A very rare opportunity has arisen to buy a 1/3rd share of a thriving medical practice in Port Vila, the capital city of Vanuatu. It is one of the world's happiest and friendliest countries and also a tax haven, located at the heart of the beautiful South Pacific.
The Medical Centre (TMC) is a thriving general practice which serves the approximately 50,000 strong population of Port Vila. This is mainly ni-Vanuatu in character, people who work in the public and private sectors and their families, but it also includes a sizable number of expatriates.
TMC has operated in Port Vila for the last 30+ years. It is co-owned by three very experienced general practitioners, Dr Kaiva Tulimanu and Drs Jean-Luc & Julie Bador - a father and daughter team. Some years ago, TMC moved into a suite of purpose built, modern consulting rooms at Nambatu, close to the centre of Port Vila.
TMC offers the latest in modern medical practice together with comprehensive 24/7 on call and home visits. It seeks to combine excellent, friendly, old school, traditional family doctoring together with continuity of care for its patients. The practice has a lab which can handle most routine tests. Anything else is sent by air to laboratories in Australia. TMC also offers, X-ray, ultrasound and ECG.
Financials
The 1/3rd share of the practice for sale (each doctor bills separately) has a total turnover of approximately 1,800,000 VT (AUD$25k/£12k/US$15k) per month or 22,200,000 VT (AUD$300k/£144k/US$185k) per year.
Net profit after the 35 per cent shared practice overhead (covering staff salaries, rent, utilities, maintenance etc). has been deducted is about VT1.2 million VT per month or VT14.4 million (AUD$197k/£96k/US$120k) per year.
Vanuatu does not levy any income, capital gains or corporation tax. The estimated pre-tax income needed to generate the equivalent of a net VT14.4 million/yr is as follows in:
Australia - AUD$ 315k (before income tax and Medicare levy)
United States - USD$ 145k (married, New York State)
United Kingdom - GBP£150k (England & Wales)
The local currency in Vanuatu is called the vatu.
1 GBP = 150 VT; 1 USD = 120 VT & 1 AUD = 73 VT.
A reputable local firm of accountants has been asked to audit TMC's most recent accounts. The audited accounts will become available shortly.
