Marshall Islands comprises of 29 atolls and the Marshall Islands real estate is extremely limited in comparison to the area in other countries across the international real estate. Marshall Islands has only regained its independence from the US in 1986 under a Compact Free association.
The real estate in Marshall Islands is quite limited and is always at a risk from the rising waters of the sea. Foreigners are permitted to lease the land for tenure of 50 years for investment purposes. Land ownership is quite tricky for the real estate in Marshall Islands since the ownership is based on ancestry. Therefore the same land may be co owned by a number of family members of the same clan or tribe.
Those foreigners that are wishing to purchase the Marshall Islands real estate for sale would have to directly negotiate with the owners of the land. Currently the most important atoll for the US is the Kwajalein atoll that is used as a base and missile test range. The Army presence is there on this atoll with about 1500 civilian employees that stay on this atoll. The landowners receive rent for the base. Since the real state in Marshall Islands is limited, there are hardly any Marshall Island rentals.
People staying in the atolls don’t require cars since there is hardly any distance. Within the various atolls, where the inhabitants live, most people use a bicycle to commute. The US provides $57.7 million each year till 2013 after which it will provide US$62.7 million till 2023. Industry is limited to small scale and includes fishing, handicrafts and copra.
Source of major foreign exchange is the tourism industry where 10% of the workforce is employed. The population of these islands is about 62,000. It was earlier a territory of the US and US conducted a series of nuclear tests on Bikini Atoll from 1946 to 1958. There are ongoing tests to study the various effects of the radioactive fuel on the health of the residents of the Bikini Atoll.
For the past decade, the average rate of GDP growth has been 1%. The reasons for such a bad performance has been due to the recent Asian crisis, the global recession, cutback in the tourism industry, downsizing by the government and a drought. Residents need to pay income tax and there are two separate brackets which are taxed at the rate of 8% and 14%. United States government provides the major financial assistance for the growth.
Marshall Islands has its own international airport at Majuro and travel between various atolls and islands are done by smaller planes and boats.
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