Transfer of a strata title from the developer is a straight forward process involving the signing of the strata title for the apartment of your choice, then getting it stamped by the Department of Lands. It then has to be registered and duty paid. The process starts with the signing of the contract or if financing is required with the bank approval of the loan. As the transfer process on a strata title takes little time it is advisable to acquire financing in advance.
Raffea House Lini Highway, Port Vila, Vanuatu.
For bank financing we can also help introduce you to local banks that may assist in financing options for you to invest in this quality property.
Is the ocean safe in front of the resort?
Very safe. There is a 400 m2 coral pool next to the beach. It receives no currents and in most cases is dead calm. If you want to venture beyond the coral pool there is sometimes surf. On a calm day there is snorkelling in numerous locations around the bay where you can view table top coral and tropical fish. Kayaks are available complimentary, weather permitting.
Is Vanuatu politically secure?
Since independence in 1980, elections in Vanuatu have been democratic. In March 2006, Vanuatu was granted US$69 million as a reward for good governance. This is the only country to receive such a grant in the South Pacific. For 2009-2010, the Australian Government supported Vanuatu to the extent of AU$44.7 million. Vanuatu is enjoying its increasing wealth and is firmly behind the construction and tourism industries. There is very little antagonism against foreign investment by the local population. They welcome the jobs created and the improvement in their economic conditions.
What about cyclones and earthquakes in Vanuatu?
Vanuatu has been lucky with cyclones lately due the high pressure that usually sits south of Vanuatu and pushes cyclones higher up north. However, Vanuatu does receive cyclones and earthquakes from time to time. Nasama Resort has been built to international standards of engineering and is fully insured for cyclones and earthquakes. The buildings are of solid core filled concrete.
Why choose Pango area to build the resort?
Pango receives the trade winds all year round which bring a nice cooling effect even on the hottest of days. It is also close to other resort restaurants that can be visited by the guests of Nasama Resort. Pango area is on a fully sealed road and regular bus route into Port Vila which is only 10 minutes away.
Who is the Developer of Nasama Resort?
The Developer is Paul Vogelsberger, an Australian citizen, who has lived in Vanuatu for the past 8 years. He is the Director of Outrigger Ltd, a development company based in Vanuatu. Paul holds Degrees in Economics & Accounting from the University of Tasmania and the University of New South Wales.
Paul grew up in restaurants and hospitality as his parents owned restaurants and a motel in Palm Beach on the Gold Coast. They were also the managers of Surfer’s Paradise’s first high rise apartment, Kinkabool, which had individually owned apartments – similar to a strata title investment. When Paul graduated from University, he went into the restaurant business. His first restaurant was La Goulue in Crow’s Nest, Sydney, a top one hundred restaurant as rated by the well-known food critic, Leo Schofield. Others followed in Australia and the USA.
Paul has been involved in real estate in Hawaii, USA, the Gold Coast and Sunshine Coast in Australia. He also owned a publishing and marketing company in Hawaii that specialised in golf and shopping tourist publications and created marketing campaigns for large golf course and real estate developments.
Ownership & Return
Do I have to purchase the furniture package?
Yes. It is important that all of the apartments are furnished the same so that prospective guests know exactly what they will get when they arrive.
Should I own my apartment in a company name?
That depends on your personal situation. We can introduce you to a number of accountants and solicitors here who will explain the benefits of companies and trusts.
What type of title do I receive?
Each apartment is strata titled in Vanuatu. Strata title transfers are relatively easy here in Vanuatu.
How often is the owner’s income paid?
Payment is monthly two months in arrears – for example March return will be paid on the last day of April. If you settle your purchase contract in between the payment dates, then the first payment is on a pro-rata basis to bring it in line with our regular payment periods.
Can I live in the apartment full time or do I have to place it in the rental pool?
You have to place your apartment in the rental pool unless your application to live in the apartment full time is approved by the body corporate and resort management. If you do not enter the rental pool, the body corporate fee and utility charges will still apply. Cleaning can be negotiated if you require it. If you purchase the apartment to live in full time, you will be required to pay 12.5% VAT on the purchase price because you will not be contributing VAT to the government on a monthly basis.
What other charges are there in purchasing at Nasama Resort?
It is optional but you may wish to engage a lawyer for conveyancing such as payment of Stamp Duty, registration of title, etc. This costs approximately AU$1,200.
Real Estate in Vanuatu
I hear all of Vanuatu is leasehold – how safe is that?
Vanuatu is leasehold similar to Waikiki and a lot of land in Hawaii. What this does is to enable the local Ni-Vanuatu land owners to benefit from sales of their land through annual leasehold land rent and to share in the profit of land resales. From an owner’s point of view, it is similar to rates – only a lot less money! This system will contribute to stability in the country as custom owners receive money every year from the owners. They also receive money every time a strata titled apartment is sold.
How easy is it to resell this type of property?
A resort property resale is as any other i.e. influenced by location and return. Nasama Resort is an absolute beachfront development just 10 minutes from the centre of Port Vila. Beachfront properties are the most saleable of all types of properties. There is also a ready market of potential investors staying at the resort who will read the in-room marketing material regarding apartment sales at Nasama Resort.
What are the tax regulations in Vanuatu?
There is no income tax or capital gains tax in Vanuatu. There is Stamp Duty of 7% on the purchase and VAT will be paid by the Body Corporate before your return is disbursed.