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ISLAND PROPERTY
Island Property is Vanuatu's leading Real Estate Agency and Property Developer. Family owned and managed since 1990, we have extensive sale listings of houses, commercial buildings, land, tourism projects, rental investment properties and farms ISLAND PROPERTY, VANUATU'S LEADING REAL ESTATE AGENCY Island Property is Vanuatu's leading Real Estate Agency and Property Developer. Family owned and managed since 1990, we have extensive sale listings of houses, commercial buildings, land, tourism projects, rental investment properties and farmsISLAND PROPERTY
Island Property. Search. Buy; Rent; Residential; Commercial; Land; Investment; About. Island Property; Our Team; Our Partners;Testimonials
ISLAND PROPERTY
Island Property is Vanuatu's leading Real Estate Agency and Property Developer. Family owned and managed since 1990, we have extensive sale listings of houses, commercial buildings, land, tourism projects, rental investment properties and farmsISLAND PROPERTY
Director Sales and Investment. Douglas Patterson is one of the company's founding principals and is the director of Island Property with overall responsibility for property sales and development projects such as the company's own subdivisions, commercial and tourism investment projects. He has been selling Vanuatu real estatesince 1990.
ISLAND PROPERTY BROADWATER Broadwater is a beautiful luxury home on the Pango Peninsula some 15 mins from Port Vila Central. Located on pristine calm waters and right on a sandy beach the property offers guests the opportunity to explore crystal clear water with abundant fish life and coral reefs. There are 2 kayaks provided for guests use along with snorkeling equipment. The property is serviced 5 days a week by a ISLAND PROPERTY HAVANNAH HARBOUR Havannah Harbour Guest House AUD$250 per night for up to 4 guests The House Two spacious bedrooms with king beds that can split into two singles. Air-conditioned and fan cooled. Master bedroom has an en-suite with second bedroom having guest bathroom. Airport transfers: VT6,000/A$80/NZ$85 return for up to 4 people. The Location Havannah Harbour Guest House is located on the pristine calm ISLAND PROPERTY L-0820 This rare listing consists of gently sloping bush land in a single 17.64 hectare (43.58 acres) title. Although the zoning is currently “Agriculture”, the possibility exists to develop the site as a mixed-use area incorporating Commercial and Residential zoning including subdivision and eco-tourism. Only 30 minutes’ drive from Port Vila and the international airport. Overview This land is ISLAND PROPERTY R-0845 This absolute waterfront villa on a 22-metre wide oceanfront plot is located on a landscaped 2,851 m² site which features a freestanding two-bedroom guesthouse, swimming pool, beachfront fare (barbecue & drinks hut), Finland sauna four bathrooms and a lock-up garage. The close proximity to the town centre makes it ideally located to be a holiday house, but it is presently occupied by full LARGE AGRICULTURAL TITLE IN HAVANNAH HARBOUR LARGE AGRICULTURAL TITLE IN HAVANNAH HARBOUR Sale Price: AUD 450.000 REF: L-0820 This rare listing is a parcel of gently sloping bushland in a single 17.64 hectare (43.58 acres) title.ISLAND PROPERTY
Island Property is Vanuatu's leading Real Estate Agency and Property Developer. Family owned and managed since 1990, we have extensive sale listings of houses, commercial buildings, land, tourism projects, rental investment properties and farms ISLAND PROPERTY, VANUATU'S LEADING REAL ESTATE AGENCY Island Property is Vanuatu's leading Real Estate Agency and Property Developer. Family owned and managed since 1990, we have extensive sale listings of houses, commercial buildings, land, tourism projects, rental investment properties and farmsISLAND PROPERTY
Island Property. Search. Buy; Rent; Residential; Commercial; Land; Investment; About. Island Property; Our Team; Our Partners;Testimonials
ISLAND PROPERTY
Island Property is Vanuatu's leading Real Estate Agency and Property Developer. Family owned and managed since 1990, we have extensive sale listings of houses, commercial buildings, land, tourism projects, rental investment properties and farmsISLAND PROPERTY
Director Sales and Investment. Douglas Patterson is one of the company's founding principals and is the director of Island Property with overall responsibility for property sales and development projects such as the company's own subdivisions, commercial and tourism investment projects. He has been selling Vanuatu real estatesince 1990.
ISLAND PROPERTY BROADWATER Broadwater is a beautiful luxury home on the Pango Peninsula some 15 mins from Port Vila Central. Located on pristine calm waters and right on a sandy beach the property offers guests the opportunity to explore crystal clear water with abundant fish life and coral reefs. There are 2 kayaks provided for guests use along with snorkeling equipment. The property is serviced 5 days a week by a ISLAND PROPERTY HAVANNAH HARBOUR Havannah Harbour Guest House AUD$250 per night for up to 4 guests The House Two spacious bedrooms with king beds that can split into two singles. Air-conditioned and fan cooled. Master bedroom has an en-suite with second bedroom having guest bathroom. Airport transfers: VT6,000/A$80/NZ$85 return for up to 4 people. The Location Havannah Harbour Guest House is located on the pristine calm ISLAND PROPERTY L-0820 This rare listing consists of gently sloping bush land in a single 17.64 hectare (43.58 acres) title. Although the zoning is currently “Agriculture”, the possibility exists to develop the site as a mixed-use area incorporating Commercial and Residential zoning including subdivision and eco-tourism. Only 30 minutes’ drive from Port Vila and the international airport. Overview This land is ISLAND PROPERTY R-0845 This absolute waterfront villa on a 22-metre wide oceanfront plot is located on a landscaped 2,851 m² site which features a freestanding two-bedroom guesthouse, swimming pool, beachfront fare (barbecue & drinks hut), Finland sauna four bathrooms and a lock-up garage. The close proximity to the town centre makes it ideally located to be a holiday house, but it is presently occupied by full LARGE AGRICULTURAL TITLE IN HAVANNAH HARBOUR LARGE AGRICULTURAL TITLE IN HAVANNAH HARBOUR Sale Price: AUD 450.000 REF: L-0820 This rare listing is a parcel of gently sloping bushland in a single 17.64 hectare (43.58 acres) title.ISLAND PROPERTY
Island Property is Vanuatu's leading Real Estate Agency and Property Developer. Family owned and managed since 1990, we have extensive sale listings of houses, commercial buildings, land, tourism projects, rental investment properties and farms ISLAND PROPERTY FNS-181 Would you like to own your own island? This jewel in the South Pacific is far enough from the 'mainland' of Espiritu Santo to be private - yet close enough that you are not totally isolated. 136 hectares (335 acres) gives you ample room to build whatever you like and the established coconut plantations allow you to be self-sufficient in bio-fuel if you wish. A stunning white sandy beach runs ISLAND PROPERTY R-0845 This absolute waterfront villa on a 22-metre wide oceanfront plot is located on a landscaped 2,851 m² site which features a freestanding two-bedroom guesthouse, swimming pool, beachfront fare (barbecue & drinks hut), Finland sauna four bathrooms and a lock-up garage. The close proximity to the town centre makes it ideally located to be a holiday house, but it is presently occupied by full ISLAND PROPERTY L-0759 Only five lots are available in this little cove, nestled along the coastline of Port Vila's outer harbour, only 10 minutes from the international airport and 15 minutes drive from town. Overview This subdivision is located in Bukura, with South-East views. The registered land area is 1478m² on a Residential leasehold title. Property Walk-through Each lot is cleared and has a 30-metre ISLAND PROPERTY L-0894 This 3,732 m2 waterfront plot is flat and fully usable with some large trees to offer shade and maturity to any landscaping. There is a panoramic view of Port Vila’s outer harbour and to the ocean beyond. Ready to build. Overview This land is located in Bukura, with South East views. The registered land area is 3,732m² on a Residential leasehold title. Nearby points of interest Port Vila ISLAND PROPERTY L-0553 Numerous trees give this 1.56 acre, 30 metre wide plot an immediate maturity and would form the basis for a beautiful landscaped tropical garden. Ideal location for a year round residence or for a holiday home. Snorkeling and diving off the foreshore are added attractions. The plot is over 200 meters long which allows for a caretaker’s house to be built nearer the road well away from the ISLAND PROPERTY FNS-0115 Village de Santo Resort accommodation with 16 income generating Deluxe Suites, owners residence, office and Restaurant 1606 (best coffee in town) with seating for 60. Not to mention frequented by the rich and famous. In house Restaurant 1606 is a delight featuring its innovative cuisine and pleasant indoor outdoor setting. ISLAND PROPERTY L-0903 12 hectares of land with a plantation of mature cocoa trees and 1000 vanilla vines ready for trellising. Overview this parcel of land is located on Epi Island, with South-West views. The registered land area is 12.000m² with an estimated 100 meter of waterfront on an Agricultural leasehold title. Property Walk-through This block has a 100 meters of beachfront that looks towards the Shepard ISLAND PROPERTY R-0931 This rare listing is tucked away at the inland end of Fatumaru Bay, between the CBD and Port Vila’s International Airport. Overview This residence is located in Port Vila City, with West views. The registered land area is 2035m². Property Walk-through The property is in two titles with a single building on the 1,187 m2 harbourfront title that is currently rented as two flats. For boat ISLAND PROPERTY FNS-046 Sale Price: VATU 4,700,854 (approx 57,400 AUD) Description. WOW ! Start Building Now! This is superb buying approximately 50 metres of waterfront. Close enough to town to be convenient yet far enough out to be away from the bustle. The Saint Michel area is becoming popular with several sales recently and here we have a block creating a great__
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The Largest Vacant Development Site adjoining the Port Vila ...View Details
PRICE: VATU 34,000,000 (approx. 414,800 AUD) R-0938 Elegant Three Bedroom Villa with Spectacular ViewsView Details
PRICE: VATU 62,000,000 (approx. 756,400 AUD) R-1004 Three bedroom beachfront house in Havannah HarbourView Details
PRICE: VATU 14,500,000 (approx. 176,900 AUD) R-1012 Deluxe Ocean View Iririki IslandView Details
ABOUT
------------------------- Island Property is Vanuatu's leading Real Estate Marketplace, Real Estate Agency and Property Developer Search all for sale and rental listings in Vanuatu for Residential, Commercial, Holiday Rental, Vacant Land, Farm Land and Water FrontLand.
Island Property has been trading continuously in Vanuatu since 1990 as a Real Estate Agency and Property Developer. We have extensive sale listings of houses, commercial buildings, land, tourism projects, rental investment properties, apartments and farms. As Developers and Project Managers we know the opportunities that exist for investors and we can help make the right decision for you. We offer sound advice to the serious investor. What are the benefits of doing business in Vanuatu? - Vanuatu has easy access for tourists (no visas needed in advance) - No property ownership restrictions for any nationality - Vanuatu has almost no tax (Vanuatu has zero corporate tax, it also has no income tax, no capital gains tax, no estate tax, no wealth tax, no withholding tax, no gift tax and no other personal income taxes. Aside from a locally applied 15% VAT, there are almost no taxes atall.)
If you are a seller, why not list your property with us and join the long list of satisfied customers for whom we have found a buyer? If you are a buyer, why not contact us today to see how we can help you find the property best suited to your needs and your budget?FAQ'S
------------------------- CAN FOREIGNERS BUY PROPERTY IN VANUATU?__
Yes. There are no restrictions on foreigners buying property. A non- citizen may be required to provide a "financial reference" and a "professional reference" from a local firm, for urban purchases, but that is the only distinction made between citizen and non-citizen buyers. You do not need a Vanuatu Investment Promotion Authority (VIPA) Investor’s Certificate or a business licence to buy property in Vanuatu. If your purchase also requires a business licence (for example, when you buy an existing business) then you would need a VIPA approval and a business licence in your name, or your trading name, or in a local company's name. IS THERE ANY FREEHOLD LAND IN VANUATU?__
No. If a property is registered it is registered as a leasehold title. The urban areas of Port Vila and Luganville on Santo Island were declared "public" land in 1980 under the Land Reform Act (Cap 123), and certain other zones on other islands have been declared urban land. The Minister of Lands is the Lessor in the urban areas, and in many rural leases, especially those created shortly after Independence when the customary ownership was not yet established, or where customary ownership is disputed. DO I HAVE TO LIVE HERE TO OWN PROPERTY?__
No. There is no requirement for property owners to live in Vanuatu, nor are holders of Vanuatu residency permits obliged to reside inVanuatu.
WHAT ARE THE NORMAL STEPS IN BUYING PROPERTY?__
1. Inspect properties in the usual way and choose one. 2. Make an offer to the agent and negotiate any conditions the offermay be subject to.
3. If the offer (conditional or unconditional) is accepted, a draft sale agreement is issued (usually by seller's side.) 4. Agent confirms the seller’s acceptance of the offer in writing. 5. Sign sale and purchase agreement then pay deposit (usually 10%) into agent's or solicitor's trust account. 6. Purchaser proceeds to meet any conditions in contract; for example • Obtain (VIPA) Vanuatu Investment Promotion Authority approval • Confirm bank financing (if required) • Obtain planning permission (if required) • Lessor’s Consent to Mortgage (usually done by the bank’s solicitor) • Register for Value Added Tax (Commercial only) 7. Seller or seller’s agent applies for Lessor's “Consent to Transfer” lease title or arranges for share transfer. 8. Both parties are informed when “Consent to Transfer” isapproved.
9. If all other conditions are satisfied a settlement date isarranged.
10. Pre-settlement inspection of property or last minute search of title is carried out by purchaser's side, if desired. 11. Settlement takes place, usually at the agent’s or vendor’s solicitor’s office. 12. Documents usually handed over to the purchaser at settlement include:- • 3 original Transfer deeds (or share transfers) already executed by Seller • Copy of the registered title • Settlement Statement • Last property tax (or rates) receipt • Last lease rent receipt • Tenancy agreement (if applicable) • Company documentation (if applicable) 13. Purchaser lodges the Transfer of Lease at the VFSC (Vanuatu Financial Services Commission) for stamping and pays 2% Stamp Duty to the VFSC (4% on share transfer). 14. Purchaser lodges the Transfer of Lease for registration at the Land Records Office and pays 5% registration fee to the Vanuatu Government. (This step does not occur if shares in a company are purchased because a lease title transfer 15. In due course the person or company that lodged the documents collects or receives an “Advice of Registration” recording the transfer in the registry. THE PURCHASER IS THEN THE REGISTERED OWNER (LESSEE) OF THE VANUATU PROPERTY THEY HAVE BOUGHT. WHAT IS THE MAXIMUM TERM OF A LEASEHOLD TITLE?__
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, which must be registered as75 year lots.
WHEN YOU BUY A LEASEHOLD TITLE, IS IT RENEWED AT THE TIME OF PURCHASE OR DO YOU BUY THE TERM REMAINING?__
When you buy an existing lease title, you purchase the remaining term of that lease, you do not receive a new 50 or 75 year lease term. IF I BUY VACANT LAND, DO I HAVE TO DEVELOP IT WITHIN A CERTAINPERIOD?
__
In most lease schedules, there is a standard provision that a development must start within a certain period, usually 2 - 3 years and be completed within a certain period, usually 5 years. However, these provisions have rarely if ever been enforced. The Land Leases (Amendment) Act No. 35 of 2014 legislated that owners of land titles “must within 5 years of acquiring the Lease, carry out such development related to the description of the Lease”. “Development” is not defined, however “more than 50% of the total land area” of the title must be developed to comply with thislaw.
Further, any existing Leaseholder (title owner) that has owned their lease for more than 10 years was given one year (which expired on 27 February 2016) to comply, otherwise the law states that “the Lessor is to forfeit the Lease”. A Leaseholder who has owned their title for more than 5 years but less than 10 years before this law was passed (ie: if the title was purchased before 27 February 2010) has until 27 February 2018 to comply, otherwise “the Lessor is to forfeit the Lease” unless, as stated in Clause 38A(3), “the Lessee can prove to the satisfaction of the Valuer-General that for some unforeseen circumstances, it is not possible to carry out the development related to the description of the Lease”. This law also states in Clause 38A(4), that, “If the Lessor is satisfied that it is not possible for a Lessee to carry out the development related to the description of the Lease, he or she may extend the period referred to in subsection (1) for up to 3 years.” Only rural residential leases less than 5,000 m2 and urban residential Leases are exempt from these laws. WHAT HAPPENS AT THE END OF THE LEASE TERM?__
In 2003 Parliament passed a law (the Land Lease (Amendment) Act No. 24 of 2003) enabling any urban Lessee to extend a Lease that is currently less than 75 years up to 75 years upon payment of the requisite Lease extension premium and administrative fees. Otherwise, any lease that is not renewed or extended prior to its expiry will be at an end. If such a situation were to eventuate, most lease title schedules say that the land and improvements are then returned to the lessor without compensation being payable to the former lessee (former propertyowner).
IS THERE ANY WAY TO EXTEND A LEASE WHEN YOU BUY, OR AT ANY OTHER TIME IN EITHER THE URBAN OR RURAL AREA?__
Yes. Lessees may surrender their lease either to subdivide land, re-zone (ie: residential to commercial; agricultural to tourism, etc..) or to extend the term (see Question 8 above). "Premium" payments and revised annual lease rents are likely to apply, which are negotiated between Lessor and Lessee. IS IT POSSIBLE TO BUY APARTMENTS OR SHOPS ON THEIR OWN STRATA TITLE?__
The Vanuatu Parliament passed the Strata Title Act in 2000 (renamed the Strata & Community Titles Act in 2017) and has also approved the Strata Title regulations. This means it is possible to strata title existing buildings and to create Strata Titles for new apartment and commercial buildings. All such new lots within such a plan must be strata lease titles of 75 years. DO THE COMMERCIAL BANKS ACCEPT LEASEHOLD TITLES AS SECURITY FORLOANS?
__
Yes. Mortgages and "Cautions" are registered on the Leasehold titles as they would be on freehold and Leasehold titles in other countries, to secure bank lending and other facilities such as overdrafts. The Lessor’s “Consent to Mortgage”, which will have a fee payable,is needed for this.
WHAT ARE THE COSTS OF OBTAINING A MORTGAGE?__
The Stamp Duty on a mortgage is 0.6% of the mortgage amount and the registration fee is 1.5% of the mortgage amount. HOW LONG DOES IT TAKE TO COMPLETE A TRANSACTION?__
Generally speaking, a typical transaction takes about 1 - 3 months. This varies depending on conditions that may be part of a particular transaction. Any transfer of a property title requires the Lessor’s “Consent to Transfer” and evidence that any fees payable to the local authorities and the lessor have been paid. WHAT ARE THE NORMAL BUYER'S COSTS?__
2% Stamp Duty
5% Title Transfer Registration If the buyer is purchasing an existing company, the Stamp Duty is 4% on the share transfer value, and because the shares in the lessee company are transferred, not the title itself, there is no 2% Registration fee. Legal costs vary but they are typically 0.5% - 1.0%. HAS THERE BEEN CAPITAL GAIN? IF SO, HOW MUCH AND WHERE?__
Residential property and vacant land capital gain has been best in prime areas such as the harbourfront. lagoonfront areas with good water and sunset views, and for commercial property, along the main street CBD of Port Vila have also seen steady increases in market value. Like other markets in other countries, Vanuatu has periods where the market is very active, and periods where it slows down. WHERE ARE THE BEST PLACES TO BUY ON EFATE ISLAND?__
For Residential property in and around Port Vila, Tassiriki, Elluk, the Harbourfront, First Lagoon, Second Lagoon, Bellevue, Malapoa and the oceanfront subdivisions near town such as Dream Cove, Angelfish Bay, Paradise Cove, Bukura, Narpow Point and Havannah Harbour . Commercial – the CBD and main street and the central harbourfront. Agricultural - Efate & Santo islands. IS IT EASY TO RENT OUT PROPERTY?__
Good property typically rents well. There are many aid organisations and private foreign companies who prefer to rent for 1 - 3 year contracts rather than buy. These houses are usually furnished. Short stay property managers will be able to advise on the holiday market. DO I NEED ANY SPECIAL PERMISSIONS OR A BUSINESS LICENCE TO RENT OUT MY PROPERTY AS A HOLIDAY HOME?__
If you decide to rent out your residential property you will require a VIPA approval if you are a non-citizen, and a Category D3 type of business licence. This covers houses, vacation rentals short-term stay holidays, cottages, holiday lodges and villas. Your local solicitor or representative, or the VIPA office, will be able to advise you whatmay be required.
IS IT POSSIBLE TO FIND GOOD PROPERTY MANAGEMENT?__
Yes. Our company has been doing property management of houses and commercial buildings for more than 25 years. This usually costs between 7% to 10% of gross income plus VAT. WHAT SORT OF TENANTS ARE THERE, AND HOW LONG ARE THE TENANCYAGREEMENTS?
__
Many tenants are employees of aid donor agencies, high commissions and other private and public organisations. Most contracts are for one year, but 2 and 3 year tenancies are also occasionally entered into. Typically, a good standard family home of 3 or 4 bedrooms would 4 rent for Vatu 150,000 to Vatu 250,000 per month, and sometimes higher, depending on location size and standard of the property. ARE THERE QUALIFIED BUILDERS IN VANUATU?__
There are several companies in Port Vila owned or managed by qualified builders. As in any other country it is important to select a builder carefully and to see other jobs they have done. DOES VANUATU HAVE A BUILDING CODE?__
The Vanuatu Parliament passed an extensive Building Code in 2017. Details of this are available from the local planning authorities, the Municipal Councils (for the urban zones) and the Provincial Council (for the rural areas). HOW DO I KNOW THE HOUSE I AM BUYING IS WELL BUILT?__
Engineering and survey reports may be requested from qualified people or companies operating in Vanuatu. For many years it has been impossible to obtain bank financing or full insurance (including against cyclone) on property without engineers’ and architects’compliance reports.
IF I WANT TO BUILD MY OWN HOUSE, DO I NEED ANY PERMISSIONS OR APPROVALS, OR DO I NEED A BUSINESS LICENCE?__
No. Not to do the building for yourself on your own land title. You will still need to obtain your planning permission and building permit, and you will need to register as an employer with the VNPF (the Vanuatu National Provident Fund) if you hire any workers. WHAT DOES IT COST TO BUILD A GOOD HOUSE IN VANUATU?__
Naturally, this varies from builder to builder, and depends on the standard of construction, but a reasonably good guide is approximately VT 100,000 – 150,000) per square metre. Obviously where more luxurious fixtures and fittings are used, this price will be higher. It is wise to seek a few quotes and ask to see what the builder hasconstructed.
WHAT AMOUNT OF EQUITY CONTRIBUTION TOWARD THE PURCHASE DO BANKS WANTFROM BUYERS?
__
Banks typically require from the borrower 20% for residential loans and up to 50% of the loan for commercial loans (+ the buyer’s Government fees). This varies depending on the nature of the loan and the bank's assessment of the borrower. WHAT IS THE USUAL DEPOSIT WHEN EXCHANGING CONTRACTS?__
Ten per cent is the standard contract deposit when a sale agreement is exchanged between a buyer and seller. Deposits are held in trust, till settlement, usually by the Seller’s agent or solicitor. DO I NEED TO USE A LAWYER FOR CONVEYANCING?__
The law does not oblige purchasers to use a solicitor, but for those contemplating buying a property or business it is very wise to seek legal advice and representation, especially if you are entering the Vanuatu market for the first time. Our laws and practices are likely to be different from your own country. Unless you specifically ask us to represent you as purchaser, our agency is engaged by the sellers, and our commission will be paid by the seller. IS VAT PAYABLE ON HOUSING SALES?__
VAT (currently 15%) is not payable by the purchaser on residential property. VAT is payable by a builder if he sells a house he has built or if a property developer creates a land subdivision or strata titledproject for sale.
IS VAT PAYABLE ON ALL COMMERCIAL PROPERTY TRANSACTIONS?__
As a rule, VAT will be payable by the purchaser on the sale of commercial property, because the seller will usually be VAT registered. He can then claim back the VAT if he is a registered VAT entity. A "one - off" sale of a commercial property where the seller is not registered for VAT and has not claimed back VAT for expenses on the property will not usually not be subject to VAT. Also a sale where the Seller has already de-registered from VAT is not subject to VAT. If the seller is not registered for VAT, then he cannot charge VAT and will not be asked to pay it. Specific enquires should be made to the VAT Office, or to a solicitor or accountant accustomed to dealing withVAT issues.
WHAT ARE THE USUAL OUTGOINGS ON PROPERTY IN VANUATU?__
1. Municipal Property Tax (in the Urban Zones) paid every six months. 2. Annual lease rent, sometimes called “ground rent”.3. Insurance.
4. Rent Tax on Residential property (or VAT on commercial) is 15% ofgross income.
5. Maintenance or Management. HOW IS PROPERTY SOLD IN VANUATU? (IE: AUCTION; PRIVATE TREATY;TENDER)
__
Most property is sold by Private Treaty or Tender. Auctions almost never occur. Occasionally the "Expressions of Interest" method is used, especially for a project or subdivision not yet done, but approved, where the developers wish to determine the level of interestin their project.
AM I ALLOWED TO DO ANY TYPE OF BUSINESS IN VANUATU?__
The vast majority of businesses are open to foreigners, however there is a list of what is called “Reserved Business Activities” that only Vanuatu citizens can do, however many of these activities are still open to non-citizens if the turnover of the business is above a certain minimum threshold. WHAT DO I NEED TO DO TO RECLAIM LAND OR BUILD A JETTY?__
To reclaim land beyond the mean high water mark of any property, yourequire:
1. Foreshore Development Act approval (from the Minister of InternalAffairs).
2. Negotiator Certificate from the Minister of Lands. 3. Lessor's approval if land is rural, or the Minister of Lands is notthe Lessor.
4. Municipal Planning Permission in the urban areas. 5. Provincial Government Planning permission in the rural areas. 6. A PEA (Preliminary Environmental Assessment) and if recommended by the Environment Department, a full Environmental Impact Assessment. A jetty will require Department of Ports & Marine approval. 7. The permit fees payable are set out in the Foreshore Development Order No. 144 of 2016. CAN I PUT A YACHT MOORING ANYWHERE?__
Yacht moorings are marked on a grid pattern within Port Vila Harbour. Department of Ports & Marine should be consulted about any rules and fees for mooring anywhere else in the country. CAN SALE AGREEMENTS BE DONE IN ANY CURRENCY, OR ONLY IN VATU?__
Private parties can agree to a sale in any currency acceptable to both sides. There are no restrictions in sending foreign currency into or out of Vanuatu, although the commercial banks, solicitors and real estate firms will require certain details about funds coming into or being sent out of Vanuatu in order to comply with Vanuatu’s Financial Intelligence Unit’s requirements. WHAT HAPPENS IF SOMEONE TRIES TO SELL ME LAND IN THE RURAL AREA THAT HAS NO REGISTERED TITLE OVER IT?__
Any land area with no registered title cannot be sold, because there is actually nothing legally existing to sell. The vast majority of land in Vanuatu (about 90%) is unregistered or what is known as “indigenous land”, and the legal “customary” land ownership has not been established in many areas. A Leasehold Title must be registered at the Lands Registration Office before a transfer (sale) can take place. We strongly advise all potential investors not to enter into any agreement, or pay any money to anyone in such circumstances without first seeking legal or professional advice. The Custom Land Management Act No.33 of 2013 sets out the only legal way that anyone, citizen or foreigner, may obtain a new Lease on land that has never before been registered. WHAT DO I NEED TO INSURE MY PROPERTY?__
Insurance will cost about 0.5% to 0.7% of insured value. You will need an engineer’s certificate to obtain cyclone insurance. Other perils such as fire, earthquake, theft, burglary, etc are also covered in standard policies. Public liability, worker’s compensation, loss of rental income, and so on are also available. Contact the local brokers and insurance companies for further details. ARE THERE ANY RESTRICTIONS IF I AM A FOREIGNER AND I WANT TO SELL MY PROPERTY IN VANUATU?__
There are no restrictions. If a seller is up to date with his outgoings to the local authorities, and lease rent to the lessor, and the consent to transfer and “Lessor’s Benefit” fee has been agreed, he will be able to obtain the lessor’s “Consent to Transfer” the title. Encumbrances such as mortgages are discharged using a “Discharge of Mortgage” form at settlement as typically happens in other countries. WHAT ARE THE SELLER’S COSTS IN A SALE TRANSACTION?__
The seller of any property will have the following costs: 1. Agent’s commission 2. Legal fees (if applicable) 3. Consent to Transfer signing fee (payable to the Lessor) 4. Stamping and Registration fees on the Discharge of Mortgage (if a loan is being paid off by the seller at settlement) 5. VAT on the transaction if the seller is registered for VAT and has claimed VAT on any building or development expenses. The transaction is likely to be VAT neutral if the Purchaser is already registered for VAT (this should be confirmed at the time). 6. In urban transactions, pursuant to Section 48B(2) of the Land Leases Act ( as amended in 2017) “If a proprietor of an urban lease transfers that lease, the proprietor must pay to the lessor 5% of the difference in the amountbetween:
(a) the unimproved market value of the land at the time it was purchased or the purchase price at the time it was purchased, whichever is lower; and (b) the unimproved market value of the land at the time of the present sale or the sale price at the time of the present sale, whichever isthe higher.
(3) Subject to subsection (4), subsection (2) does not apply where the lessor and lessee have entered into other arrangements. (4) The Minister must obtain the prior approval of the Council of Ministers before entering into any arrangements under subsection(3).”
7. In rural transactions. Section 48A(2) of the Land Leases Act (as amended in 2017) states, “Subject to subsection (2A), if a proprietor of a registered lease sells that lease, the proprietor must pay to the lessor 10% of the difference in the amount between: (a) the unimproved market value of the land at the time it was purchased or the purchase price at the time it was purchased, whichever is lower; and (b) the unimproved market value of the land at the time of the present sale or the sale price at the time of the present sale, whichever isthe higher.
8. “If a proprietor of a registered Lease sells that Lease, the proprietor must pay to the lessor, not more than 10% of the difference in amount between the unimproved market value of the land at the time it was purchased and the unimproved market value of the land at the time of the present sale, unless the Lessor and Lessee have entered into other arrangements.” 9. Pursuant to Section 60A(1)(b) of the Land Leases (Amendment) Act No. 35 of 2014, if the sale is of the shares in a company that is the registered Lessee or owner of the title, then the percentage payable by the Seller would be 10% of "the difference in amount between the unimproved market value of the land at the time it was purchased and the unimproved value market value of the land at the time of thepresent sale".
10. If you create a subdivision, you will be subject to Subsection 48A(3) of the Land Leases Act (as amended in 2017) which states that: “If the proprietor of a registered lease sells a lease that is created by a subdivision, the proprietor must pay to the lessor, 5% of the unimproved market value of the land at the time of the sale, or the sale price at the time of the sale, whichever is the higher.” 11. Under the provisions of the Strata and Community Titles Act as amended in Subsection (1A): “If a proprietor of a lot located in a plan sells that lot: (c) in the case of a plan located in a rural area - the proprietor must pay to the Lessor 10% of the difference in amount between: (i) the unimproved market value of the land at the time it was purchased or the purchase price at the time it was purchased, whichever is lower; and (ii) the unimproved market value of the land at the time of the present sale or the sale price at the time of the present sale, whichever is the higher; or (d) in the case of a plan located in the urban area the proprietor must pay to the lessor 5%of the difference in the amount between: (i) the unimproved market value of the land at the time it was purchased or the purchase price at the time it was purchased, whichever is lower; and (ii) the unimproved market value of the land at the time of the present sale or the sale price at the time of the present sale, whichever is the higher. (1B) Subject to subsection (1D), if a proprietor of a lot in a plan (that has never been 8 previously sold) sells that lot, the proprietor must pay to the lessor 5% of the unimproved market value of the land at the time of the sale. (1C) Paragraph (Subject to subsection (1D), subsections (1A) and (1B) do not apply where the lessor and lessee have entered into otherarrangements.
(1D) In the case of a plan located in the urban area, the Minister must obtain the prior approval of the Council of Ministers before entering into any arrangements under subsection 2(1C).SEARCH
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