Property for sale in Micronesia
The Federated States of Micronesia are an island state of Oceania. They are located in the central and eastern part of the Caroline Islands, between the Marianne Islands to the north, the Marshall Islands and Kiribati to the east, Papua New Guinea, the Solomon Islands and Nauru to the south and Palau to the west.
The states that form the federation are, from west to east, Yap, Chuuk, Pohnpei and Kosrae.
Palikir is a small town, whose municipality has about 7,321 inhabitants and it is capital of the Federated States of Micronesia.
Located on the island of Pohnpei, the town has been a capital since 1989, when it replaced Kolonia.
Deciding to buy properties for sale in Micronesia is an unusual but not impossible choice.
The Federated States of Micronesia continue to be among the countries with the lowest score in the world, due to their availability for foreign investments. The creation and implementation of the Foreign Investment Act of the Federated States of Micronesia is the responsibility of both the national government and each of the four state governments. The process for a foreigner who invests and decides to buy property for sale in Micronesia may be long, expensive, confusing and subject to change on a case-by-case basis. Although the national law provides some general guidelines, the laws of the states vary greatly in the areas in which they allow foreign investment, the process by which a foreign investment license is granted and in the rules of ownership. An investor must acquire a permit for each state he intends to do business or purchase property for sale in Micronesia.
Foreign ownership of land is not permitted and the terms of leasing are controlled exclusively at the state level. The Kosrae law allows for the renewal of 55 years of rent for a further 55 years, the Chuuk law allows up to 99 years, Pohnpei for 55 years renewable up to 99 years, Yap for no more than 100 years and the FSM national government up to 99 years.
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