INVESTING IN VANUATU
Land tenure in Vanuatu is regulated under Chapter 12 of the Constitution, the Land Reform Act [Cap. 123] 1980 and Land Leases Act [CAP 163] 1984. All rural land in Vanuatu belongs to the indigenous custom owners. Urban land belongs to the Government. Non indigenous people can acquire land in the form of a Leasehold registered title whereby the Lessor is the custom owner or the Government and the Lessee is the investor. Such form of tenure is not new to common law systems like the British Grant from the Crown, and it is a common practice in the Pacific to guarantee a modest but steady income to the indigenous people while foreign investors enjoy and develop real estate. Normally leases are for a period of 75 years, sometime 50 years in urban areas.
Security of Title
The registration of a Lease or Transfer of Lease at the Land Records Office guarantees the acquisition of the Title for the purchaser of real estate. We can personally guide you and recommend you to a qualified legal professional to assist with all conveyencing requirements.
The costs involved in the purchase of a property in Vanuatu are:
Stamp Duty and Registration 7% of purchase price
Land rent pro-rata adjustment paid to the custom land owners in our case.
Other Costs Regular outgoings include:
– Yearly land rent paid to the custom land owners
- The cost of services like electricity, gas, water, etc.
There are no restrictions for foreign investors to purchase real estate and local banks can receive the necessary funds from overseas without limitations.
Loans There are several banks in Vanuatu that can offer Loans to purchase property both residential and commercial. They include National Bank of Vanuatu, ANZ and Bred Bank. Interest rates and amount of equity required may vary from each bank and depending on the specific circumstances of the investor. Privacy of information is assured when banking in Vanuatu however investors can authorise the bank to access information from the Australian or New Zealand counterparts.
For further details regarding investment in Vanuatu please contact the Vanuatu Financial Services Commission or we can recommend a qualified legal professional to assist with all of your requirements.