Micronesia Real Estate Insight

Micronesia Real Estate Insight

Micronesia real estate consists of several islands that are segregated into 4 states known as Kosrae, Pohnpei, Chuk and Yap. All of these have their own land laws, for the Micronesian real estate and can vary vastly. Micronesia is located near the Philippines in the Pacific Ocean. There are about 600 islands that comprise the Micronesian real estate, but not all of them are habitated or are allowed for investment in the Micronesian real estate for sale.

Most of the states of Micronesia have an agreement with the US known as the Compact Free Association which is currently in force from 2004 till 2023. Under this agreement, the US has the right to use Micronesian real estate for setting up its defense and military bases and is directly responsible for the defense of the country as well. It also has the right to deny other countries from setting up other military bases in Micronesia. Under the agreement with the US, Micronesia receives large amounts of financial aid from US.

Even though it receives vast amounts of financial aid, unemployment is quite high and this is increased by Filipino migrant workers that visit Micronesia. Foreigners have no access to freehold real estate in Micronesia and land can only be leased out. However there several land, tenancy and tenure laws for the Micronesian rentals and it can be quite complicated to lease the real estate in Micronesia. Since the land ownership is quite complicated, those who wish to lease the land have to get the consent of the clans, tribes or families. This can be quite a cumbersome process and can sometimes take a long time.

There are only about 67 islands that are inhabitated in Micronesia, even though there are 600 islands that form a part of the Federated States of Micronesia. People can travel here through Guam or Hawaii on Continental airlines and the US Dollar is the official currency. US citizens can easily access the islands with their valid US passport or proof of US citizenship. At each island airport, visitors would need to travels through separate customs and immigration lines. Those investors that are planning to stay beyond 30 days would also require an entry permit in addition to the ability to show that they can leave and travel beyond the Federated States of Micronesia.

The various states have abundant natural and marine life and there are a number of ecosystems tat exits here. This provides the base for a number of tourism options and this is one of the most widespread industries. With an abundance of flora and fauna and surrounding coral reefs, there are plenty of tropical fishes that are delight for those interested in snorkeling and diving.

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