not usually for sale to foreigners
The tropical climate is pleasant all year round, except for the rainy and hurricane season (November - March).
The only people allowed to buy houses, aside from nationals, are those who have owned a business in the Cook Islands for the last three years.
Land in the Cook Islands is customarily owned, and cannot be bought freehold. The maximum lease obtainable by a non-Cook Islander is 60 years. All lease agreements over five years require approval from the Leases Approval Committee. Foreign Enterprise registration by the Development Investment Board is a pre-requisite for lease assignments to non-Cook Islanders.
Land leases are usually paid “upfront” for the 50 year term. If one is pushing to rent out, be aware that there is a ‘lack of true lease portability’ in lease contracts as provided by local laws.
Capital Gains: Capital gains are considered ordinary income and taxed at the standard income tax rates.
Inheritance: There is no inheritance tax or estate duty.
Residents: Residents are taxed on their worldwide income at progressive rates. Tax is imposed at 25% on income exceeding NZD10,000 (US$6,849) up to NZD30,000 (US$20,548), and all income exceeding NZD30,000 (US$20,548) is taxed at 30%.
Rent: The rent can be freely agreed between landlord and tenant, as can the term of the contract.
Tenant Security: If there is a tenancy agreement, the tenancy shall be deemed (in the absence of proof to the contrary) to be terminable at will by either of the parties, by one months' notice in writing.
After much overspending in the 1980s and 1990s, the government has been trying to encourage more foreign investment.