Total transaction costs are high in Venezuela

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%
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.