ticket of the nominee is to be sighted.

 

·   Invoice or letter from the medical institution stating the amount due; and

·   Visa of the applicant (where applicable).

 

 

·   As above

·   TIN letter or FRCS joint card

 

Miscellaneous Expenses

 

Up to $500 per applicant per annum

Offsetting of Foreign Exchange Earnings against Foreign Currency Bills Payable

·          Merchandise imports

 

 

 

 

 

·          Other business payments

 

 

 

Up to $100,000 per transaction

 

 

 

 

Up to $100,000 per invoice

 

 

·   Supplier’s and exporter’s invoices;

·   Original Customs SAD Documents and other relevant information;

·   Banks to provide to the Reserve Bank a list of the export warrant numbers that were reconciled.

Note: For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS.

 

·   Invoice of payment due;

·   Tax clearance certificate for amounts above $20,000 per invoice (service related payments).

Note: For payments below $20,000, the invoice must have the “Remittance Approved” stamp by FRCS.

 

 

·   Supplier’s and exporter’s invoices; and

·   Customs SAD Document and other relevant information.

·   Agreement from the parties involved

 

 

 

 

·   Invoice of payment due;

·   Tax clearance certificate for amounts above $20,000 per invoice (service related payments);

·   Agreement from the parties involved.

Type of Payment Delegated Limit Documentary Requirements

(to be sighted and stamped by authorised dealers)

Documentary Requirements

for Reserve Bank Approvals

Offshore Investment

 

·          Individuals

·          Companies

·          FNPF

·          Other NBFI’s

 

Suspended

Pension

·          payments by Government and FNPF

·          Payments by companies

 

Up to full amount

 

·   Documentary evidence from the paying institution; and

·   Foreign passport or PR visa of the beneficiary.

Profit declared and distributed to non-resident shareholders/partners/sole proprietors

·      Capital

·      Dividend or Operating Profit

 

Note:

·      Local borrowing to fund profit remittances is restricted.

 

·      Dividend payments by Institutions licensed by the Reserve Bank is not delegated.

 

Requires RBF approval

 

·   Tax clearance certificate for amounts above $20,000;

·   Audited accounts for amounts above $0.5m per amount to be distributed;

·   Unaudited accounts for amounts of $0.5m and below;

·   Shareholder Dividend Certificate (where applicable); and

·   Directors      Resolution                      approving                      the                      dividend payment.

 

·   Tax clearance certificate;

·   Audited accounts for amounts above $0.5m per amount to be distributed;

·   Unaudited accounts for amounts of $0.5m and below; and

·   Directors’ resolution approving the dividend payment.

Refund

·     Hotel bookings cancelled

 

·     Other (incl. Airline tickets sold locally by travel agent)

 

·     Tax

 

Up to the full amount

 

·   Documentary evidence;

·   Tax clearance certificate for amounts over $20,000;

·   Confirmation from FRCS or bank statement showing deposit of tax refund

Subscriptions to clubs,

societies and trade organisations including entrance fees.

Up to $20,000 per

subscription per annum

·   Invoice or statement for the amount due;

·   The invoice must have the “Remittance Approved” stamp by FRCS.

·   Invoice or statement for amount due; and

·   Tax clearance for amounts above $20,000.

Type of Payment Delegated Limit Documentary Requirements

(to be sighted and stamped by authorised dealers)

Documentary Requirements

for Reserve Bank Approvals

Wages paid in foreign currency cash to foreign crew

members

Up to $50,000 per

withdrawal

·   Bank confirmation of receipt of funds from offshore. ·   Bank confirmation of receipt of funds from offshore.
 

Wedding Expenses

 

Up to $2,000 per applicant per annum

 

·   Documentary evidence of statement of expenses, wedding invitation card, invoices etc.

·   TIN letter or FRCS joint card;

·   Documentary evidence of statement of expenses, wedding invitation card, invoices etc;

·   Beneficiary’s Permanent Residence visa or foreign passport;

·   Tax clearance for amounts above $20,000.

Withdrawal of Investment

·      Sale of Shares/Assets

 

 

 

 

 

 

 

 

 

 

·      Shareholders Funds

 

Requires RBF approval

 

 

 

 

 

 

 

 

 

 

Requires RBF approval

·   Tax clearance certificate for amounts above $20,000

or for payments below $20,000, the invoices must have the “Remittance Approved” stamp by FRCS;

·   Capital Gains Tax Certificate;

·   Signed Sale & Purchase Agreement (or other documentaryfor proof of sale);

·   Bank confirmation that funds originated from offshore (where applicable);

·   Minister of Lands Consent (if applicable); and

·   Reserve Bank approval for the transfer of shares (if applicable)

 

 

·   Tax clearance certificate for amounts above $20,000.

·   Audited Financial Accounts;and

·   Bank confirmation that funds originated from offshore (where applicable)

Tax clearance certificate for amounts above $20,000;

·   Capital Gains Tax Certificate;

·   Signed Sale & Purchase Agreement (or other documentary proof of sale);

·   Bank confirmation that funds originated from offshore (where applicable); and

·   Minister of Lands Consent (if applicable).

 

 

 

 

 

·   Tax clearance certificate for amounts above $20,000;

·   Audited Financial Accounts; and

Bank confirmation that funds originated from offshore (where applicable)

Type of Payment Delegated Limit Documentary Requirements

(to be sighted and stamped by authorised dealers)

Documentary Requirements

for Reserve Bank Approvals

Travel Allowance

·     Fiji Passport Holders (excluding emigrants)

–           Return ticket

 

–           One way ticket

 

·      Foreign passport holders

–           sourced directly from the applicant’s F$ external or foreign accounts

 

–           sourced from F$ resident account

 

–           Others (tourist)

 

 

Up to $10,000 per person per trip Up to $5,000 per person per trip

 

Up to full amount

 

 

Up to $10,000 per person per trip on return ticket

 

Up to the full unutilised balance of funds imported.

 

 

·   Return travel ticket to Fiji and original passport

 

·   One way ticket and original passport

 

 

·   Airline Ticket

·   External or foreign currency account statement

 

 

·   Return travel ticket to Fiji and original passport

 

 

·   Documentary evidence of funds imported must be verified for conversions above F$5,000 per person.

Note:

1.        E-Ticket must be a confirmed ticket with an e- ticket number.

2.        Authorised dealers to ensure that last page of Fiji passports are endorsed with the amount of foreign exchange facilities approved for travel.

3.        Travellers abroad are only allowed to carry Fiji currency notes up to F$500 and foreign currency notes up to the equivalent of F$10,000 (inclusive of the F$500)

4.        Authorised Dealers may issue travel funds to students up to the delegated limit for Travel upon sighting the student visa and travel ticket

5.        Travel funds can only be transferred offshore in the following cases:

·          To the traveller’s own account offshore- Traveller must hold PR or dual citizenship.

·          To the son/daughter’s account of an elderly person travelling- Beneficiary must hold PR visa or overseas citizenship.

·          To the FX Dealer’s correspondent offices offshore.

·          Authorised Dealers are to stamp the back of the travellers passport for travel funds transferred offshore.

 

 

·   Tax clearance certificate for amounts above $20,000 (including $10,000 issued under delegated authority);

·   Return travel ticket to Fiji;

·   Passport; and

·   TIN letter or FRCS joint card.

Other Facilities

Category 2020
 

1.     Foreign Currency – Denominated Business Accounts

 

a)   Exporters

b)   Other FX Earners

 

c)   Regional or Intl Organisations

 

d)   Film Production Companies

 

 

 

·       a) & b) up to F$100,000 per company (inclusive of the FX accounts held in other commercial banks)

 

·       c) fully delegated

 

·       d) fully delegated. FX accounts must be closed upon completion of the film production.

 

2.  Forward      Foreign                       Exchange Cover & Options

 

·          Allow individual commercial banks to write net forward sales contracts up to

$50m; and

·          Commercial banks will not be permitted to purchase foreign currency from RBF to fund their sales contracts

 

3. Offshore Borrowing

 

·          Delegated to authorised lenders up to F$5.0 million per borrower

 

4. Foreign Currency Loans  by local banks

·          Delegated up to F$2,000,000 per company per annum;

 

·          Foreign currency to be sourced from commercial bank’s own holdings or from external sources and not from the Reserve Bank

 

5.     Investment in Fiji by Foreign Investors

a)        Issue of Shares/Capital

 

b)        Transfer of Shares/Capital

 

c)        F$ Fixed Deposits with Authorised Lending Institutions

 

 

·          a) & b) require the approval of the Reserve Bank

·          Investment by non-residents on SPSE and licensed brokers is fully delegated

 

 

·          c) Unlimited investment in Fiji dollar term deposits

 

6.     Local            Borrowing            & Guarantees

 

a)        non-resident controlled Business Entities

 

b)        Non-resident individuals

 

Applies to:

·          Borrowing           to          purchase properties in tourism projects

 

·          Borrowing            to                               finance construction of residences

 

·          Borrowing to finance house maintenance and repairs

 

·          Personal Loans

 

 

·          Borrowing to Finance property for:

–  acquisition of land with no future plans for development; and

–   acquisition of an existing residence

 

 

 

·          Delegated up to $10.0 million subject to meeting the 3:1 debt/equity guideline

 

 

 

 

·          Delegated up to the full amount subject to meeting the 3:1 debt/equity guidelines

 

·          Allow 100% financing provided debt: equity is 3:1

 

 

·          Delegated up to $200,000 subject to meeting the 3:1 debt/equity guidelines

 

 

·          Up to $100,000 provided there is no outflow of funds except for medical/travel and education

 

 

·          100% financing from offshore

 

·          Delegated up to the full amount subject to meeting 50% equity from offshore

Type of Payment Delegated Limit Documentary Requirements
(to be sighted and stamped by authorised dealers)
Documentary Requirements for Reserve Bank Approvals
Offshore Investment (2019/2020 allocation)
· Individuals
· Companies
· FNPF
· Other NBFI’s
Suspended
Pensions/Superannuation/ Gratuity
· payments by Government and FNPF· Payments by companies
Up to full amount · Original documentary evidence from the paying institution; and

· Foreign passport or PR visa of the beneficiary.

Profit declared and distributed to non-resident shareholders/partners/sole proprietors
· Capital
· Dividend or Operating ProfitNote:
· Local borrowing to fund profit remittances is restricted.
· Dividend payments by Institutions licensed by the Reserve Bank is not delegated.
Requires RBF approval · Original tax clearance certificate for amounts above
$20,000;
· Audited accounts for amounts above $0.5m per amount to be distributed;
· Unaudited accounts for amounts of $0.5m and below;
· Shareholder Dividend Certificate (where applicable); and
· Directors Resolution approving the dividend payment.
· Tax clearance certificate;
· Audited accounts for amounts above $0.5m per amount to be distributed;
· Unaudited accounts for amounts of $0.5m and below; and
· Directors’ resolution approving the dividend payment.
Type of Payment Delegated Limit Documentary Requirements
(to be sighted and stamped by authorised dealers)
Documentary Requirements for Reserve Bank Approvals
Refund
· Hotel bookings cancelled
· Other (incl. Airline tickets sold locally by travel agent)
· Tax
Up to the full amount · Original documentary evidence;
· Original tax clearance certificate for amounts over
$20,000;
· Original IRD cheque
Subscriptions to clubs, societies and trade organisations including entrance fees. Up to $20,000 per subscription per annum · Invoice or statement for the amount due;
· The invoice must have the original “Remittance Approved” stamp by FRCS.
· Invoice or statement for amount due; and
· Tax clearance for amounts above $20,000.
Wages paid in foreign currency cash to foreign crew
members
Up to $50,000 per withdrawal · Bank confirmation of receipt of funds from offshore. · Bank confirmation of receipt of funds from offshore.
Wedding Expenses Up to $2,000 per applicant per annum · Documentary evidence of statement of expenses, wedding invitation card, invoices etc. · TIN letter or FRCS joint card;
· Documentary evidence of statement of expenses, wedding invitation card, invoices etc;
Withdrawal of Investment

· Sale of Shares/Assets

· Shareholders Funds

Requires RBF approval

 

Requires RBF approval

· Original tax clearance certificate for amounts above
$20,000 or for payments below $20,000, the invoices must have the original “Remittance Approved” stamp by FRCS;
· Capital Gains Tax Certificate;
· Signed Sale & Purchase Agreement (or other original documentary for proof of sale);
· Bank confirmation that funds originated from offshore (where applicable);
· Minister of Lands Consent (if applicable); and
· Reserve Bank approval for the transfer of shares (if applicable)
· Original tax clearance certificate for amounts above
$20,000.
· Audited Financial Accounts;and
· Bank confirmation that funds originated from offshore (where applicable)
· Tax clearance certificate for amounts above $20,000;
· Capital Gains Tax Certificate;
· Signed Sale & Purchase Agreement (or other original documentary proof of sale);
· Bank confirmation that funds originated from offshore (where applicable); and
· Minister of Lands Consent (if applicable).
· Tax clearance certificate for amounts above $20,000;
· Audited Financial Accounts; and
Bank confirmation that funds originated from offshore (where applicable)
Type of Payment Delegated Limit Documentary Requirements
(to be sighted and stamped by authorised dealers)
Documentary Requirements for Reserve Bank Approvals
Travel Allowance
· Fiji Passport Holders (excluding emigrants)
– Return ticket
– One way ticket
 Foreign passport holders
– sourced directly from the applicant’s F$ external or foreign accounts;
– sourced from F$ resident account;
– Others (tourist)
Up to $10,000 per person per trip.
Up to $5,000 per person per trip
Up to full amount
Up to $10,000 per person per trip on return ticket
Up to the full unutilised balance of funds imported.
· Return travel ticket to Fiji and original passport.
· One way ticket and original passport
Note:
1. E-Ticket must be a confirmed ticket with an e- ticket number.
2. Authorised dealers to ensure that last page of Fiji passports are endorsed with the amount of foreign exchange facilities approved for travel.
3. Travellers abroad are only allowed to carry Fiji currency notes up to F$500 and foreign currency notes up to the equivalent of F$10,000 (inclusive of the F$500)
4. Authorised Dealers may issue travel funds to students up to the delegated limit for Travel upon sighting the student visa and travel ticket
5. Travel funds can only be transferred offshore in the following cases:
· To the traveller’s own account offshore- Traveller must hold PR or dual citizenship.
· To the son/daughter’s account of an elderly person travelling- Beneficiary must hold PR visa or overseas citizenship.
· To the FX Dealer’s correspondent offices offshore.
· Authorised Dealers are to stamp the back of the travellers passport for travel funds transferred offshore.
· External or foreign currency account statement
· Return travel ticket to Fiji and original passport
· Documentary evidence of funds imported must be verified for conversions above F$5,000 per person.
· Tax clearance certificate for amounts above $20,000 (including $10,000 issued under delegated authority);
· Return travel ticket to Fiji;
· Passport; and
· TIN letter or FRCS joint card.

Other Facilities

Category 2019/2020
1. Foreign Currency – Denominated Business Accounts
a) Exporters
b) Other FX Earners
c) Regional or Intl Organisations
d) Film Production Companies
· a) & b) up to F$100,000 per company (inclusive of the FX accounts held in other commercial banks)
· c) fully delegated
· d) fully delegated. FX accounts must be closed upon completion of the film production.
2. Forward Foreign Exchange Cover & Options · Allow individual commercial banks to write net forward sales contracts up to
$50m; and
· Commercial banks will not be permitted to purchase foreign currency from RBF to fund their sales contracts
3. Offshore Borrowing · Delegated to authorised lenders up to F$5.0 million per borrower
4. Foreign Currency Loans by local banks · Delegated up to F$2,000,000 per company per annum;
· Foreign currency to be sourced from commercial bank’s own holdings or from external sources and not from the Reserve Bank
5. Investment in Fiji by Foreign Investors
a) Issue of Shares/Capital
b) Transfer of Shares/Capital
c) F$ Fixed Deposits with Authorised Lending Institutions
· a) & b) require the approval of the Reserve Bank
· Investment by non-residents on SPSE and licensed brokers is fully delegated
· c) Unlimited investment in Fiji dollar term deposits
6. Local Borrowing & Guarantees
a) non-resident controlled Business Entities
b) Non-resident individuals
Applies to:
· Borrowing to purchase properties in tourism projects
· Borrowing to finance construction of residences
· Borrowing to finance house maintenance and repairs
· Personal Loans
· Borrowing to Finance property for:
– acquisition of land with no future plans for development; and
– acquisition of an existing residence
· Delegated up to $10.0 million subject to meeting the 3:1 debt/equity guideline
· Delegated up to the full amount subject to meeting the 3:1 debt/equity guidelines
· Allow 100% financing provided debt: equity is 3:1
· Delegated up to $200,000 subject to meeting the 3:1 debt/equity guidelines
· Up to $100,000 provided there is no outflow of funds except for medical/travel and education
· 100% financing from offshore
· Delegated up to the full amount subject to meeting 50% equity from offshore