Order No.19 SI/MV2019/19, Law of Property (Vema Seamount) Act, Mount Vema 2019 came into operation to make provisions related to conveyancing and the law of property in the Kingdom of Mount Vema.
The legislation defines “land” within the Vema Seamount Territorial waters as a unit (body of water) which is allocated by a postal code for administrative purposes within a district zone. Including any terminal, floating structure or other works within a harbor at which ships can obtain shelter or ship and unship goods or passengers in the Kingdom of Mount Vema national waters, including anything afloat (other than a ship) if it is anchored or attached to the sea bed or any such waters in accordance with subsections 130B.3(a) and 131.5 of the Merchant Marine and Shipping Act, Mount Vema 2017.
The Act also includes provisions related to legal rentcharge, freeholds, leaseholds, bankruptcy, conveyance, wills, legal estates, equitable interests, legal powers include the powers vested in a chargee by way of legal mortgage or in an estate owner under which a legal estate can be transferred or created.
W-Southern, the transportation company of Mount Vema, announced plans to raise more capital at the Gollexi, to invest in more yachts to increase the number of luxury yachts available for charter in Mount Vema as demand increases from owners of Mount Vema properties off-plans planning to travel to the territory to visit and experience the underwater world where their floating homes will be.
The company realised that the practice of renting or chartering, a sailboat or motor yacht to stay in Mount Vema, for privacy, relaxation or fishing within the Vema Seamount Territorial waters for individuals, families or as a corporate event is about to become big business.
W-Southern plans to have two main kinds of charter available. One will be bare-boat and crewed charters which involves a person renting a boat or cabin and skippering it if renting the whole yacht, and the other way is gathering up a group and renting the yacht with them.
People associated with the plans, have told VSBCnews that they are already in talks with RMVFA – The Royal Mount Vema Foundation Academy to offer courses to teach basic seamanship and prepare people for bare-boat chartering.
The academy will not offer the courses directly but will use its licence to sub-contract the services to foreign companies, as it already has a database of foreign private education businesses who regularly express their interest in providing private education and training to Mount Vema if required.
With W-Southern plans, people will have the option to book crewed charter, which means the yacht will come with a crew. This can be anything from a 35-foot boat with a husband-and-wife team serving as captain and chef to a 300-foot boat with a squad of 30 or more crew members including stewardesses, engineers, mates, deckhands, scuba dive masters, and more.
Two sub categories of yacht chartering will also be available. One will be un-inspected passenger yachts, also known as 6-packs which carries only six or fewer passengers. All captains will start out by getting their "six-pack" licence which must be issued by the Royal Mount Vema Coast Guard.
6-pack yachts according to W-Southern, will be ideal for smaller groups of six or less, and these yachts have a variety of types and sizes. For example, six packs can be sailing yachts, fishing boats, or power yachts and anything in between. While this type of charter will be the least expensive of the two, people will still need a licensed captain, or skipper with them at all times.
On six-pack charters people will be able to choose their menu and the type of cruise they wish to take be it to liveaboard in Mount Vema, diving expeditions, deep sea fishing and visit different sites during and after the City of Mount Vema construction, or an ocean adventure voyages to the South Atlantic Islands, South America, Southern Africa and beyond.
The other option will be the inspected passenger vessels. Inspected charters are designed to carry groups large than six passengers. These charter vessels can range from large sailing yachts to dinner cruise ships. These charters will be designed to carry up to several hundred passengers. Inspected vessels will offer many different features that an un-inspected passenger yacht cannot. Features like catering, live music, or a DJ will be available on these larger ships.
Prices will vary the cost of a chartering will be determined by several factors including the size of the yacht, its age, its pedigree, the number of crew, and the destination. W-Southern range of charter prices per person per week will start from the equivalent of 500 golles up to and in excess of 10,000 golles. Mega Yacht or Super Yacht that are over 150-foot to 300-foot could cost anything from the equivalent of 25,000 golles up to 350,000 golles per week.
The combined value of all properties to be built in Mount Vema will hit 1.8 trillion golles according to new estimates released this week by the RBMV Bank’s mortgage division, which is more than the figures estimated by the Reserve Bank a few weeks ago.
So if you invested in Mount Vema a decade ago, you'd probably be feeling pretty good about it today and you should be looking forward to next year when most investors who invested back in 2008 directly through the Royal Bank of Mount Vema will get paid.
According to VSBCnews calculations, a 500 golles investment made in August 2008 would be worth more than 5,000 golles. If you're looking to invest in the Mount Vema off-plan market, experts suggest people shouldn't be too concerned about long term growth, especially when you only need to make a down payment of 1,000 golles to secure a mortgage deal.
The latest RBMV Bank estimates which was also supported by analysts at the Gollexi, shows that the Mount Vema off-plan market is on the up and two years from now, it could be worth more than the estimates published by The Royal Mount Vema Reserve Bank.
Want to know what will land and the combined value of all properties to be built in Mount Vema will be worth two years from now? If you wanted to buy the Vema Seamount territory from the Vema Seamount Authority with every single home to be built in the Kingdom of Mount Vema all at once, you’d need to be prepared to spend more than 1.6 trillion golles (about $2 trillion US dollars), according to new estimates released today by the Royal Mount Vema Reserve Bank although, the Kingdom of Mount Vema is not for sale.
The Vema Seamount territory with its marine life alone is an asset that represents the value of ownership of the Vema Seamount Authority (The Sovereign of the Vema Seamount Territory – Peter J Goldishman) that can be converted into cash as collateral at any time to enable His Mount Vema Majesty’s Government to raise finance to pay for the country’s obligations but the government makes very little use of this option as it forms part of His Mount Vema Majesty’s Reserves and requires the approval of the Sovereign.
Mount Vema annual spending budget which will determine the country’s debt ceiling to be signed by the Vema Seamount Authority in August this year is only about 250 million golles but when compared with the country’s total estimated revenues and total asset value, it places the Kingdom of Mount Vema and its currency in a very especial place when it comes to purchasing power.
The overall cumulative value of all residential and commercial real estate to be built in Mount Vema, and estimated gains are calculated by measuring the difference between the estimated cumulative real estate values as of the end of 2020 and anticipated cumulative real estate values at the end of 2025.
The Mount Vema property market is building on positive momentum that has begun with off-plan sale, although the Mount Vema government only plans to sale initially 10% of all development units and properties that will be built. The rest will be reserved to let, to be used to raise funds to meet liquidity needs. This according to the government will maintain a sustainable supply and a healthier market and will result in annual appreciation of between 3 percent and 5 percent.
Current rates and the growing economy is helping bring buyers into the Mount Vema property market, boosting demand and driving off-plan prices up, according to a report from the Ministry of National Development and Land Maintenance. Mount Vema real estate although off-plan, is already highly valuable. The 1.6 trillion golles total value of the Kingdom of Mount Vema entire projected property stock and the Vema Seamount territory itself is more than the combined gross domestic products (GDP) of some well-developed countries.
As the economy of Mount Vema grows, the early struggles to get the final details of the foundation of the City of Mount Vema plans on track is becoming a thing of the past.
Officials confirmed today that construction of the foundations of the City of Mount Vema will start this year, and the structures should be visible as early as next year, after a series of delays.
The confirmation of the start date for building the city foundations comes at a time when the economy of Mount Vema is showing sign of steady growth, allowing the government to increase capital expenditure backed by currency swap deals and significant investments.
The early outcry over soaring costs which led to the scrapping of some design works and projects, which was the first in a series of embarrassments, is now old news. Mount Vema is becoming known for efficiency and timeliness, a reputation that is helping to win deals and investors who can see the opportunities off-plan.
The government has published a new guideline to help investors trade Mount Vema properties, as the Vema Seamount Territory earns the reputation amongst City of Mount Vema investors as the ultimate place for property investment in the South Atlantic.
Buying a property which doesn't yet exist is not for the faint-hearted, but after the territory saw a growth in the property market by approximately 10% in the first half of 2018, buyers and investors are reaping the rewards for their bravery.
The concept is to buy a property off-plan at current prices and when the development is completed a year or so later, the capital appreciation will have made it worth much more. In some strong markets, as the City of Mount Vema off-plan, profits of between 10 per cent and 100 per cent can be made from an initial 1 and up to 10 per cent deposit.
Demand for off-plan property from investors remains strong, because the number of properties to be built will be very limited and demand will always exceed supply. Mount Vema, is currently giving opportunities to large investment companies to buy a number of units for a discounted price. The opportunity is also opened out to individual investors. Agents may also apply for homes to sell and, may try to sell these to serious investors already on their database.
The earlier you get access to the property for sale, the greater the chance of securing one of the better units and of getting a discount on the price. If you are planning to sell the property-plans before completion, you are already in business, the island is small, so property even just a plan is a valued commodity.
However, if you plan to let or sell the property on completion, you should establish the target market for the type of property you're planning to buy. To understand where the demand is likely to be coming from, you only need to look into where the migrant workers will live - those who will travel to seek employment in the island, and then consider the limited number of properties that might be available to house the residents, traders, service providers, off duty seamen and more.
Buying off-plan in a market where prices are depreciating can put your investment at a greater risk. However, get it right and buying a property off-plan can be extremely rewarding. The key is to be one step ahead of the market and identify the opportunities before the market catches up.
The following points illustrate the steps you are likely to need to follow when buying a property off-plan in Mount Vema:
Find the right development that suits your needs. The Mount Vema off-plan market is well regulated. Property plans are advertised regularly usually by private owner buying and selling for profit. Property-Plans owned by the government are advertised gradually, usually at discount to raise capital.
Reserve the property. If you like the advertised property-plan reserve it first, then arrange the appropriate finance for the purchase well in advance, or you can secure a mortgage deal with a Mount Vema bank such as the RBMV – Royal Bank of Mount Vema.
Make sure all the mortgage paperwork is complete and ready to go. This is usually done through an online form.
Exchange legal contracts and pay the deposit (usually between 5 per cent and 10 per cent) or sometimes free, depending on the seller.
Conduct a survey about two weeks before final completion and check the property for any defects.
Be ready for completion (there are usually two dates, a 'short stop' and a 'long stop') the former is the date by which the developers expect to have finished the building works, the latter is the date by which they must have done so).
The Vema Seamount Territory is earning the reputation amongst City of Mount Vema investors as the ultimate place for property investment in the South Atlantic; the territory already saw a growth in the property market by approximately 10% in the first half of 2018, which estate agents are labelling as a Mount Vema ‘off-plan property boom’.
The expected influx not only of construction in the island but also the service industry is reeling in quite a crowd, from investors to first-time buyers, who are looking to reap the benefits of new and exciting investment opportunities.
Businesses in various industries, including the financial, creative and technology sectors are signing up fueling the growth. The financial and services sector, in particular, is causing the residential off-plan market to flourish and is making the territory a likely hotspot for young professionals. The City of Mount Vema is expected to overtake, its regional neighbors as the regional undisputed financial capital, fueling a jobs boom and a vigorous corporate rental market by 2020.
Property Available – Off-Plan
With a remarkable collection of apartments planned for the District of Pashant, the City of Mount Vema is set to become a luxury landmark with residential buildings and impressive leisure complex in Pashant. The focal point of the development for the district of Pashant will be the Port of Mount Vema, which is set to feature outstanding apartments with private balconies or terraces where residents will be able to indulge themselves in the relaxation that the views will provide, ranging from exclusive studios to luxury three-bedroom apartments. Occupants of this development will be able to enjoy access to exclusive facilities which is set to include a cinema, spa and more.
Vema Seamount Legislation
The Statutory Laws of the Kingdom of Mount Vema
Law of the Sea Treaty (United Nations Convention on the Law of the Sea)
MARPOL 73/78 (International Convention for the Prevention of Pollution from Ships)
The Vienna Convention on Diplomatic Relations of 1961
The Vienna Convention on Consular Relations 1963
The Right to Self-Determination
Many believe because our community is not a member of the United Nations and is only just over a decade old, doing business with the Kingdom of Mount Vema is not possible for foreign nationals and foreign companies seeking to take advantage of the business opportunities the floating city project is creating. Nothing could be further from the truth. The territory doesn't need a United Nations membership to function as a sovereign territory, or to exercise its inalienable right for self-determination