Asia Pacific Property Investment Guide

Transcription

Asia Pacific Property Investment Guide
Hospitality Edition | 2014
Joint Foreword to the Asia Pacific Property Investment Guide 2014 – Hospitality edition
In 2014, we have the inaugural Archipelago edition of the Asia Pacific Property Investment Guide jointly
published by Jones Lang LaSalle and Ashurst. We have set out important issues that investors need to
consider when investing in real estate in this region, each with its distinctive rules for investors.
In this guide, it includes the most up to date information available for investing in these hospitality hot
locations, covering issues from property tenure to foreign investment incentives, tax matters to real estate
investment trusts.
We trust you find this guide a useful and informative business tool.
John Stawyskyj
Ashurst
Dr Megan Walters and Scott Hetherington
Jones Lang LaSalle
Content
Office
Fiji
4–6
Maldives 7–8
Mauritius
9 – 10
Nepal
11 – 14
Papua New Guinea
15 – 19
Samoa
20 – 22
Seychelles
23 – 25
Vanuatu
26 – 28
Asia Pacific Property Investment Guide 2014 3
FIJI
Property Tenure/Ownership
• State Lands Act Cap. 132;
Three types of tenure exist:
• iTaukei Land Trust Act Cap. 134;
Freehold land - estate in fee simple
Approximately 6% of land in Fiji is freehold land. Freehold land can
be purchased, transferred or leased freely by the residents of Fiji.
• iTaukei Lands Act Cap. 133;
Nonresidents need to obtain the consent of the Minister of Lands
under the Land Sales Act if they:
• Constitution of the Republic of Fiji 2013; and
• purchase

or lease more than 1 acre of freehold land from a
resident;
Operational Requirements for Foreign Corporations
• purchase

or lease any freehold land from a resident when the
area of this land is aggregated with any other land already held
by a non-resident of Fiji and when the total area of both lands
exceeds 1 acre; and
• purchase freehold land of any size from another nonresident.
State land – leasehold estate
State land is vested in the Director of Lands on behalf of the State.
Approximately 7% of land in Fiji is State land. All foreshore lands
beyond the mean high water mark and all soil under Fiji waters and
the beds of navigable rivers and streams are state land.
Leases over State land are granted for terms of 30–99 years. Any
dealing with State land requires the prior written consent of the
Director of Lands.
Non-residents need to obtain the consent of the Minister of Lands
under the Land Sales Act if they:
• purchase or lease more than 1 acre of State land from a resident; and
• purchase state land of any size from another non-resident.
iTaukei land – leasehold estate
Approximately 87% of land in Fiji is iTaukei land. iTaukei land is
administered and held by the iTaukei Land Trust Board (‘iTLTB’).
Leases over iTaukei land are granted for terms of 30–99 years. Any
dealing with iTaukei land requires the prior written consent of the iTLTB.
The consent of the Minister of Lands under the Land Sales Act is
not required for the sale or disposition of iTaukei land.
All mineral rights are reserved to the State, with a constitutional
provision to ensure that the owners of the land (customary or
freehold) receive a fair share of royalties paid to the State.
All land in Fiji is registered under the Torrens system of land registration.
• State Acquisition of Lands Act Cap. 135;
• Land Sales Act Cap. 137;
• Land Use Decree No. 36 of 2010.
Foreign companies can establish a place of business in Fiji. If they
wish to do so, they must register themselves with the Registrar of
Companies under the Companies Act within 30 days of establishing
a place of business within Fiji by providing the Registrar of
Companies with:
• constituent documents (i.e., by-laws, constitution and articles of
association);
• list of directors;
• statement of charges created by it in relation to any of its property
in Fiji;
• name and postal address of local agent; and
• registered address of the company in Fiji.
For some foreign companies, there are annual reporting
requirements as well as ongoing obligations to report changes.
A new Companies Decree has been proposed to replace the
Companies Act. The proposed Companies Decree is not yet enacted.
Under the proposed Companies Decree, there would be more reporting
and disclosure requirements for foreign companies registered in Fiji.
Foreign Investment Regulation
Foreign investors who wish to carry on business in Fiji in a
‘relevant activity’ must obtain a Foreign Investment Registration
Certificate from the relevant government authority under the Foreign
Investment Act (Investment Fiji).
Relevant activities are listed in the Fiji Standard Industrial
Classification (‘FSIC’). It includes:
• real estate development;
• real estate management; and
• ownership of apartments/villas that are used to derive income in Fiji.
The major property legislation in Fiji is:
Certain relevant activities are defined as being ‘restricted activities’.
Depending on the activity, such restricted activities have varying degrees
of capitalization/cash injection into Fiji requirements. For example:
• Property Law Act Cap. 130;
• USD 2.7 million (FJD 5 million) for real estate development; and
Major Property Legislation
• Land Transfer Act Cap. 131;
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• USD 137,727 (FJD 250,000) for ownership of tourism-related
accommodation.
Other relevant activities are ‘reserved activities’. Reserved activities
are reserved for Fiji citizens only, and foreign investors cannot
engage in those activities.
An individual purchaser is eligible to obtain conditional exemption
from payment of stamp duty where the Commissioner of Stamp
Duties is persuaded that the individual applicant intends to:
Foreign Investment Incentives
• reside in any existing dwelling house on the property; or
Foreign investors are eligible for the following tax and duty
incentives:
• build and occupy a dwelling house on the property for a period of
at least five out of the following ten-year period.
• Hotel Industry incentives for development of hotels, including
integrated villa development
Capital Gains Tax
• Audio Visual incentives
Capital gains tax at 10% is imposed on a person who has made a
capital gain from the disposal of a capital asset, such as:
• Agriculture incentives
• land;
• Tax Free Region incentives
• an option; and
• ICT incentives
• a right or other interest in land.
• Customs duty incentives for manufacturers
Capital gains tax is not payable where the capital gain is made:
• Fiji ‘My Second Home’ incentive – incentives for former Fiji
citizens/residents to own properties in Fiji
• by a Fiji resident and the capital gain does not exceed USD
10,916 (FJD 20,000);
• Export incentives
• in relation to a disposal of a Fiji resident’s principal place of
residence; and
Restrictions on Foreign Property Ownership
There are no general rules restricting or prohibiting foreigners from
owning a property in Fiji.
• from the disposal of an asset that is used solely to derive income
exempt from tax under the Income Tax Act.
However, foreigners who wish to own land will need the consent of
the Minister of Lands, Director of Lands or iTLTB, depending on the
land tenure (see above).
Value Added Tax (‘VAT’)
Foreign Exchange Controls
Fiji maintains a fairly stringent exchange control regime under the
Exchange Control Act Cap. 211 (‘ECA’).
The ECA does not permit Fiji residents to hold currency abroad. The
export of currency abroad by Fiji residents is also restricted.
The Reserve Bank of Fiji gives consent to the issue and transfer
of securities (loans, shares and bonds) between residents and
nonresidents.
Taxes on Possession of Real Estate
There is no property tax for owning property in Fiji.
Property owners are responsible for local town or city rates/levies
for street lighting, garbage collection, etc.
Taxes on Acquisition/Taxes on Transfer of
Real Estate/Stamp Duty
Stamp Duty
Stamp duty at 3% of the consideration (or market valuation if
the property is not being transferred on an arm’s length basis) is
payable by the transferee of real estate.
VAT at 15% is charged on the supply of goods and services made
by a ‘registered person’ in the course or furtherance of a ‘taxable
activity’.
Certain supplies that are classified as ‘exempt supplies’ or ‘zerorated supplies’ do not attract VAT or attract VAT at 0%.
Registration is optional if supplies do not exceed USD 54,410
(FJD 100,000) in any 12-month period.
A ‘registered person’ under the Value Added Tax Decree 1991 who
is selling real estate in the course of or furtherance of a taxable
activity (e.g., a land developer) is required to collect VAT at 15%
from a purchaser. If the purchaser is also a registered person, he
or she may be able to claim an input credit and obtain a refund of
the VAT paid by him or her. Generally, retail residential property
sales do not attract VAT, but this is not because of the fact that the
property is a residential one, but because most residential property
vendors are not registered persons for VAT.
Applicable Taxes
Tax Depreciation
A deduction is allowed for annual depreciation on buildings.
The standard annual depreciation rate is calculated in accordance
to the effective life of the asset.
Fiji Property Investment Guide 2014 5
FIJI
Assets are subject to depreciation rates from 2.5% to 50%. A
loading of 20% can be applied to the broad brand rate.
New buildings constructed before 31 December 2014 are qualified
for an accelerated depreciation allowance at 20%.
Residents
As at 1 January 2013, the rates for personal income tax for Fiji
residents on their worldwide income are as follows:
Chargeable
Income FJD
Income Tax Payable
FJD
Social Responsibility
Tax FJD
0–16,000
Nil
Nil
16,001–22,000
7% of excess over
USD 16,000
Nil
22,001–50,000
USD 420 +18% of
excess over
USD 22,000
Nil
50,001–270,000
USD 5,460 +20% of
excess over
USD 50,000
Nil
270,001–300,000
USD 49, 460 + 20%
of excess over
USD 270,000
23% of excess over
USD 270,000
300,001–350,000
USD 55, 460 +20%
of excess over
USD 300,000
USD 6,900 + 24% of
excess over
USD 300,000
• all other companies – 20%
350,001–400,000
Personal Taxes
Nonresidents
USD 65,460 +20% of
excess over
USD 350,000
USD 18,900 + 25% of
excess over
USD 350,000
400,001–450,000
As at 1 January 2013, the rates for personal income tax for
nonresidents in Fiji are as follows:
USD 75,460 + 20%
of excess over
USD 400,000
USD 31,400 + 26% of
excess over
USD 400,000
450,001–500,000
USD 85,460+ 20% of
excess over
USD 450,000
USD 44,400 + 27% of
excess over
USD 450,000
500,001–1,000,000
USD 95, 460 + 20%
of excess over
USD 500,000
USD 57,900 + 28% of
excess over
USD 500,000
1,000,001 +
USD 195,460 + 20%
of excess over
USD 1,000,000
USD 197,900 + 29%
of excess over
USD 1,000,000
Service Turnover Tax
Owners of villas, apartments or homes that are rented out to tourists,
international students or overseas visitors and whose annual
turnover exceeds USD 27,105 (FJD 50,000) are required to account
for Service Turnover Tax at 5% in addition to income tax and VAT.
Corporation Tax
Companies (including companies acting as trustees) are subject to
the following tax rates:
• nonresident shipping companies – 2%
• any company listed with the South Pacific Stock Exchange with a
minimum of 40% resident shareholders – 18.5%
• a nonresident company that establishes or relocates its regional
or global headquarters to Fiji – 17%
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Chargeable
Income FJD
Income Tax Payable
FJD
Social Responsibility
Tax FJD
0–270,000
20%
Nil
270,001–300,000
USD 54,000 + 20%
of excess over
USD 270,000
23% of excess over
USD 270,000
300,001–350,000
USD 60,000 +20% of
excess over
USD 300,000
USD 6,900 + 24% of
excess over
USD 300,000
350,001–400,000
USD 70,000 +20% of
excess over
USD 350,000
USD 18,900 + 25% of
excess over
USD 350,000
400,001–450,000
USD 80,000 + 20%
of excess over
USD 400,000
USD 31,400 + 26% of
excess over
USD 400,000
450,001–500,000
USD 90,000+ 20% of
excess over
USD 450,000
USD 44,400 + 27% of
excess over
USD 450,000
500,001–1,000,000
USD 100,000 + 20%
of excess over
USD 500,000
USD 57,900 + 28% of
excess over
USD 500,000
1,000,001 +
USD 200,000 + 20%
of excess over
USD 1,000,000
USD 197,900 + 29%
of excess over
USD 1,000,000
Tax Treaties - Avoidance of Double Taxation
Fiji has entered into double tax agreements with the following countries:
United Kingdom
New Zealand
Japan
Australia
Korea
Malaysia
Papua New Guinea
Singapore
United Arabs Emirates (signed but not gazetted)
Real Estate Investment Trusts
Fiji does not have any legislation for real estate investments trusts.
MALDIVES
The concept of real estate ownership in the Maldives is slightly
different compared to other jurisdictions. Local law recognizes two
different ‘types’ of ownership of real estate by individuals or entities:
• private ownership or ‘amilla bin’; and
• state ownership or ‘bandaara bin’.
Private ownership is where individuals or entities have purchased
land from the state.
State ownership is where the state has granted usage rights
to individuals or entities for the occupation of the land. Where
a bandaara bin is granted to a party, the usage rights over the
bandaara bin are unlimited and can even be passed through
inheritance as if it was owned outright by the deceased.
Although there is no formal recognition for leasehold titles in the
Maldives as yet, long leases over land are very common. This is
especially true in the field of tourism, where islands earmarked
for tourism are ‘owned’ by the state and the developer is simply
granted a lease over the island with rights to develop and manage
as per terms of the lease. At present, leases over tourism islands
are subject to a maximum of 50 years as per the provisions of the
Tourism Act.
Land designated for residential purposes can be leased out for a
maximum of 35 years. There is no restriction on the period of lease
for land designated for business or industrial purposes.
However, there is a blanket constitutional provision, which restricts
any type of lease of land to a foreigner (or foreign entity) to a
maximum period of 99 years.
• Law on Uninhabited Islands (20/98)
• Tourism Act (2/99)
• Land Act (1/2002)
Foreign Investment
Foreign Investments in the Maldives are regulated by:
• Law on Foreigners Doing Business in the Maldives (4/79);
• Foreign Investment Act (25/79); and
• Companies Act (10/96).
The Foreign Investment Act specifies that any foreign party, be it
individual or corporate, intending to do business in the Maldives
must only do so after acquiring permission and registering as an
entity in the Maldives.
The government is protectionist, restricting foreign investments from
engaging in any business activity unless the specific business
activity is first approved by the government. The Ministry of
Economic Development, the responsible government agency
under the Foreign Investment Act, used to publish a positive list of
activities that the Ministry has, in the past, given approval for foreign
investments to be engaged in, and this list was used as a ‘general
guide’ in making an assessment as to whether or not permission
may be granted. However, since the beginning of 2013, the Ministry
of Economic Development has stopped the use of positive list, and
the presence of an existing and approved foreign investment is no
longer any indication that the same business activity may be
approved for another party.
While this practice creates of lack of certainty for potential investors,
the government is proposing wide-ranging regulatory reforms in the
area of foreign investments and protection for foreign investors, and
it is expected that these provisions may be in force by mid-2014.
Procedure for Registration and Licensing by Foreign Investors
Foreigners or foreign entities wishing to engage in business in
the Maldives require permission to do the same. The Foreign
Investment Act has a two-track mechanism for foreign investments,
one for those wishing to engage in tourism-related business
activities and another for all other business activities.
Those who wish to engage in tourism-related business activities
must apply to the Ministry of Tourism for a relatively straightforward
permit, which is generally granted. There is, however, a certain level
of protectionism practice regarding safari/live aboard vessels, thus,
a foreign investment will only be allowed to engage in the business
of operating or managing a live aboard or safari vessel if the vessel
has more than 20 rooms (40 beds).
Once the permit from the Ministry of Tourism is granted, the
investor can proceed directly to the incorporation of the entity in the
Maldives.
For activities other than tourism-related business activities, the
investor must submit a proposal prepared according to given
guidelines to the Ministry of Economic Development together with
the requisite information. The Ministry of Economic Development
will review the proposal before granting the permit.
A foreign investment agreement is entered into with all investors
going through the Ministry of Economic Development route which,
before the Business Profit Tax Act, levied a royalty on profits. The
royalty regime has been abolished since the establishment of a tax
regime under the Business Profit Tax Act.
Maldives Property Investment Guide 2014 7
MALDIVES
Once approval for the activity is granted, a foreign investor can
choose either to establish a new entity in the Maldives or to reregister a foreign entity as an entity permitted to do business in the
Maldives.
Goods and Services Tax
Foreign Employment Limitations
• tourism goods and services; and
Employment of foreign nationals is regulated by the Regulation
of Employment of Foreign Nationals (2011/R-22), which requires
employers to apply for a foreign worker quota. The law specifies
certain positions for which a quota for foreign workers will not be
granted, which are as follows:
• general goods and services.
• taxi/pickup or lorry drivers;
• aircraft copilots and first officers;
• captains of sea-going vessels;
• engineers of sea-going vessels; and
• boat crew for vessels registered for fisheries activities.
Apart from those positions listed above, the government practices
a liberal approach, so obtaining a foreign worker quota is a simple
procedure.
Foreign Ownership of Real Estate
The laws of the Maldives do not allow foreigners (or foreign entities),
to own real estate in the Maldives. Foreigners can, however, have a
long lease subject to a maximum term of 99 years. In the case of a
tourism lease, the maximum lease period is 50 years, regardless of
whether the lessee is local or foreign.
There are no foreign exchange controls in the Maldives.
Property Tax
There is no property tax per se in the Maldives other than a tax on
the transfer of land. For any transfer of land, a tax of 15% of the
transaction value is charged. As foreigners cannot own land, they
would not be party to such a transfer and therefore, this would not
be applicable to any foreigners or foreign entities.
Business Profit Tax
A business profit tax was introduced in the Maldives in 2010. A 15%
tax is levied on profits enjoyed by persons or entities doing business
in the Maldives.
8
Goods and services tax is charged under the Goods and Services
Tax Act (10/2011) which categorizes all goods and services into two
main categories:
Until 31 December 2012, a tax rate of 6% was applicable for goods
and service in the tourism sector. From 1 January 2013 onwards,
the rate is 8%. For goods and services in the general category, a
rate of 6% is applicable.
Personal Income Tax
There is no personal income tax in the Maldives. However, those
persons engaging in business (either as a sole proprietor or
otherwise) are subject to the provisions of the Business Profit Tax Act.
Tax Treaties
The Maldives is party to a limited multilateral agreement between
the members of the South Asian Association for Regional
Cooperation (‘SAARC’) for the avoidance of double taxation
and mutual assistance on tax matters. However, no double tax
avoidance treaties have been signed by the Maldives with any
specific country. For the purposes of taxation in the aviation industry,
certain reciprocal arrangements are in place with various countries.
Investment Treaties
The Maldives has not signed any investment treaties with any other
country.
Arbitration
An Arbitration Act came into force in June 2013, pursuant to which
foreign arbitral awards are now directly enforceable in the Maldives
through application to the High Court. At the time of writing of this
guide, the procedures for making such an application to the High
Court have not been published, although they are expected to be
published towards end-2013. Although the Arbitration Act is based
on the UNCITRAL Model Law, the Maldives is not yet a party to the
New York Convention on the Recognition and Enforcement of
Foreign Arbitral Awards, although the matter of acceding to the
convention is currently in parliament.
MAURITIUS
A non-Mauritian cannot hold, purchase or acquire immovable
property in Mauritius unless he/she gets approval to acquire that
property. A non-citizen who wishes to hold or acquire an immovable
property needs authorization under the Non-citizens (Property
Restriction) Act (the ‘Act’).
A non-citizen who wishes to hold, purchase or otherwise acquire a
property must make a written application to the Minister who may
issue the applicant a certificate authorizing him/her to purchase,
acquire or hold the property subject to such terms and conditions as
the Minister may impose.
A non-Mauritian refers to a person who is:
• not a citizen of Mauritius;
• an association or body of persons whose shares or capital are
owned by a person who is not a citizen of Mauritius; or
• a trust where any of the beneficiaries are not citizens of Mauritius
or where the power of any discretion may be exercised in favor of
a person who is not a citizen of Mauritius.
A non-citizen who purchases or otherwise acquires any luxury villa,
apartment, penthouse or other similar properties used, or available
for use, as a residence with or without services or amenities from a
company holding a certificate under the Real Estate Development
Scheme prescribed under the Investment Promotion Act is
exempted from obtaining the above certificate.
The Act provides for three modes, among others, for the purchase
of residential property:
• acquisition of residential units under the ‘integrated resort
scheme’ (‘IRS’) – designed to facilitate the acquisition of
residential property by non-citizens in Mauritius;
• acquisition of residential units under the ‘invest hotel scheme’
(‘IHS’) – allows hotel developers to finance the development of a
hotel project by allowing them to sell villas, suites, rooms or other
components of the hotel to individual buyers;
• acquisition of property by a ‘category 1 global business company’
(‘GBC1’) or a trust – allows a client to set up a GBC1 which may:
-- purchase a property not falling under IRS by applying to the
Financial Services Commission;
-- establish a trust which may acquire property not falling under
IRS subject to obtaining approval from the Prime Minister of
Mauritius.
An investor registered with the Board of Investment may
also acquire immovable property for business purposes on
the condition that he/she gets an approval from the Board of
Investment. An investor is a person carrying on or who intends
to carry out an economic activity generating an annual turnover
exceeding MUR 4 million (USD 130,294).
Non-citizens (Property Restriction) Act 1975
Investment Promotion (Real Estate Development Scheme)
Regulations 2007
Land Acquisition Act 1973
Land (Duties and Taxes) Act 1993
Planning and Development Act 2004
Registration Duty Act 1804
Under the Companies Act 2001, an overseas company seeking
to carry on business in Mauritius is required to file the following
documents with the Registrar of Companies, within one month after
it establishes a place of business:
• a duly authenticated copy of the certificate of its incorporation or
registration in its place of incorporation or a document of similar
effect;
• a duly authenticated copy of its constitution, charter, statute or
memorandum and articles of association;
• a list of its directors and similar particulars with respect to
directors, as are contained in the register of the directors,
managers and secretaries of the company;
• a memorandum of appointment or power of attorney under the
seal of the company;
• notice of the situation of its registered office in Mauritius; and
• a declaration made by the authorized agents of the company.
An overseas company is considered to be carrying on business in
Mauritius if it:
• has established or is using a share transfer office or a share
registration office in Mauritius; or
• is administering, managing or dealing with property in Mauritius
as an agent, personal representative or trustee, and whether
through its employees, agent or in any other manner.
There are no foreign exchange restrictions
Mauritius Property Investment Guide 2014 9
MAURITIUS
Taxation
DTAAs that have been signed but are not yet in force:
Taxes on acquisition and registration duty (‘IRS’):
• Five treaties await ratification: Congo, Egypt, Kenya, Nigeria,
Russia and Gabon
• MUR 2.15 million (USD 70,000) or 5% of the value of the property
whichever is higher, on acquisition of a residential property from
an IRS company.
Taxes on acquisition and registration duty (‘IHS’):
• The purchaser has to pay a registration duty at the rate of 5% of
the value of the property (other than stand-alone villa) and MUR
2.15 million (USD 70,000) for a stand-alone villa.
Tax on rental income:
• No specific property income tax.
Double Taxation Avoidance Agreements that have been signed and
are in force:
Barbados
Belgium
Botswana
Croatia
Cyprus
Democratic Socialist Republic
of Sri Lanka
France
-- DTA
-- Amendment/s through
Protocol
Germany
India
Italy
Kuwait
Lesotho
Luxembourg
Madagascar
Malaysia
Mozambique
Namibia
Nepal
Oman
Pakistan
10
People’s Republic
of Bangladesh
People’s Republic of China
-- DTA
Protocol
Rwanda
Senegal
Seychelles
Singapore
South Africa
State of Qatar
Swaziland
Sweden
Thailand
Tunisia
Uganda
United Arab Emirates
United Kingdom
-- DTA
Protocol
Zambia
Zimbabwe
• Three treaties await signature with Ghana and Monaco
• 14 treaties are being negotiated with Algeria, Burkina Faso,
Canada, Czech Republic, Greece, Hong Kong, Malawi, Portugal,
Republic of Iran, Saudi Arabia, Vietnam, Yemen, Tanzania and St.
Kitts & Nevis.
Tax Information Exchange Agreements that have been signed and
are in force:
• Australia
• Denmark
• Finland
• Norway
Real estate investment trusts (‘REITS’) have not been established in
Mauritius, and there are no REIT-specific regulations in the country.
Links
For more information on property investment in Mauritius, please
visit the following websites:
• Board of Investment: www.investmauritius.com
• Mauritius Revenue Authority: www.mra.gov.mu
• Ministry of Housing & Lands: www.housing.gov.mu
NEPAL
Restrictions On Ownership Of Land
There are four types of landholdings in Nepal:
Land Ceiling System
Any person or his/her family (spouse and children under 16 years)
may not own more than the following areas of land:
• Private ownership
-- Private ownership is also known as ‘raikar’ land, and is the
principal form of landholding. It is similar to a freehold system. A
land ownership certificate is issued to the individual or company
who owns the land. All other previous forms of feudal and nonfeudal landholdings (e.g., ‘jamindari’, ‘birta’ and ‘kipat’) have
been converted into private ownership title.
• Trust land ownership
-- Trust land ownership, also known as ‘guthi’ land, is a land held
under a trust that is endowed by any philanthropist through
relinquishment of his or her title to immovable property fund to
a trust for the operation of any social or religious cause.
Depending on the type of trust (private, government and
special), there may be restrictions on transfers and use.
• Tiller tenancy
-- Tiller tenancy land belongs to the private owner, but the tenant
and his/her family acquire the right to cultivate and use the land
(‘moiani hak’). The tiller tenant (‘moi’) must pay a fee to the owner
of the property. This system is in the process of being abolished.
New tiller tenancy titles cannot be obtained, and the existing tiller
tenant may obtain ownership of half of the land from the owner.
• Government and public land
-- Government land includes roads, paths, railways and land with
government houses, temples, monasteries, buildings or offices.
Government land also includes forests, shrub lands, jungles,
rivers, streams and marshlands not belonging to anyone, as
well as lakes and ponds and their banks, canals and channels,
waste and uncultivated lands, lands located on sharp hill sides
and paths and sand vacated by river, which are owned by the
Nepal government or declared as public lands, and published in
the ‘Nepal Rajpatra’.
• Terai region – 6.7 ha
• Kathmandu Valley – 1.21 ha
• All hilly areas, except Kathmandu Valley – 3.5 ha
The land ceiling system does not apply to companies and
corporations.
Foreign Land Ownership Restrictions
Foreigners cannot own or acquire land in Nepal unless they are
non-resident Nepalese holding an identification card.
Companies wholly or partly owned by foreign investors may only
acquire land for their business purposes (e.g., to establish a factory
or a hotel or to provide residence to their workers). No specific
permission is needed from the government to do so, provided that
purchasing land is listed in the project report submitted when
obtaining the foreign investment approval.
Operational Requirements For Foreign Corporations
Foreign Company
Foreign companies can either establish a:
• branch or liaison office under the Companies Act 2006; or
• subsidiary under the Foreign Investment and Technology Transfer
Act 1992.
Establishing a subsidiary is more common than registering a branch
office.
Branch or Liaison Office
A foreign company may register a branch or liaison office in Nepal
with the Office of the Companies Registrar under Section 154 of the
Companies Act. Prior permission from an appropriate government
authority or a contract signed with an authorized agency is required
for the establishment of such offices.
• Country Code 1963
Branch offices are not allowed to purchase real estate.
• Land Survey and Measurement Act 1963
Company Incorporated in Nepal
Foreigners are allowed to establish either a private limited company
or a public limited company after obtaining an approval from
the Department of Industries under the Foreign Investment and
Technology Transfer Act 1992. After obtaining the appropriate
approvals, the investor must:
• Act Concerning Land 1964
• Guthi Corporation Act 1976
• Land Acquisition Act 1977
• Land Revenue Act 1978
• incorporate the company at the Office of the Companies
Registrar;
• apply for tax registration at the local tax office;
Nepal Property Investment Guide 2014 11
NEPAL
• apply for the appropriate industry registration at the Department
of Industries; and
• obtain permission from the central bank of Nepal.
Foreign companies are allowed to own a 100% stake in most
permitted business activities or industries.
A foreign company may also register as a joint venture with a
foreign or Nepalese partner.
Foreign Investment Regulation
The Foreign Investment and Technology Transfer Act 1992 allows
share/equity investment for foreign investors in certain industries, as
listed in the Industrial Enterprises Act 1992 and except for restricted
businesses. Investors may invest in manufacturing, energy,
agricultural, mining, tourism and construction industries. Investment
in traditional small industries; weapon industries; and fish, chicken
and bee farming is restricted. Investment in retail is only allowed for
companies already operating in more than two countries.
Foreign investment in real estate is allowed for “construction and
operation of commercial, office and housing complex” and
“construction and sale of residential housing”, but is not allowed for
projects that only buy, sell or rent land and houses without
constructing them. Investors can also open an investment company
that invests in other companies.
The current minimum investment ceiling per investor has been fixed
at NPR 5,000,000 (approximately USD 60,000).
Investors are allowed to repatriate dividends, interest from loans,
gains from sale of shares and any other gains from investment back
to their home countries in convertible currency.
Foreign investors are allowed to invest either in:
• a convertible foreign currency using the banking system; or
• assets such as plant, machinery and equipment required for
industry.
Foreign investors can repatriate profits or gains earned by their
companies through dividends or interest earned from any loans in
foreign currency back to their home countries. Foreign investors can
also repatriate the amount of technological fees, management fees,
trademark royalty and other fees. Reparation of foreign currency
requires permission from the Central Bank of Nepal. An entity that
invests in Nepalese currency but does not earn foreign currency can
receive or give payment in foreign currency.
12
Land Registration Tax
Land registration tax (similar to stamp duty) must be paid when
selling/transferring land to a new owner.
Property Type
Municipal
Areas Fees
Non-municipal
Area Fees
Land/house worth NPR
10,000 (USD 100) or less
NPR 400
(USD 4.00)
NPR 300
(USD 3.00)
Property worth NPR 10,001–
25,000 (USD 100–250)
NPR 1,000
(USD 10.00)
NPR 500
(USD 5.00)
Property worth NPR 25,001
(USD 250) or more
4.5%
2%
Flat
1%
Note: Different rates apply to inherited property.
Taxes On Possession Of Real Estate
Municipal House Tax
An annual tax for the possession of houses in municipal areas must
be paid to the municipal office at the following rates:
Class
Type of House
Tax Rate
(per sq ft)
A
Raw bricks with mud mortar or made of
wood (timber)
NPR 450
(USD 4.50)
B
Kiln bricks/stones with mud mortar
NPR 525
(USD 5.20)
C
Kiln bricks/stones with cement mortar
NPR 575
(USD 5.75)
D
RCC frame structure
NPR 635
(USD 6.35)
Property Tax
Property tax is levied on the following rates in municipal areas:
Property Valuation
Tax Rate
(per sq ft)
Up to NPR 1 million (USD 10,000)
none
NPR 1–2 million (USD 10,000 – 20,000)
NPR 300
(USD 3.00)
NPR 2–3 million (USD 20,000 – 30,000)
0.05%
NPR 3–5 million (USD 30,000 – 50,000)
0.25%
NPR 5–10 million (USD 50,000 – 100,000)
0.50%
Over NPR 10 million (USD 100,000)
1.50%
Cultivable Land Tax
There are four types of cultivable land in Nepal: ‘abbal’, ‘doyam’,
‘sim’ and ‘chahar’. Depending upon the productivity of the land, land
tax is levied at a range of NPR 1–65 (USD 0.01–0.65) per ‘ropani’
and NPR 1–65 (USD 0.01–0.65) per ‘kattha’.
Corporate Taxation
There is a 25% tax imposed on the taxable income of any corporate
institution for any income year. However, the tax rates may vary
according to the business of the corporation. Special income tax
rates apply as follows:
Type of Business
Tax Rate
Banks, financial institutions, general insurance,
petroleum, cigarette and beverage
30%
Entities engaged in manufacturing (except alcohol and
tobacco industries)
20%
Entities constructing and operating roads, bridges,
tunnels, ropeways, flying bridges, trolley buses and trams
20%
Entities engaged in building and operating public
infrastructure to be transferred to the government
20%
Entities engaged in power generation, transmission or
distribution
20%
All income earned from export of goods and services
20%
Personal Taxation
A resident ‘natural’ person refers to a person who is present in
Nepal for 183 days or more in 365 consecutive days. Tax is levied
on the taxable income of any resident ‘natural’ person on the basis
of the following rate:
Capital Gains Tax
For corporate entities and businesses, capital gains are treated as
income and taxed at the same rate as income.
For ‘natural’ persons, the tax rates are as follows:
• 2.5% if the ownership of disposed non-business taxable property
(land and building) is held for more than five years;
• 5% if the ownership of disposed non-business taxable property
(land and building) is held for less than five years; and
• 5% on all gains in the stock market securities transactions.
Value Added Tax (‘VAT’)
VAT is levied at a single rate of 13%.
Leasing and buying/selling of real estate are VAT-exempt.
VAT is not levied on goods and services exported, which are zero
rated. Goods such as basic agricultural products, medicine,
education services, air transport, financial and insurance services
are also exempt.
Tax Depreciation
Asset depreciation rates are as follows:
Class
Assets
Rate
A
Buildings, structures and similar works of a
permanent nature
5%
Income
Tax Rate
NPR 200,000 (USD 2,000) or less
1%
B
25%
More than NPR 200,000 (USD 2,000)
and less than NPR 300,000
(USD 3,000)
15% of the taxable income
of more than NPR 100,000
(USD 1,000)
Computers, data handling equipment,
fixtures, office furniture and office
equipment
C
Automobiles, buses and minibuses
20%
More than NPR 300,000 (USD 3,000)
25% of the taxable income
of more than NPR 300,000
(USD 3,000)
D
15%
More than NPR 2,500,000
(USD 25,000)
Additional tax of 40% on the
taxable amount calculated
under the 25% rate on the
taxable income of more than
NPR 2,500,000 (USD 25,000)
Construction and earth-moving equipment
as well as any depreciable asset not
included in another class, such as pollution
control, research and development, as well
as natural research exploration equipment
E
Intangible assets other than depreciable
assets included in Class D
Average rate
according to
the useful life
Tax can be deducted in the amount of 6% on payments to the
provident fund or an approved retirement fund. If a ‘natural’ person
has a taxable income of NPR 2.5 million (USD 25,000) or above, an
additional tax of 40% must to be paid for an income above
NPR 2,500,000 (USD 25,000). Rates vary by a small degree for
married couples.
Withholding Tax on Dividends
Resident entities must pay a 5% withholding tax on dividends. A
withholding tax of 5% is also levied on profits repatriated by a
permanent establishment to its parent company.
Tax Treaties: Avoidance of Double Taxation
Nepal has concluded Double Tax Avoidance Treaties with the
following countries:
India
Qatar
People’s Republic of China
Austria
South Korea
Mauritius
Norway
Pakistan
Sri Lanka
Thailand
Nepal Property Investment Guide 2014 13
NEPAL
Resident tax payers can claim foreign tax credit for the payment of
tax paid abroad with respect to their taxable income in Nepal.
Mutual Funds
In 2010, the Securities and Exchange Board of Nepal (‘SEBON’)
approved regulations relating to mutual funds. According to the
regulations, all schemes having an objective to invest directly or
indirectly in permissible assets are governed by the provisions and
guidelines under the SEBON Mutual Funds Regulations 2010.
Foreigners are not allowed to invest in Nepalese mutual funds.
14
PAPUA NEW GUINEA
Encumbrances
Overview
The Land Act is the main legislation that regulates dealings in land
in Papua New Guinea (‘PNG’). It provides that all land in PNG,
other than customary land, is the property of the state subject to any
estates, rights, titles or interests in force under any law. The Land
Act provides for the mechanisms by which the state may:
It is also possible to register encumbrances, such as a mortgage,
on title which, by virtue of registration (and except in limited
circumstances), take priority over unregistered dealings.
• acquire land (including customary land); and
• grant leases in respect of any land.
97% of land in PNG is held under customary ownership for which
there is no recorded title. Only the state may acquire customary land
from customary owners.
All other land is alienated land held by the state (i.e. land that
has at some time in the past been acquired by the state) and is
administered under the Land Act.
Non-citizens are not allowed to own freehold land in PNG.
Subleases of State Leases
A sublease of a state lease is permissible and provisions for the
registration of subleases exist. Registration is required if the term of
the sublease is for a period greater than three years.
Licenses, customary land and compensation payments
The LRA also deals with:
• granting of licenses;
• disposal and acquisition of customary land; and
• regulation of compensation payments.
Ministerial approval
The LRA specifies the dealings in land that require ministerial
approval.
Most dealings in land are by way of leasehold from the state via state
leases. The usual practice is for a long-term (typically 50 to 99 years)
leasehold title to be conferred. Although there are exceptions, the
shorter 50-year term is common for land recently acquired or leased
by the state. On expiration, the state may, but is not obliged, to grant
a renewed lease. If the state does not grant a renewed lease upon
expiration, it must pay the compensation for any improvements made
to the land.
Any dealing involving land being granted, or transferred to, a foreign
person or a corporate entity, requires approval by the Minister of
Lands and Physical Planning prior to registration.
State Land in PNG
Owners of customary land will be able to participate in the scheme
where the Minister for Lands and Physical Planning is satisfied that
the owners of the customary land have:
State Leases
Indefeasible title
State leases are registered under the Land Registration Act (‘LRA’).
Upon registration, the registered proprietor is granted indefeasibility
of title, similar to the ‘Torrens’ registration of title systems adopted
in Australia under which a land title serves as a certificate of full,
indefeasible and valid ownership of the land.
Exceptions to indefeasibility of title
There are some exceptions to indefeasibility of title. These
exceptions are listed in Section 33 of the LRA and include such
things as fraud or an incorrect description of the land or of its
boundaries.
However, the PNG courts have made rulings that have broadened
the exceptions to indefeasibility. In Emas Estate Development Pty
Limited v Mea [1993] PNGLR 215, the Supreme Court ruled that the
‘fraud’ exception to indefeasibility can be applied to situations where
there is evidence of administrative error affecting the land.
Lease-Leaseback Scheme
PNG has a lease-leaseback scheme which is designed for the
owners of any customary land to develop their land for special
agricultural or other business projects.
• been identified; and
• expressed their intention to develop the customary land.
Operation of lease-leaseback scheme
Under the Land Act, customary landowners (either in their own
name, or through a special purpose corporation or incorporated
land groups (‘ILG’), which acts as an agent for the customary land
owners) may only dispose of their land to the state.
Under the lease-leaseback scheme, the state (represented by
the Minister for Lands and Physical Planning) grants a special
agricultural or business ‘leaseback’ to one or more ILGs in their
capacity as agent for the customary landowners.
Land Act provisions
The lease-leaseback scheme is specifically recognized by the
Land Act.
The Land Act provides that the relevant minister may lease
customary land for the purpose of granting a special agricultural
Papua New Guinea Property Investment Guide 2014 15
PAPUA NEW GUINEA
and business lease of the land. Where the relevant minister leases
customary land, there must be ‘conclusive evidence’ that the state
has good title to the lease. An instrument of lease, in the approved
form, executed by or on behalf of the customary landowners, is such
conclusive evidence.
of each individual unit owners are registered by the Registrar of
Titles as subleases to the head lease.
If it is determined that the customary landowners did not sign
or authorise signing the lease, then title cannot pass. In these
circumstances the leaseback is also ineffective, as is any other
dealing in the land.
• Land Act 1996;
Term of leasebacks
The term of the leaseback under the lease-leaseback scheme is
determined by the customary landowners. Typically it is for a period
of 50 years however it can be granted for a period of up to 99
years. The Land Act does not permit an extension to the term of the
original leaseback.
Right to deal with the land
The holder of the head lease may deal with the land by way
of sublease, transfer or other dealing to a third party and on
commercial terms.
The sublease may be granted without the need for public tender.
Any such dealing (unless to a citizen) requires the approval of
the Minister for Lands and Physical Planning. The efficacy of this
process is dependent upon the:
• customary landowners being identified; and
• persons who execute the documents being established as the
authorized representative of the customary landowners.
The identification process referred to above can lead to disputes.
Where the Land Act and the LRA have been complied with, such
disputes do not affect the validity of the title.
Indefeasibility of title
Title conferred by a leaseback (being a registered title) is subject
to the exceptions to indefeasibility, such as the fraud exception as
established by case law.
The Department of Lands and Physical Planning administers both
freehold and leasehold land. It also facilitates the registration of
ILGs in relation to customary-owned land and holds a database
registry for the ILGs.
The principal land laws in PNG are:
• Land Regulation 1999;
• Land Registration Act; and
• Land Registration Regulation.
All foreign investors carrying on business in PNG must be registered
with the Investment Promotion Authority (‘IPA’).
Foreign companies can be registered in PNG as either a:
• branch of an overseas company; or
• PNG incorporated company.
There are differences between the administrative requirements
pertaining to the incorporation of a local company in PNG and the
registration of an overseas company in PNG.
There are no substantial differences in terms of the administrative
complexity and the initial set up and ongoing costs.
Foreign investment in PNG is regulated by the Investment
Promotion Act 1992 (‘Investment Promotion Act’). Under the
Investment Promotion Act, foreign enterprises are prohibited from
carrying on business in PNG unless they have been certified by the
IPA. A ‘foreign enterprise’ refers to an enterprise which is more than
50% owned or controlled by non-citizens of PNG.
Whether an investor is carrying on business in PNG (and is thereby
required to be certified by the IPA) is a question of fact. The carrying
out of certain isolated transactions in PNG do not by themselves
result in an investor being regarded as carrying on business in PNG.
If a foreign investor carries on business in PNG without being
certified, it commits an offence. In addition, in these circumstances,
a court may declare the contracts entered into by the foreign
investor with other enterprises in PNG to be void.
Foreign Investment Incentives
Horizontal subdivisions
There is no strata title scheme in PNG.
The PNG government generally encourages foreign investment.
Apart from certain ‘cottage industries’ reserved for citizens, foreign
investors generally may invest in any type of business in PNG.
Instead, the company title scheme is practiced wherein the land is
owned by a company and the ownership and ‘purchase’ of a unit is
by way of purchasing shares in the company. As such, the interests
The IPA provides assistance for foreign investors. It is established to
promote investment in PNG. The IPA offers a business investment
guideline that includes advice on such areas as the business
16
environment, investment opportunities, priority areas for investment
and advice on applicable government approvals. There are a range
of similar private sector publications such as ‘business advantage’.
Foreign companies and individuals are not permitted to acquire
customary land or freehold land. Foreign companies and individuals
must obtain ministerial approval from the Minister for Lands,
when they are a party involved in the disposing of, or a contract
or agreement to dispose of, a leasehold estate. Under the Land
Act 1996, this type of dealing is defined as a ‘controlled dealing’.
A controlled dealing is void and of no effect unless it has been
approved by the minister.
PNG has a system of foreign exchange controls regulating the
inflow and outflow of foreign exchange.
However, the system has been progressively liberalized in recent
years, and only certain activities still require approval—for example,
a resident establishing an offshore bank account and providing a
guarantee to a non-resident.
Foreign exchange transactions no longer require prior approval
provided those transactions are reported to the regulator, the Bank
of Papua New Guinea.
Taxation
The principal taxation laws in PNG are:
• Income Tax Act 1959;
• Goods and Services Tax Act 2003;
• Customs Tariff Act;
• Stamp Duties Act;
• Land tax laws; and
• Land rates.
Taxes on Possession of Real Estate
Land tax is payable on an annual basis on the unimproved value of
alienated land. Land tax rates vary.
If the vendor of land is liable to pay land tax, the general practice
is for the land tax to be adjusted between the vendor and the
purchaser upon completion.
Local-level governments which function similar to city or municipal
councils also levy taxes to fund the provision of services. These are
commonly referred to as ‘rates’ and are charged to the proprietors
of the land on the basis of land values. Rates vary between the
different urban areas.
Taxes on Acquisition and Transfer of Real Estate Stamp
Duty on Land Transfers
Stamp Duty
The Stamp Duties Office within the Internal Revenue Commission
administers stamp duty at varying rates on transfers or agreements
to transfer land, shares and certain other property transferred with
the land.
The rate of stamp duty for non-Citizens is charged according to the
higher of the consideration paid or the value of the land. The rates
vary from a scale of 2% where the value is PGK 35,000
(USD 13,300) or less, to 5% where the value of the land exceeds
PGK 140,000 (USD 53,200).
Stamp duty is usually payable by the purchaser by agreement.
Stamp duty is payable within two months after the contract for sale
is signed. Penalties can apply for late payment. The land transfer
cannot be registered until duty has been paid.
Land-rich/Landholder Duty
Land-rich, or landholder duty, is applied to the acquisition of
shares or units in a land holding private corporation. A liability
for landholder duty arises when a relevant acquisition is made. A
‘relevant acquisition’ is made when a person acquires an interest in
a landholding private corporation that is, of itself, a majority interest
in the corporation or, when aggregated with other interests in the
corporation held by a person or associated persons, results in an
aggregation which amounts to a majority interest in the corporation;
or that person or persons having a majority interest then acquires a
further interest in the corporation.
Landholder duty is calculated on the value of the land. The rates
applicable are the same as those which apply to land acquisition
and transfers.
Landholder duty payable must be paid within 60 working days after
the liability to pay it arises.
Lease Duty
Stamp duty is chargeable for leases. Usually the tenant pays the
stamp duty.
Stamp duty is calculated from the accumulative total of the annual
rental and the increases in the Consumer Price Index (‘CPI’) of 5%
(if CPI is not provided in the lease) over the term of the lease. The
rates of stamp duty for leases are as follows:
• Leases 12 months to less than five years:
-- P
GK 5 (USD 1.90) for the first PGK 240 (USD 91) of the rent
for the lease period then 0.4% is added for the remainder.
PAPUA NEW GUINEA
• Leases five years or more:
-- PGK 10 (USD 3.80)for the first PGK 240 (USD 91)of the rent
for the lease period then 1% is added for the remainder.
Capital Gains Tax
There is no capital gains tax in PNG. However, the buying and
reselling of land for profit-making purposes can be taxable as
ordinary income.
There are no public real estate investment trusts in PNG. Normally,
public property investments would be structured by way of public
share offer.
18
Common Terms of Lease for Tenancy Agreements
Unit of Measurement
Unit of Measurement
Square meters
Rental Payments
Rents
Quoted in PGK/sqm/year (net area)
Typical lease term
Generally three to five years
Frequency of rent payable (in advance)
Monthly
Security of Tenure
For the duration of the tenancy
Does tenant have statutory rights to renewal?
No
Basis of rent increases or rent review
Open market rental value at option or midway through term. During the term there is usually an
increase linked to the Consumer Price Index.
Frequency of rent increases or rent review
Annual ‘ratchet’ increases
Service Charges, Operating Costs, Repairs & Insurance
Responsibility for service charge/management fee
To be paid monthly in advance; net basis. Tenant will be responsible for their proportion of the
total operating costs; gross basis. Tenant will only be liable for any increase in outgoings above
the base year
Car parking
Office
Separate monthly lease for an additional rent
Industrial
Included in the lease
Responsibility for internal repairs
Tenant
Responsibility for repairs of common parts
(reception, lifts, stairs, etc)
Landlord (charged back via service charge)
Responsibility for external/structural repairs
Landlord
Responsibility for building insurance
Landlord (charged back via service charge)
Disposal of Leases
Tenant subleasing & assignment rights
Generally full assignment to third parties is accepted, subject to landlord’s approval
Tenant early termination rights
Only by break clause
Tenant’s building reinstatement responsibilities at
lease end
Reinstated to original condition
Source: JLL
SAMOA
There are three types of property tenure in Samoa:
• Freehold land: Freehold land is privately owned and constitutes
approximately 12% of land area in Samoa. It can be transferred,
leased, mortgaged or otherwise dealt with.
• Public land: Public land is owned by the Government of Samoa
and constitutes approximately 7% of land in Samoa by area. Public
land can be leased and, in certain circumstances, transferred.
• Customary land: Customary land is owned communally in
accordance with traditional custom and usage. Approximately 81%
of land area in Samoa is customary land. Customary land may be
leased but may not be otherwise sold or transferred.
Freehold land operates under a Torrens title system. This is a form
of government-guaranteed title, where a certificate of title contains
details of the owner and various dealings with that land (e.g. leases,
mortgages, easements, caveats etc).
Leases of public land and customary land are administered by
the Government of Samoa’s Ministry of Natural Resources and
Environment and are based on standard terms.
Key property legislation in Samoa includes:
• Alienation of Customary Land Act 1965
• Alienation of Freehold Land Act 1972
• Lands, Surveys and Environment Act 1989
• Land and Titles Act 1981
• Land Titles Registration Act 2008
• Property Law Act 1952
• Stamp Duty Ordinance 1932
• Unit Titles Act 2009 (yet to commence operation)
A Torrens title system was introduced to Samoa’s freehold land
system under the Land Titles Registration Act 2008. This replaced
the old deeds registration system that was formerly in place. The
registration system under this legislation extends to public land and
customary land.
Dealings in public land are regulated by the Lands, Surveys and
Environment Act 1989 and administered by the Land Board.
Government land leases are limited by law to 20 years duration
with the option of one or more renewal periods of 20 years each.
Rent is payable six monthly in advance and is set at 5% per
annum of the value of the land, as determined by the Land Board.
Rent is reviewed at least every five years. The lease and sale of
government land generally requires a public tender process.
20
Customary land is owned collectively, but is notionally held by the
‘matai’ (traditional chief and head of the family) who has ‘pule’ or
authority over the land. Customary land may be leased from its
customary owners but it may not be otherwise sold or transferred to
private owners. The process of leasing customary land is regulated
by the Alienation of Customary Land Act 1965. The government acts
as a trustee on behalf of customary land owners for the negotiation
of land leases and collection of rent. Customary land leases are for
20 or 30 years duration, depending on the intended land use, and
may be renewed for a further period. Standard lease terms provide
for rent to be paid annually in advance with rent reviews conducted
every two to five years.
The Unit Titles Act 2009 facilitates unit or strata title. This enables
an owner of a piece of land or part of a building to share ownership
in common property with other owners of a strata scheme. This
legislation has yet to commence operation.
Samoan law recognizes the various business structures utilized
under the common law:
• sole traders;
• partnerships;
• limited liability companies;
• joint ventures; and
• trusts (including unit trusts).
These structures are regulated by legislation including the:
• Companies Act 2001;
• Partnership Act 1975;
• Trustee Act 1975; and
• Unit Trusts Act 2008.
Samoa’s Companies Act 2001 contains a modern regulatory regime
based on New Zealand company law. It allows the incorporation of
a sole person company (i.e. one person being both shareholder and
director) and directors need not be residents in Samoa.
A Samoa incorporated private company is a separate legal entity
and a corporation under Samoan law. It must file an annual return
with the Registrar of Companies specifying details of directors,
shareholders, registered office etc. There is no requirement for
private companies to file annual financial reports with the companies
registry nor are there any minimum capital requirements.
A company incorporated in another jurisdiction but which is doing
business in Samoa may reregister in Samoa as an overseas
company. Reregistered overseas companies must also file annual
returns but are not required to file copies of financial reports with the
companies registry.
Activities on the ‘restricted list’, including certain fishing as well as
manufacturing and services, require a local partner.
Samoa’s new Personal Property Securities Act 2013 has yet to
come into effect but will introduce an electronic registration scheme
for security interests in personal property, similar to those in
Australia and New Zealand.
The government also offers tax incentives to exporters and tourism
developers through a concession scheme. Income tax exemptions
and tax credits are also available for tourism developments.
Businesses operating in Samoa also require a business license
which is renewed annually.
There are some restrictions on the employment of foreign nationals
in Samoa. All foreigners working in Samoa must obtain a valid work
permit. When considering work permit applications, the government
considers the expertise required for the position, and whether the
position can be readily filled locally.
Transfers of freehold land to foreigners, foreign-owned companies
and non-resident Samoan citizens are subject to strict controls. The
Alienation of Freehold Land Act 1972 puts in place a regime that
requires the Head of State’s consent to any transfers or leasing of
freehold land to:
• companies where more than 25% of the shares are owned by
foreigners or nonresident Samoan citizens; and
• individuals who are not Samoan citizens, or who are nonresident
Samoan citizens.
Exchange Control Regulations
The Samoan tala is a controlled currency and the Central Bank of
Samoa monitors and controls all foreign exchange movements.
The Central Bank approval is required for remittance out of the
country in amounts greater than set limits, including the repatriation
of capital and dividend payments. The power to approve remittance
of smaller amounts has been delegated to commercial banks.
The Central Bank also regulates the establishment of foreign
currency accounts and offshore borrowings. Bona fide remittances
are routinely permitted; however, larger amounts may have to
be remitted in tranches. Further information is available from the
Central Bank of Samoa – www.cbs.gov.ws.
Taxes on Acquisition and Transfer of Real Estate
Stamp duty is charged on a range of written instruments, including
transfers and leases of land and security documents. Stamp duty is
mostly nominal.
For land transfers, stamp duty is applied on a sliding scale:
If land is transferred to such buyers without the Head of State’s
consent, the transfer is deemed to be unlawful and ineffective. Sale
of public land to foreign interests is similarly limited. Customary land
cannot be transferred.
Property Value
Stamp Duty
Less than WST 50,000
(USD 21, 940)
1% of the property value
WST 50,000– WST 99,999
(USD 21,940 – 43,879)
WST 500 + 2% of the excess above
WST 50,000
Foreign Investment Regime and Incentives
WST 100,000– WST 199,999
(USD 43,880 – 87,760)
WST 1,500 + 3% of the excess
above WST 100,000
WST 200,000 or more
(USD 87,760)
WST 4,500 + 4% of the excess above
Samoa’s foreign investment regime is contained in the Foreign
Investment Act 2000. All businesses with any foreign ownership
require foreign investment approval. The approval process is
administered by the Industry Development and Investment
Promotion Division of the Ministry of Commerce Industry and
Labour (‘MCIL’) – see www.mcil.gov.ws
Samoa’s foreign investment regime is largely permissive and aims to
encourage foreign investors to establish business in Samoa. However,
there are some restrictions on activities that can be conducted by
foreign-owned or part-owned businesses. The ‘reserved list’ of
activities that can only be conducted by Samoan citizens includes:
• retail;
• transport services; and
• sawmilling.
Stamp duty on leases is levied at a rate of WST 0.40 (USD 0.17) for
each WST 100 (USD 43.88) of the annual rent.
Other Tax Issues
Income tax
Income tax is levied under the Income Tax Act 2012 on the taxable
income for the previous calendar year. This new simplified tax code
came into effect on 1 January 2013. The company tax rate is 27%.
Non-resident companies (i.e. a reregistered overseas company) are
charged 27% tax on their taxable income derived from sources in
Samoa to the extent attributable to business carried on through a
permanent establishment in Samoa.
Samoa Property Investment Guide 2014 21
SAMOA
The top marginal tax rate for individuals is also 27%. This applies to
assessable income over WST 20,000 (USD 8,776) per annum.
Foreign-controlled companies are subject to thin capitalization
requirements, so that if the company has a debt-to-equity ratio of
more than 3:1, they cannot claim a deduction for interest on debts
that exceed that ratio. Tax laws also include transfer pricing rules.
Tax Treaties: Avoidance of Double Taxation
Samoa does not have any double taxation treaties in place.
However, a Double Taxation Agreement between Samoa and New
Zealand is currently being developed.
Dividends paid by resident companies are tax exempt income in
Samoa.
Samoa has signed Tax Information Exchange Agreements with
Australia, New Zealand and a number of European countries. These
agreements generally provide for exchange of information, on
request, in both criminal and civil tax matters. Implementation of
these agreements is governed by the Tax Information Exchange Act
2012.
Withholding tax
The information in this guide is current as at 1 August 2013.
Dividends
Withholding tax of 15% is payable on interest earned on bank
deposits etc.
Capital gains tax
Capital gains tax is levied at 27% on profits arising from the disposal
of capital assets sold within three years of the date of acquisition.
Depreciation
Depreciation is available either according to a straight line
depreciation method or a declining balance method (accelerated
depreciation). Depreciation is also permitted on intangible assets,
such as intellectual property, customer lists, marketing intangibles
and contractual rights.
Value Added Goods and Services Tax (VAGST)
Samoa’s consumption tax, or ‘VAGST’, is levied on the supply
of most goods and services at a rate of 15%. There are certain
exempt supplies (e.g. local food, financial services, transport fares,
electricity) and zero-rated supplies (e.g. exports). VAGST is also
payable on imports at a rate of 15%.
Businesses register for VAGST as part of the business license
process. VAGST returns must be filed every two months.
Tariffs
Custom duties for all imported goods are currently set at four levels
or clusters: 0%, 5%, 8% and 20%. This duty scheme, which was
reformed as part of Samoa’s WTO accession, replaced the previous
import tariffs which ranged from 0% to 60%. Excise duty is also
imposed on alcohol, soft drinks, tobacco products and certain motor
vehicles.
Pay As You Earn (‘PAYE’)
Employers must deduct ‘PAYE’ tax deductions from employee’s
salary payments. ‘PAYE’ installments are paid monthly to the
Ministry for Revenue.
22
SEYCHELLES
• whether the acquisition is in the interest of the country.
Two types of tenure exist for ownership of immovable property in
Seychelles:
The Minister may impose any conditions or restrictions on the grant
of sanction. Any sanction granted is valid for one year from the date
it is granted. If the property is later resold to a non-Seychellois
purchaser, a new sanction application is required.
• freehold title; and
• leasehold title.
Under the Immovable Property (Transfer Restriction) Act, a nonSeychellois may not, without first obtaining the sanction from the
relevant minister:
• purchase any immovable property or right to the property;
• lease any property or rights in the property; or
• enter into any agreement that includes an option to purchase or
lease any such property or right.
Civil Code of Seychelles 1975 Cap. 33
Condominium Property Act 1992 Cap. 41A
Immovable Property (Judicial Sales) Act Cap. 94
Immovable Property (Transfer Restriction Act) Cap. 95
Land Registration Act 1967 Cap. 107
A non-Seychellois is a person who is:
Land Settlement (Perpetual Leases of State Land) Act 1966 Cap. 108
• not a Seychellois national or is a company;
Town and Country Planning Act Cap. 237
• an overseas company; or
• a corporate body by whatever name called that is under nonSeychellois control.
A company is deemed to be under non-Seychellois control if:
• it is an overseas company;
• any of its directors are non-Seychellois;
• more than one-third of the votes exercisable at meeting are
vested in non-Seychellois;
• more than one-third of the nominal amount of its issued shares
are held by non-Seychellois;
• the amount paid as dividends to non-Seychellois members in a
12-month period exceeds one-third of the total amount paid as
dividends by the company in the same period;
• more than one-third of the nominal value of debentures or
charges of the company are held by non-Seychellois; or
• annual interest on debentures or charges held by non-Seychellois
exceeds one third of the annual interest on all debentures or
charges of the company that are outstanding.
Foreign individuals and companies with any foreign participation are
required to submit an application to the Ministry of Land Use for
sanction to:
• purchase or hold an option to purchase an immovable property; or
• acquire or hold an option to acquire shares in a company that
owns an immovable property.
In considering an application, the Minister will have regard to:
• the character of the applicant (or directors, if a company);
• whether the declared purpose is consistent with the government’s
policy on land use and development in Seychelles; and
Under the Companies Ordinance 1972 (‘CA 72’), an overseas
company seeking to carry on business in Seychelles is required to
lodge with the Registrar of Companies: • a certified copy of its charter, statutes, memorandum and articles
of association or other instrument that constitutes the overseas
company or contains the regulations that govern it;
• a list of its directors and secretary;
• the name of the person(s) appointed as managing agent or
agents of the company in Seychelles; and
• the name of two or more persons appointed to accept on behalf of
the company service of process and any notices to be served on
the overseas company.
An overseas company is considered to be carrying on business in
Seychelles if it:
• enters into two or more contracts with residents in Seychelles, or
with companies formed or incorporated there, being contracts
which:
-- are entered into in connection with the business or objects
which the overseas company carries on or pursues; and
-- by their expressed or implied terms are to be wholly or
substantially performed in Seychelles;
• appoints an agent who resides, or has a place of business, in
Seychelles to represent the overseas company in connection with
the making or performance of two or more contracts that fall
within the above paragraph, or in connection with the transactions
of the overseas company in Seychelles generally, whether the
appointment is made for a fixed period of time or not;
Seychelles Property Investment Guide 2014 23
SEYCHELLES
• owns, possesses or uses assets situated in Seychelles for the
purpose of carrying on or pursuing its business or objects, if it
obtains or seeks to obtain from those assets directly or indirectly,
any revenue, profit or gain, whether realized in Seychelles or not; or
Trades tax:
• issues, or is deemed under section 48 of CA 72 to issue, in
Seychelles a prospectus offering its shares or debentures for
subscription or purchase.
• Double Taxation Avoidance Agreements (‘DTAA’) have been
signed with the following countries and are in force:
‘International business companies’, being companies incorporated in
Seychelles under the International Business Companies Act 1994, are
permitted to carry on business outside Seychelles but are restricted
from owning or leasing immovable property situated in Seychelles.
There are no foreign exchange restrictions.
Taxation
• Trades tax is levied on imported goods.
Taxation Treaties:
-- Bahrain - date of entry into force: 3 February 2012
-- Barbados - date of entry into force: 28 February 2008
-- Botswana - date of entry into force: 22 June 2005
-- China - date of entry into force: 17 January 2000
-- Cyprus - date of entry into force: 2 November 2006
-- Indonesia - date of entry into force: 16 May 2000
-- Malaysia - date of entry into force: 10 July 2006
-- Mauritius - date of entry into force: 22 June 2005
Taxes on acquisition and transfer of real estate and stamp duty on
land transfers:
-- Oman - date of entry into force: 20 January 2004
• Sanction application: 1.5% of the purchase price; and
-- South Africa - date of entry into force: 3 July 2002
• Stamp duty (transfer tax): 5% of the purchase price.
-- Thailand - date of entry into force: 14 April 2006
Tax on rental income:
-- UAE - date of entry into force: 23 April 2007
• No specific property income tax, but business tax is payable on
rental income.
-- Vietnam - date of entry into force: 7 July 2006
Business tax is levied on the taxable income of a business (less any
allowable deductions). The rates of business tax payable are:
-- Qatar - date of entry into force: 1 January 2008
-- Zambia - date of entry into force: 4 June 2012
• DTAAs have been signed with the following countries, but are not
yet in force:
• Sole Trader and Partnership: 0% on the first SCR 150,000
(USD 12,396) of taxable income, 15% on the next SCR 850,000
(USD 70,242) and 33% on the remainder; and
-- Belgium
• Companies: 25% on the first SCR 1,000,000 (USD 82,637) and
33% on the remainder.
-- Isle of Man
Income tax and non-monetary benefits tax:
-- Lesotho
-- Bermuda
-- Ethiopia
-- Kuwait
• Both Seychellois and non-Seychellois employees pay 15% of
gross emolument; and
-- Luxembourg
• Non-monetary benefits tax – employers are liable to pay 20% on
the value of the non-monetary benefits provided to an employee.
-- Monaco
Value added tax (‘VAT’):
• There are two rates of VAT – a standard rate of 15% on most
supplies of goods and services and 0% on a specific list of
transactions. Certain goods and services are exempt from VAT.
Excise tax:
• Excise tax is levied on four excisable goods (cigarettes or
tobacco, alcohol, motor vehicles and petroleum products)
imported into the Seychelles or manufactured locally.
24
-- Malawi
-- Swaziland
-- Sri Lanka
-- Zimbabwe
• Tax Information Exchange Agreements have been signed with the
following countries and are in force:
-- Denmark - date of entry into force: 14 May 2012
-- Guernsey - date of entry into force: 14 May 2012
-- Iceland - date of entry into force: 14 May 2012
-- The Netherlands - date of entry into force: 14 May 201
-- Norway - date of entry into force: 14 May 2012
-- Sweden - date of entry into force: 14 May 2012
-- The Faroes - date of entry into force: 14 May 2012
Real estate investment trusts (‘REITS’) have not been established
in Seychelles, and there are no REIT-specific regulations in the
country.
Links
For more information on property investment in Seychelles, please
visit the following websites:
• Seychelles International Business Authority: www.siba.net
• Seychelles Investment Bureau: www.sib.gov.sc
• Seychelles Revenue Commission: www.src.gov.sc
Seychelles Property Investment Guide 2014 25
VANUATU
Property Ownership (Real Estate)
Vanuatu became independent in 1980, at which time all the lands in
Vanuatu were reverted to ‘custom ownership’ type of land.
The Land Reform Act allowed prior holders of freehold land to
convert their interest to leasehold. This had to be carried out within
a three-year period from independence. As such, most prior freehold
owners retained their interest through long-term leasehold interests
either directly from the government or from custom owners (where
they could be identified).
Accordingly, all investments and privately held lands in Vanuatu
(apart from custom land and public land) are leasehold in nature.
Generally, the leasehold term is 50 or 75 years.
Title is guaranteed, and the Land Leases Act covers all aspects
of ownership and registration, with the register being paramount.
Land titles are effectively based on a form of Torrens system with
indefeasibility of title.
Annual rentals under these leases are not overly burdensome and
so, it is an attractive concept to purchase land in Vanuatu, as the
policy of the government through the lands department is flexible
in being able to renew leases at the request of the lessee upon
payment of a small premium.
Annual rentals are normally reviewed every five years and in
accordance with the guidelines, which generally provide no
surprises to the lessee as to any increase.
Where custom owners are unable to agree as to who is the custom
owner of the land, provision is made for the Minister to act on
their behalf to ensure that there is no prejudice against lessees
when dealing with their land and to ensure a relatively stable land
investment scenario.
The major property legislation in Vanuatu is:
• Land Leases Act [CAP 163]
• Land Reform Act [CAP 126]
• Strata Titles Act [CAP 266]
In recent years, Vanuatu has enacted the strata title registration.
Commercial and residential developments can be set up
incorporating a strata title form of development under a special
‘strata title lease’ underlying the whole of the development, but
otherwise in the similar manner as strata title operates in countries
such as New Zealand and Australia.
26
This has become very popular in recent years and has attracted
more investors to the country who are looking for an overseas
holiday home or for hotels, seeking to maximize their tourist
facilities.
Foreign Ownership
For any foreign investors looking to purchase land in Vanuatu, they
must first recognize that the ownership of land will be a leasehold
interest and secondly, that they are entitled to rely on the register
when checking title, ownership and encumbrances.
There are no regulations preventing foreign individuals or
corporations from buying land in Vanuatu.
In addition, foreign trusts and superannuation funds may buy
properties in Vanuatu, and this has been an increasing trend over
the last few years.
It should be noted that for some 30 years after independence,
there are still ‘custom owner disputes’ (generally in rural areas) and
therefore, it is advisable to utilize professionals within the country to
ensure that the title is clear and that there will be no impediments to
such purchase, as it relates to custom ownership. While the register
is paramount from a practical point of view for a foreign owner, in
particular, if looking for a holiday home or commercial development
outside the main centers, it is important to ensure that you are
aware of any possible disputes in the area, which could affect the
tenure of the land as opposed to the title itself.
Generally speaking, however, because land is a leasehold interest,
properties are available at lower prices than they might be in other
countries. Vanuatu has experienced a surge in interest in holiday
developments as a tourist destination in the past ten years, resulting
in a healthy real estate environment both for local and foreign
investors.
In summary, a foreign investor looking at Vanuatu property:
• is not required to be a resident;
• is not required to obtain any form of license;
• is not prevented from owning property in Vanuatu as to a
leasehold-registered interest; and
• is subject to the same laws and regulations as any local
purchaser of real estate
Commercial Property Operations
While there is no restriction on foreign individuals or corporations
purchasing land or businesses in Vanuatu, there are regulations
covering investments that are specifically not real estate for private
use, but real estate for commercial operations.
Vanuatu Investment Promotion Authority Approval
Businesses or individuals who are not ‘ni-Vanuatu’ are required to
obtain approval from the Vanuatu Investment Promotion Authority
(‘VIPA’) for their investment. Such application must generally,
among other items, set out who the applicant is and submit passport
particulars, police clearances and a general business outline, as well
as either the existing business or commercial venture—inclusive of
land—they are buying or the new venture they intend to set up.
Further information can be found at www.investInvanuatu.com.
In general, it is recommended that a purchaser seek the assistance
of a professional lawyer/accountant or other service provider in
making such application and for the purposes of obtaining advice;
however, there is the option of dealing directly with the VIPA office.
Business Licenses
Before considering investment in Vanuatu, you need to know that
there are some reserved investments that could not be taken up by
foreign corporations or individuals because they are reserved for the
locals only. The list of these reserved investments can be seen on
http://www.investinvanuatu.com/. The authorities may consider
departure from these in the case of a very substantial investment in
the country, and these restrictions need to be looked at carefully
before considering any investment in the country.
Costs of Buying Property
Because there is no personal and corporate income tax payable in
Vanuatu, the country relies heavily on duties.
There is a fee of 7% payable to the government on the purchase of
real estate (represented by 2% stamp duty and 5% registration on
value).
If purchasing the shares in a company that owns real estate, the
stamp duty payable is 4% on value and, as such, investors will often
consider buying the company that owns the land. Many properties in
Vanuatu are held in company names.
Taxation
Vanuatu has no corporate or personal income tax.
If you choose to rent a property full time, you will pay a rent tax of a
maximum of 15% per annum.
If you enter into business or commercial operation, you will normally
be liable for value added tax (‘VAT’).
Value Added Tax
At present, VAT is calculated at 12.5% standard rate.
Generally, for commercial property or businesses, if sold as a going
concern, the transaction will be zero-rated. In the event that you are
entering into any contracts that involve a business or a commercial
property of any sort, it is wise to take advice to ensure that you would
not be suddenly liable for an extra 12.5% on the price you are paying.
Banking
Vanuatu is well serviced by four trading banks: ANZ Bank (Vanuatu)
Limited, Bred (Vanuatu) Limited (a French bank), Westpac Banking
Corporation and the National Bank of Vanuatu. Such banks are
available to the public, included for the purpose of lending to foreign
individuals or corporations. As the land is a leasehold interest,
generally, the equity requirement will be greater than it may be in a
jurisdiction with freehold land, although this depends upon the
applicant and the bank.
Customers may open bank accounts in various banks in
multicurrencies and in any major currencies. Common foreign
currencies in which banking accounts are opened include AUD,
NZD, USD and EUR. However, other currencies may be utilized
by the customer for this purpose, as required. Many property and
business transactions take place in foreign currencies, but the local
currency is VUV.
The exchange rate for VUV is based on a basket of currencies and
generally remains reasonably stable as the basket includes USD,
AUD, EUR and NZD; hence, it tends to flow with those currencies as
an average of all of them. Accordingly, it has been stable for years.
In summary, for the purpose of any investment in Vanuatu:
• All lands are leasehold. The lessors are the ‘custom owners’ as
approved by the Ministry of Land, and all lands are zoned:
-- residential;
-- commercial and tourism/commercial;
-- industrial;
-- agricultural; and
-- special use.
• All titles are generally 50 or 75 years and generally renewable.
Annual rentals vary from VUV 17,743 – 177,453 (USD 188 to
1,880) per annum, with special rentals for major developments
such as hotels.
• There is no corporate or personal income tax in Vanuatu; the
country instead relies heavily on customs duty.
• There are no exchange control regulations for the inward and
outward flow of funds.
• No regulatory approvals are required to purchase land for
personal use, but VIPA approval is required for commercial and
business operations, whether involving property or not.
Vanuatu Property Investment Guide 2014 27
VANUATU
• The following websites may be of use for review by any
intending investor in the country:
-- VIPA – www.investvanuatu.org;
-- Immigration (Residency etc.) – www.governmentofvanuatu.
gov.vu;
-- Customs and Inland Revenue – www.customsinlandrevenue.
gov.vu.
28
FIJI
JLL
Munro Leys
Level 25, 420 George Street,
Sydney NSW 2000
tel +61 2 9220 8500
Richard Naidu - Partner
[email protected]
Nehla Basawaiya – Senior
Associate
nehla.basawaiya@munroleyslaw.
com.fj
MALDIVES
JLL
9 Raffles Place Republic Plaza
Level 39 Singapore 048619
tel +65 6220 3888
Messrs Pengiran Izad & Lee
Advocates & Solicitors
Mohamed Shahdy Anwar - Partner
tel +960 301 3201
[email protected]
Aishath Sheeza - Associate
tel +960 301 3213
[email protected]
Level 3, Pacific House
Butt Street
Suva, Fiji
PO Box 149
Suva, Fuji
tel +679 322 1813
+679 322 1848
fax +679 330 2672
Level 2, Orchid Maage’
Ameer Ahmed Magu, Male’ 20095
Republic of Maldives
tel +960 301 3200
fax +960 3344 922
www.suoodanwar.com
www.munroleyslaw.com
www.jll.com.au
MAURITIUS
www.jll.com.sg
JLL
Appleby
tel +65 6220 3888
Malcolm Moller - Managing
[email protected]
Level 9
Medine Mews
La Chaussée Street
Port Louis,
Mauritius
tel +230 203 4300
fax +230 210 8792
NEPAL
JLL
Neupane Law Associates
tel +65 6220 3888
90 Devi Galli,
New Plaza Road,
Putalisadak, Kathmandu,
Nepal
tel +977 1 4011056
fax +977 1 4011220
[email protected]
www.neupanelegal.com
www.applebyglobal.com/locations/
mauritius.aspx
www.jll.com.sg
www.jll.com.sg
Asia Pacific Property Investment Guide 29
PAPUA NEW GUINEA
SAMOA
JLL
Clarke Ey Lawyers
Sydney NSW 2000
tel +61 2 9220 8500
Sydney NSW 2000
tel +61 2 9220 8500
Level 1, Lotemau Centre
Matafele, Apia, Samoa
PO Box 6335 , Apia, Samoa
tel +685 28012
fax +685 28014
JLL
Ashurst PNG
Tim Glenn - Managing Partner
[email protected]
Moira Eka - Lawyer
[email protected]
Mogoru Moto Building,
Champion Parade Port Moresby,
Papua New Guinea
tel +675 309 2004
tel +675 309 2028
fax +675 309 2009
www.clarkelawyers.net
www.ashurst.com
www.jll.com.au
www.jll.com.au
SEYCHELLES
VANUATU
JLL
Appleby
JLL
Geoffrey Gee & Partners
tel +65 6220 3888
Malcolm Moller - Managing Partner
tel +248 429 5283
[email protected]
Sydney NSW 2000
tel +61 2 9220 8500
2nd Floor Raffea House,
Lini Highway,
Port Vila Vanuatu
Level 2B, Caravelle House
Manglier Street
Victoria, Mahé
Seychelles
fax +248 422 5282
PO Box 782,
Port Vila – Vanuatu
tel +678 22067
fax +678 23710
[email protected]
www.applebyglobal.com/locations/
seychelles.aspx
www.jll.com.sg
30
www.jll.com.au
JLL offices
AUSTRALIA
Adelaide
tel +61 8 8233 8888
Brisbane
tel +61 7 3231 1311
Canberra
tel +61 2 6274 9888
Glen Waverley
tel +61 3 9565 6666
Mascot
tel +61 2 9693 9800
Melbourne
tel +61 3 9672 6666
North Sydney
tel +61 2 9936 5888
Parramatta
tel +61 2 9806 2800
Perth
tel +61 8 9322 5111
Sydney
tel +61 2 9220 8500
GREATER CHINA
Beijing
tel +86 10 5922 1300
Chengdu
tel +86 28 6680 5000
Chongqing
tel +86 23 6370 8588
Guangzhou
tel +86 20 2338 8088
Hong Kong
tel +852 2846 5000
Macau
tel +853 2871 8822
Qingdao
tel +86 532 8579 5800
Shanghai
tel +86 21 6393 3333
Shenyang
tel +86 24 3109 1300
www.jll.com/asiapacific
Ashurst offices
Shenzhen
tel +86 755 2399 6138
Taiwan
tel +886 2 8758 9898
Tianjin
tel +86 22 8319 2233
Wuhan
+86 27 5959 2100
Xi’an
+86 29 8932 9800
INDIA
Ahmedabad
tel +91 79 3955 5501
Bangalore
tel +91 80 4118 2900
Chandigarh
tel +91 172 3047 651
Chennai
tel +91 44 4299 3000
Coimbatore
tel +91 422 2544 433
Delhi
tel +91 11 4331 7070
Gurgaon
tel +91 124 460 5000
Hyderabad
tel +91 40 4040 9100
Kochi
tel +91 484 3018 652
Kolkata
tel +91 33 2227 3294
Mumbai
tel +91 22 6620 7575
Pune
tel +91 20 4019 6100
Sri Lanka
tel +94 117444 555
INDONESIA
Bali
tel +62 361 747 2882
Jakarta
tel +62 21 2922 3888
Surabaya
tel +62 31 546 3777
JAPAN
Fukuoka
tel +81 92 471 6831
Osaka
tel +81 6 6282 3777
Tokyo
tel +81 3 5501 9200
KOREA
Seoul
tel +82 2 3704 8888
NEW ZEALAND
Auckland
tel +64 9 366 1666
Christchurch
tel +64 3 341 8210
Wellington
tel +64 4 499 1666
PHILIPPINES
Makati City
tel +63 2 902 0888
SINGAPORE
Singapore
tel +65 6220 3888
THAILAND
Bangkok
tel +66 2 624 6400
Phuket
tel +66 7 623 8299
Pattaya
tel +66 3 825 2588
VIETNAM
Hanoi
tel +844 3944 0133
Ho Chi Minh City
tel +848 3910 3968
AUSTRALIA
Adelaide
tel +61 8 8112 1000
Brisbane
tel +61 7 3259 7000
Canberra
tel +61 2 6234 4000
Melbourne
tel +61 3 9679 3000
Perth
tel +61 8 9366 8000
Sydney
tel +61 2 9258 6000
GREATER CHINA
Beijing
tel +86 105 936 2800
Hong Kong
tel +852 2846 8989
Shanghai
tel +86 21 6263 1888
JAPAN
Tokyo
tel +81 3 5405 6200
PAPUA NEW GUINEA
Port Moresby
tel +675 309 2000
SINGAPORE
Singapore
tel +65 6221 2214
Associated Office
INDONESIA
Jakarta
tel +62 21 2996 9200
www.ashurst.com
Jones Lang LaSalle
© 2014 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.