Author Topic: Bula!! (Read 1457 times)

Greg Stahl · « **on:** May 08, 2018, 02:03:29 PM »

Well I've been a little busy. I arrived in Fiji on April 2 and it has been all out work and work, no time to windsurf or scuba dive.

Our container from Boston arrived April 12 and was delivered the following Tuesday. If I had known then what I know now, I would have shipped a lot more than what I did, as customs and biosecurity basically listened to what I said and they only opened one box that contained plastic anti-fatique mats for my wood machines.

Worse part of a third world country so far has been that they don't believe a retired person has any income. So when I went to apply for a construction mortgage, they asked,

"are you employed?"

well no I'm not, but I have X dollars in my retirement fund and I'm paying myself X dollars/month.

"how are you going to repay the loan?"

I'm going to use my monthly salary.

"but you are not employed in Fiji"

No, but I pay myself from my retirement account

"If you aren't working, then you can't get a loan"

Ok, I could easily pay cash for the house now, but that does not make financial sense, as I would have to pay a lot of taxes on the money I take out of my retirement account.

"move your retirement account here to Fiji and we'll reconsider your loan request"

You don't understand, if I move the money here all at once, I will have to pay 50% of it in taxes, so it makes poor financial sense to do that.

"we can't help you."

So that was the first bank I went to. Another bank said that they don't give loans to build in Fiji, SAY WHAT!!!???

I'm working with another/third bank now. What a mess! I should have built when I was still working or so it appears. I had no idea that I'm unemployed and retired at the same time.

Cheryl Watson · « **Reply #1 on:** May 08, 2018, 11:23:41 PM »

I still can't wrap my head around the mindset!

How about time to get a Fijan Government job?

As a Consultant to facilitate developing a cohesive plan for investing USD in Fiji? ;) ;)

Paul Okarma · « **Reply #2 on:** May 09, 2018, 05:17:40 PM »

Ugh. Banks.

Hope it works out.

Greg Stahl · « **Reply #3 on:** May 10, 2018, 03:06:21 AM »

Update: Two more banks said, we don't give loans to build in Fiji

Another bank (hasn't said no yet) said the location of your property is undesirable. Say what? I guess that they want you to build in either Nadi or Suva, the two large cities?

Paul Okarma · « **Reply #4 on:** May 10, 2018, 07:36:14 AM »

Did they give any reasons? Weird comment to make.

Paul Okarma · « **Reply #5 on:** May 10, 2018, 10:47:57 AM »

I just checked the 10-day forecast for Suva, Fiji just for fun.

Pretty much a constant: high - 82, low - 72, showers most days. :)

https://www.wunderground.com/forecast/fj/suva?cm_ven=localwx_10day

Duke Gilleland · « **Reply #6 on:** May 11, 2018, 05:34:36 AM »

Good luck.

C. Perry Rapier · « **Reply #7 on:** May 11, 2018, 09:03:08 PM »

Hello Greg. I have not been on in quite awhile. I am sorry to hear about all your problems in Fiji. Here you want to uproot and move to this place and they sure are not putting out the welcome mat for you. I wish you all the best of luck in getting it all unraveled. Sounds you will end up with some kind of financial consultant.

Moses Yoder · « **Reply #8 on:** May 12, 2018, 07:22:37 AM »

It seems like you could get a loan in your country of origin using your retirement account as collateral. But then I am not a banker.

Preston Edwards · « **Reply #9 on:** May 13, 2018, 10:19:52 AM »

Have someone from Fiji -someone you can trust - build with your money and you rent at an astounding fee of $1.00 a year (not known to anyone but you & landlord.

Preston

Greg Stahl · « **Reply #10 on:** May 24, 2018, 02:25:57 AM »

Quote

It seems like you could get a loan in your country of origin using your retirement account as collateral. But then I am not a banker.

I thought the same thing, but that was a big [size=24]NO[/size]

Greg Stahl · « **Reply #11 on:** May 24, 2018, 02:34:26 AM »

Quote

Have someone from Fiji -someone you can trust - build with your money and you rent at an astounding fee of $1.00 a year (not known to anyone but you & landlord.

Preston

Problem is that my money is tied up in a retirement account that I have paid zero taxes on. So any money I take out gets taxed, make sense and is fair. So as everyone knows income gets taxed at a scaled rate, more you make the higher the percent of money you are taxed. Same is true with retirement accounts. PLUS, I'm under 59.5 years old, so I get taxed an additional 10% on top of whatever my rate is for the year.

If I wait until April 2019, then I'm past the 59.5 and save 10%. Plus today, I find out from the Reserve Bank of Fiji that I qualify for any loan. RBF is the same as the Federal Reserve, they give money to the banks. RBF states that I qualify, but that the local banks have their own rules. So now I need to go press the flesh and make some deals with the banks, since I have the blessing of the RBF. This is not going to happen quickly, that is for sure. Lucky I have a small efficiency apartment that I built here, so that I can come and go as I please with my new residency permit from Fiji. THis is not an easy thing to do, for anyone thinking of moving to Fiji. You need to NEVER back down and go at everyone head on.

Paul Okarma · « **Reply #12 on:** May 30, 2018, 01:44:14 PM »

Any update? Or do things move on island time. :)

Greg Stahl · « **Reply #13 on:** May 31, 2018, 03:35:44 AM »

Bred Bank said "NO, as your location to build is undesirable." Funny, I never even told them where I was building, except that it was on Viti Levu between two 5 Star resorts!

I have one last bank, then I'll be working with my contractor to solve this. He's going to hire me as a Project Manager, as I have over 25 years of managing multi-million dollar budgets. I'll help him and he'll help me and we'll get it done over a few years instead of 9 months.

Greg Stahl · « **Reply #14 on:** June 06, 2018, 09:25:48 PM »

HFC bank looks like they are coming through. Had a meeting with them yesterday. I just need to put the paperwork together and then 3-4 days later I will find out. Officer said, that I will have no problem. Looks like we break ground in late August or September before the rainy season starts.

Jim Fuchs · « **Reply #15 on:** June 06, 2018, 11:44:55 PM »

That is fantastic news Greg ! :)

Cheryl Watson · « **Reply #16 on:** June 08, 2018, 11:07:23 AM »

Finally! Some progress is being made! YAY!

Paul Okarma · « **Reply #17 on:** June 12, 2018, 07:20:01 AM »

Progress! :D

Paul Okarma · « **Reply #18 on:** October 17, 2018, 07:35:51 AM »

Update? Hope all is going well. :)

News:

Author Topic: Bula!! (Read 1457 times)