Real Estate Buying Process

Vanuatu


The REO Program is an initiative of the Vanuatu Government to encourage investment and revive in tourism and real estate sector in Vanuatu. It is launched exclusively for the citizenship by investment program. An applicant under this program qualifies for citizenship and passports by purchasing a qualifying property in a Vanuatu Government Approved Project (“VGAP”) and by paying the relevant government and processing fees. A qualifying property for the purposes of the REO Program is a condominium or villa in a VGAP that will be available for tourism accommodation purposes.

The Minimum Sale Price for the qualifying property under the REO Program is USD $200,000.00.   Each VGAP may have more expensive options for applicants to suit their needs.

Applicants may acquire a 25% interest as tenant in common in a qualifying property for USD$100,000.00.

Under the REO Program the applicant will receive upon payment of the Purchase Price and the Government fees:

  1. A lot in a strata plan in a tourism resort in Vanuatu  (A tenant in common applicant will only receive a 25% interest in the Lot
  2. Citizenships/Passports for the applicant, the Applicant’s spouse and two children under 18; 

STEP 1

An Applicant is to enter into an Engagement Agreement with an Authorised Marketing Agent who has been appointed by VMS to process the Application under the REO Program.

The Engagement Agreement will detail the obligations of the Applicant including the obligation to enter into the Investment Contract with respect to the Qualifying Property and Payment of the Relevant Fees under the REO Program.

STEP 2

The second step is to obtain the Vanuatu Financial Investigation Unit approval.  In order to obtain approval the Marketing-Agent must provide to the Master Agent, with respect to each applicant, the following:

  • Colour scan of current passport for each person listed in the application (the passport must be translated into English and the copy of the passport must be notarised by a Public Notary certifying it is a copy of the original);
  • Copy of Police Clearance Certificate of the Applicant and any spouse disclosing no criminal history (must not be older than 3 months) The Police Clearance Certificate must be translated into English and notarised by a Public Notary certifying it is a copy of the original.  A Police clearance is required for the Main Applicant, the spouse if any and any children over 18.
  • Copy of the Curriculum Vitae (Resume) of the Applicant and any spouse contained in the application translated into English and notarised by a Public Notary;
  • USD$5,100.00 for the FIU check and bank fees paid to the Escrow Agent’s Trust Account;

On receipt of formal request for FIU check and payment to the Escrow Agent’s Trust Account of $5,100.00, the Commission Secretariat formally requests global probity checks by FIU on the applicant. FIU does global probity checks. 

The Master Agent will advise the results of the FIU check to the Marketing-Agent.

STEP 3

On completion of FIU check, if Applicant is cleared, the Marketing-Agent must:

  • Submit the completed Application;
  • Provide a copy of the Engagement Agreement between the Marketing Agent and the Applicant;
  • Enter into a Service Agreement with VMS with respect to the Application by the Applicant;

Requirement to the Applicant to

    1. Enter into the Investment Contract to acquire the Investment Property and provide a copy of this Contract; and
    2. Remit to the Master Agent’s Trust Account:
      1. 25% of the Processing Fee);
      2. VT5,000 application fee for the Commission;
      3. 25% Deposit for the Qualifying Property;

    The Marketing-Agent must provide scanned copies of all Documents to the Master Agent for vetting to ensure that they are complete before lodging the Application.  Once scanned documents are approved the originals are to be forwarded to the Port Vila office (we can arrange collection by DHL)

    Once the amounts payable above have been paid and original documents received in Port Vila the Commission can meet and consider the Application.

    Please note that the Marketing-Agent must make allowance for bank fees which will be deducted by the Bank from remitted funds.  If the full amount stated above is not received the Marketing-Agent will need to cause the shortfall to be made up to progress the Application.

    STEP 4

    If the application is approved by the Commission, the Marketing-Agent shall cause the balance of the application fee and Qualifying Property to be paid as follows:

    1. The balance of the price for the Qualifying Property (75%) to be paid to the Lawyers Trust Account;
    2. the balance of the Processing Fee (75%)  to the Lawyers Trust Account;
    3. VT10,000 for each citizenship Certificate to be granted under the application to the Master Agent Trust Account.

    The Passports and Citizenship Certificates are to be made available by the Commission after receipt of the balance of all amounts payable under the program.

    The Master Agent reserves the right to amend this process to ensure compliance with the requirements in the Act and the Regulations