|
Investing in the Vanuatu's
Real estate
There
are many reasons for investing in Real Estate in Vanuatu.
Some people wish to acquire a retirement home whilst others
want to quality for residency requirements. Still others
seek to buy property purely as an investment. For many
investors however, they simply want to enjoy the lifestyle,
to have a little piece of Paradise for themselves.
Buying into the Real Estate market in
Vanuatu, whether residential or commercial, is an excellent
way to make your money work for you.
The information in this feature will give you a brief
overview and the key step by step guidelines to real Estate
Investment in Vanuatu, but for specific details contact any
of the major real Estate Companies operating in Port-Vila.
real estate services
To any client, whether resident or foreigner, the local
companies offer long-standing experience of Vanuatu, its
laws and banking and company regulations together with
familiarity with the customs of Vanuatu.
All real Estate transaction matters are handled in a
professional manner that is personal, competent and discreet.
LAND LEASES
No land in Vanuatu is freehold, therefore all land is
leasehold. Leases usually extend for 50 or 75 years from the
date of Vanuatu’s Independence in 1980, or sometimes from
the date that a new lease is created. Leases can be extended
up to 75 years. The urban leases are contained within the
Municipal Zone of Port-Vila and Luganville. The lessor is
the Government, acting on behalf on its people who are the
Custom Owners or free-holders, and the buyer becomes the
lessee when a transaction is completed. All leases are
registered in the central government Land Records Department
and all transactions on land leases must be registered
STRATA
TITLE
The Strata Title Act allows more choices in a property
design or subdivision and opens the doors for large
international projects as well as Tourism projects.
TAX HAVEN
Because Vanuatu is one of the world’s few pure Tax Havens
there is no Inheritance Tax and no Capital Gains Tax. You
may also purchase in the name of a company (with or without
a Trust) which can be easily arranged through any of the
major reputable financial institutions. Another advantage of
Vanuatu being a Tax Haven is that the trans-action may be
carried out in any currency agreeable to both seller and
purchaser.
rent tax
There is a flat rate of 12.5 % Rent tax or VAT (if
commercial) payable on rental income in Vanuatu. There are
no restrictions on non-citizens and it’s not necessary to
have either residency or employment in Vanuatu in order to
purchase property or businesses.
|
STEP BY STEP
1. Find a suitable
property and agree on a sale price.
2. sign Agreement for sale and Purchase, pay the
deposit to the real estate Agent or the
solicitor.
3. Apply to the government for Consent to
Transfer (usually, this is done by the Agent).
4. When consent to transfer approved, sign the
Transfer of Lease.
5. settle transaction.
6. Pay stamp Duty on the transfer.
7. register the Transfer at the Lands records
Department
8. The costs incurred by the purchaser in any
transaction are as follows:
• 2% stamp Duty Payable to
government
• 5% registration Fee Payable to government
• 1.1% solicitor’s Costs (Negotiable)
Rental returns are very good and the
lifestyle is ideal.
When all things are considered, the quality of
life here is hard to match in any country in the
region, and there is also the distinct
easy-going ambiance to the country that causes
visitors to return and residents to remain.
|
|
