After months of expectation, work on building and upgrading the round island ring road on Efate, the principal island of Vanuatu where the capital Port Vila is located, has finally started.

Vanuatu is entering an exciting new phase in its development and local residents have noticed, in particular, the significant increase in property prices and overseas investment.

The Vanuatu Government has been proactive and has undertaken initiatives in conjunction with the private sector to streamline bureaucracy and fast track over-seas investments.

With its cosmopolitan, English-French background, Vanuatu is considered to be the ‘undiscovered jewel of the Pacific’ and it is truly shaping up to be a wonderful place to live in. Airlines servicing Vanuatu have recently introduced additional direct flights to and from Australia.

What does all this mean? It will mean more hotel beds, more restaurants, more tourism related activities. The Vanuatu Government has placed tourism as a high priority in its development strategy and has incentives in place to encourage growth.Exciting times are ahead indeed for the tourism sector.

Vanuatu was voted the happiest country in the Happy Planet Index of 2006. You can see why Ni-Vanuatu are the happiest people on earth from their friendly smiles greeting you every where you go.

The large retiring baby boomer population of Australia and New Zealand are looking for a new ’home away from home’ and have now discovered Vanuatu as a place to retire. Australia being a short 3 hour flight away has been the deciding factor for retiring baby boomers to purchase homes and invest in Vanuatu. They are within easy flying time to their family and friends. These Baby boomers’ significant spending power will have a huge impact on the local economy.

One attractive aspect of Vanuatu to retirees is the absence of Income Tax in Vanuatu. The Government has opted for a system of indirect taxation. No Income Taxes, means less bureaucracy, less annoying paper work, NO annoying tax collectors and it’s related stress. It means all accumulated wealth is not subject to any form of Income Tax. This means more time and money for more “quality retirement” time.

Where can you purchase waterfront lease-hold land, only minutes from the Capital for a fraction of what you would pay in countries like Australia. Building costs are comparable to those in Developed Countries, so the exercise of purchasing land and building your dream residence will not differ much.The recent introduction of Strata Title Legislation and its associated regulations has opened up more opportunities in the commercialization of property in Vanuatu.

Moores Rowland Vanuatu has been in Vanuatu for over 30 years and with its associated trust company, TransPacific Trust Limited and real estate company, Transpacific Real Estate Limited are able to offer foreign investor/retirees a unique blend of advice, insight and services to get a “foot” into Vanuatu.

Call us today to discuss your investment needs.
 

Laurie HARRISON

Partner - Moores Rowland