Global Property Guide

Financial Information for Residential Property Buyers


Total transaction costs are high in Venezuela

Last Updated: October 06, 2016

How high are realtors' and lawyers' fees in Vanuatu? What about other property purchase costs?

Transaction Costs

Who Pays?
Stamp Duty 2% lessee (buyer)
Registration Fee 5% lessee (buyer)
Solicitor's Fee 1% lessee (buyer)
Real Estate Agent's Fee 5% lessor (seller)
Costs paid by buyer 8%
Costs paid by seller 5%
ROUNDTRIP TRANSACTION COSTS 13%
See Footnotes
Source: Global Property Guide

How difficult is the property purchase process in Vanuatu?

No land in Vanuatu is freehold, however leases up to 50 years (for residential lots and 75 for commercial ones) are available.

There are no restrictions on foreign ownership of property (except of course land).

When a suitable property is found and a lease price had been agreed upon an 'Agreement for Sale and Purchase' form is signed by the lessee. A 'Consent to Transfer' application is then forwarded to the Government while the deposit is paid.

Stamp and registration duties are then settled at the local Land Records Department. The last step is to settle the solicitor's fee.

It generally takes about 155 days to finalize a transaction and a transfer of property.



Footnotes to Transaction Costs Table


The round trip transaction costs include all costs of buying and then re-selling a property - lawyers' fees, notaries' fees, registration fees, taxes, agents' fees, etc.


Stamp Duty
Stamp duty is levied at a flat rate of 2% on the value of the lease.

Registration Fee
Registration fee is levied at a flat rate of 5% on the value of the lease.

Comments

Haydn Phipps | July 14, 2010

Having been on Holiday in Vanuatu, with my Wife and Son (both gone their own ways, since),I said to myself I have just got to come back and preferably retire here. I have the money now and my own 30 foot "Defiance" Yacht. I want to purchase a residential property and have been in touch wuth First National. Is this the way to go? I know you only have 50 year leases, but at 60 years of age, who cares? I have been told to allow approx. 13% for settlement and that most of them take 60 days. Is there any other important item I have over-looked? Your help would be appreciated! Regards, Haydn Phipps.

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