Real Estate Vanuatu News

The government of Vanuatu is becoming more and more attentive to investor needs. Their latest idea is to form a partnership with the private sector - not just in name, but in actual performance.

It has already started! The government meets regularly with the private sector and listens to what businesses, like TransPacific Property Consultants, have to say about what investors like yourself need in the way of assurances and support. This is a big change from the old style top-down centralised approach. At first we were a bit sceptical but our suggestions are taken seriously. For example, you as an investor want to be certain your control of the land is stable and renewable. Right now leaseholds go up to 75 years - which is good. But the Government is responding to the suggestion to change the existing long term leasehold title to perpetual leases. This will change the whole structure of real-estate development in Vanuatu and provide you with a guarantee that your investment can be passed down to your descendants forever.

The Vanuatu Investment Promotion Authority has streamlined the application process for new investors. They act as a one-stop clearing house for investors who have plans to do business in Vanuatu. Visit their website at www.investinvanuatu.com

A new road is under construction around the island of Efate. Talk about goodwill between countries. The new road is funded by Japan and in places it overlays a road built by the American forces during WWII.

Our national airline Air Vanuatu, have a brand new jet and tourist numbers increased by 16% in the last quarter. Getting to and from Vanuatu has never been easier or more economical. The airfields in Tanna and Santo are being upgraded to international status to accommodate the increase in tourism. More resorts are scheduled to cater to the projected increase in tourists. Cruise ship calls doubled in 1999.

Communications have kept pace with the global telecommunications revolution with telephone, facsimile, internet and email replacing our "coconut wire" network. Local radio and television now includes news and programming from around the world, live via satellite.

The new era has not, however, done much to alter the unique culture and lifestyle of Vanuatu. In a way it simply enhances the ancient spirit of these volcanic islands, allowing better access to cultural sites and higher resolution of the existing social and cultural image. Newcomers to Vanuatu always, without fail, remark on the charm and friendliness of the Ni-Vanuatu people. The government, while pushing ahead with economic reform, new health facilities, better schools, and improved business opportunities is clearly mandated to protect the environment;  the wonderfully diverse natural landscape and seascape, the clear water and shining beaches. It is also dedicated to preserving the rich cultural heritage of the people of Vanuatu, its art, songs, traditions, and values.

We who are long term residents of Vanuatu are excited by the changes. They offer a way to improve life here and make it easier than ever before to assist potential investors in their development projects.

Investing in Vanuatu

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. For an overview of some of these opportunities, visit our associate’s web site at http://www.mooresrowland.com. If you are interested in establishing a trust to hold your property, visit the website of our associates Guardian Trustees.

Vanuatu is a sparsely populated chain of 83 lovely islands. There are only 208,000 people in the whole country - scarcely the size of an average town in most metropolitan countries. They are predominantly Melanesian, peace-loving and kind, with a strong and exotic culture based on a continuous history dating back thousands of years. The country is a Republic, with a 54-member Parliament. It was granted its independence from the world’s one and only French/British condominium in 1979. The people speak English, French, and a pidgin mixture of the two called Bislama.

Property values have had an upward trend since 1980 however have since leveled off to affordable prices. Since the establishment of Transpacific Property Consultants the company has sold many residential and commercial properties including tourist resorts. Being involved with property on a daily basis puts the Company in contact with many people involved directly or indirectly with all facets of real estate. Bankers, tradesmen, architects and council planners all specialise in their field and with our dealings with them we are able to pass on valuable information we have gathered from them as well as assisting you with any queries you may have that requires an intimate knowledge of Vanuatu.

BUYING PROPERTY IN VANUATU

When a Property has been sold in Vanuatu there are two methods of ownership:

Taxes involved in a Purchase are:-

The fees involved are based on the purchase price of the Property. For more on land ownership in Vanuatu click here.

Immigrating to Vanuatu

If you buy property or invest in Vanuatu, you might be interested in immigrating to Vanuatu, or at least establishing a residency in this exotic country. Another benefit of the new government "one stop" investment policy is that your investment approval will include residency and work permits as needed. This dramatically cuts paperwork and time delays.

VISITORS PERMITS

Persons wishing to visit Vanuatu for a holiday or to see relatives or for reasons of business where such business is not located in Vanuatu (i.e. Sales representative etc.) may be issued with Visitors Permits on arrival provided they are in possession of a confirmed onward or return ticket to a place to which entry is authorised and they have sufficient funds to support themselves. Apart from the exception stated above, Visitors are not permitted to engage in any business or employment. The validity of Visitors Permit may be extended to a maximum period of four months but no further.

You can only apply for Residency Permits from another country. So if you come to visit and decide to apply for residency, you need to fly home and apply from there.

RESIDENCY PERMITS

Residency Permits are normally issued for one year in the first instance but may be renewed provided the conditions under which they were first issued remain the same. The initial fee for one year and subsequent annual renewal is VT20,000 (about US$170). Fees which are not refundable are to be paid when submitting the form of application.

Residency Permits for limited periods may be granted to expatriates where authority, by way of a Work Permit, is given for them to be employed on contract by local employers, in occupations where there are not enough Ni-Vanuatu available. However, many occupations previously filled by expatriates are being localised, Work Permits are usually issued on conditions that the employer takes positive action to train Ni-Vanuatu to fill posts occupied by expatriates.

Residency Permits may also be issued to persons who wish to invest in a business in Vanuatu where approval for such business has been given by the Ministry of Finance. Small, urban based businesses require a minimum capital investment of 5 million Vatu (about US$38,000). So if you buy some property or a business you'll be eligible for a residency permit.

For more on residency permits, click here.

Citizenship

Permanent residency can only be attained by citizens of Vanuatu. Non-citizens who have resided continuously for 10 years in the Republic may apply for citizenship by naturalisation.

Links

Visit these websites for more information about Vanuatu.

Moores Rowland For information on forming offshore corporations, bank accounts and trusts. One of the leading accounting firms in the Pacific.

Guardian Trustees For information on forming offshore trusts.

Rocket Guide to Vanuatu for more than a thousand images and 600 pages of facts about Vanuatu on CD

Pacific Island Investments For other interesting real estate opportunities in the South Pacific.

Real Estate CyberSpace Society For linking up with real estate professionals around the world.

Waterfront Property - the perfect site for buying or selling waterfront property in the south pacific

Links to other South Pacific Websites