Property for Sale in Vanuatu
Vanuatu is approximately 2.5 hours flying time from Australia and New Zealand. It has positioned itself as an attractive investment centre, particularly for those people with connections into these markets.
Vanuatu, one of the few remaining unspoiled South Pacific Islands, has much to offer potential investors. It is the premier international tax haven in the Pacific with a multitude of opportunities for those interested in international finance.
Buying Property in Vanuatu
When a Property has been sold in Vanuatu there are two methods of ownership:
Company owned i.e. the Property becomes an asset of the Company
Individually Owned.
Taxes involved in a Purchase are:-
Company owned: 4% Transfer Fee
Individually owned: 5% Registration Fee plus a 2% Stamp Duty and 1% Legal Fee to process documents
Property in Vanuatu is registered as a leasehold title. For many new investors who are not familiar with the concept, the idea of holding a leasehold title as opposed to a freehold title can be quite daunting. However, the system has proven itself efficient as can be seen by the rapid increase in real estate prices over the past decade.
The urban areas of the capital Port-Vila and Luganville on Santo island were declared "public" land in 1980 under the Land Reform Act (Cap 123). The Minister of Lands is the Lessor in the urban areas, and in many rural leases where the customary ownership is not yet established. The Constitution states that the maximum term of a lease is 75 years. Many leases are 50 years from their creation or from Independence on 30 July 1980, but nearly all new leases nowadays are registered for 75 years, including strata title leaseholds.
There is a wonderful yacht harbour, and great French restaurants. Many French people choose to retire in Vanuatu from New Caledonia. Vanuatu is quite expensive, but very hospitable for foreigners, no racial tensions.
The beaches are generally not great, though Champaign Beach near the huge US Base in the Northern Island of Santos is one of the best the Pacific.
