Land in Vanuatu is leasehold and subject to a maximum lease term of 75 years (renewable).
To create a Strata Title the existing lease must be surrendered and a new lease negotiated and approved.
A plan is prepared by a registered surveyor showing lot boundaries, buildings and other features on the land. The plan will show individual lots, common areas, easements and relevant schedules. The plan is checked and approved through a series of government agencies then lodged with supporting certificates and fees for registration with the Department of Lands, Vanuatu Financial Services Commission, and Land Records.
When the plan is registered and approved, a Body Corporate is established to manage the lots within the strata title plan, as per the Bylaws set out in Schedule 1 of the Strata Title Regulations.
If you require Strata Titling Services we will be pleased to introduce you to suitably qualified professionals.
The proprietor, or proprietors, become by virtue of the Strata Title Act upon registration of the strata plan, a body corporate. The body corporate is responsible for enforcement of the by-laws and the control, management, and administration of the common property. The body corporate has perpetual succession, must have a common seal, and is regulated in accordance with the by-laws of the Strata Title Regulations.
For local and international clients we offer administration and accounting services to the body corporate committee, to monitor and meet statutory requirements of the Strata Title Act and the Strata Title Regulations.
Fees for body corporate administration usually consists of an initial one-off fee in the first year to establish and set up the files for administration (and accounting services if applicable), including statutory requirements. Then an agreed annual administration fee based on client’s specific needs, while other administration and accounting services will be charged on a time and disbursements basis, based on the level of assistance required.
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