Vanuatu Real Estate

Vanuatu boasts of an ideal lifestyle and a rich collection of real state properties. An island nation south of the Pacific Ocean, it is a venue for both residential and commercial ventures, with a market that is as competent as its neighboring countries of Fiji, Solomon Islands, Australia and New Caledonia.

The Spanish explorers reached the Vanuatu islands in the early seventeenth century. In the eighteenth century, Vanuatu was inhabited by European colonizers, United Kingdom and France. These two powers had a shared control of the archipelago and its indigenous Melanesian population. Desiring for imperative independence, the people of Vanuatu struggled to found a republic in 1980.

The Vanuatu Republic has an economy that is relies heavily on the agricultural sector. About seventy percent of the population is self-sufficient, producing various crops. Domestic producers are however limited, resulting in a low export performance. The country's seas serve as a major source of the fishing industry. Vanuatu is a district for offshore fiscal services, this industry accounting for a significant percentage of the revenues. Tourism is flourishing in the country although threats of natural disasters occasionally hinder this enterprise. Nonetheless, the country's picturesque islands and peaceful beachfront communities are main attractions for real estate investors.

Since its independence, Vanuatu has been running on a stable economic performance. To boost its meager domestic production and market, it is open to foreign investments which are well protected by the local government. Vanuatu has endorsed a policy of foreign investment and economic reform that is promising to foreign shareholders. These policies made possible the creation of a Foreign Investment Board, the main body that will ensure an open investment milieu and a prompt processing of investment requests.

Real estate purchasing in Vanuatu is not limited by policies on overseas investments. Industries in the country are available for foreign tenure as foreign investors are given equal rights with Vanuatu nationals. Because of this ‘open regime' principle, Vanuatu caters to a wide and eager real estate demand. More so, the republic maintains a transparent system that is not threatened by bureaucratic corruption. Security of account information is strictly enforced by both the public sector and private real estate corporations, among which are major companies that operate in various real estate hot spots in the globe.

Another major plus of real estate purchasing in the republic is its reasonable taxation. The government does not require income tax, withholding tax, inheritance tax and capital gain tax, making it even more alluring to property investors. These personal and company taxes are not charged. The tourism industry however levies a tax on hotels, motels and restaurants to support the flourishing of tourism in the country and to maintain its ecological balance in spite of the creation of business enterprises. Fiscal exchange and labor laws are not manipulated by the government.

Real estate development is among the industry being propelled by the government. It pushes for a dynamic alliance with private sectors, property consultants and real estate agents. Hotels and resorts have reported to be among the top properties sold in Vanuatu. Port Villa in the island of Efate holds the country's prime location for residential estates. This area also includes financial services, telecommunication companies, and various business enterprises.

The trend of real estate in Vanuatu is usually of long-term to permanent leases. The convenience of Vanuatu in terms of economic policies for foreigners have won the favor if large companies in shipping and information technology, which established their main headquarters in Vanuatu. Other than Vanuatu's serenity that has attracted residential investors and tourists, it also has vast areas that are ripe for real estate development.