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Nauru real estate investment information for the Yaren District.
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Nauru Real
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About
Nauru
Nauru
Population: 12,809 (July 2004 est.)
Languages: Nauruan (official, a distinct Pacific Island language),
English widely understood, spoken, and used for most government
and commercial purposes
Capital: no official capital; government offices in Yaren District
Government Type: Republic
Independence Day: 31 January 1968 (from the Australia-, NZ-,
and UK-administered UN trusteeship)
Legal System: Acts of the Nauru Parliament and British common
law.
Currency: Australian dollar (AUD)
Executive
Branch:
Chief
of State: President Ludwig SCOTTY (since 22 June 2004) note
- the president is both the chief of state and head of government.
Head of Government: President Ludwig SCOTTY (since 22 June 2004)
note - the president is both the chief of state and head of
government.
American
Embassy: None
Mailing Address: None
Telephone: None
General Overview: Nauru's phosphate deposits began to be mined
early in the 20th century by a German-British consortium; the
island was occupied by Australian forces in World War I. Nauru
achieved independence in 1968 and joined the UN in 1999. Nauru
is the world's smallest independent republic.
Economic
Overview: Revenues of this tiny island have traditionally come
from exports of phosphates, but reserves are now depleted. Few
other resources exist with most necessities being imported,
mainly from Australia, its former occupier and later major source
of support. The rehabilitation of mined land and the replacement
of income from phosphates are serious long-term problems. In
anticipation of the exhaustion of Nauru's phosphate deposits,
substantial amounts of phosphate income have been invested in
trust funds to help cushion the transition and provide for Nauru's
economic future. As a result of heavy spending from the trust
funds, the government faces virtual bankruptcy. To cut costs
the government has called for a freeze on wages, a reduction
of over-staffed public service departments, privatization of
numerous government agencies, and closure of some overseas consulates.
In recent years Nauru has encouraged the registration of offshore
banks and corporations. In 2004 the deterioration in housing,
hospitals, and other capital plant continued, and the cost to
Australia of keeping the government and economy afloat has substantially
mounted. Few comprehensive statistics on the Nauru economy exist,
with estimates of Nauru's GDP varying widely. Nauru is one of
the three great phosphate rock islands in the Pacific Ocean
- the others are Banaba (Ocean Island) in Kiribati and Makatea
in French Polynesia; only 53 km south of Equator.
International
Disputes: Offshore banking recently stopped, remains on Financial
Action Task Force Non-Cooperative Countries and Territories
List for continued failure to address deficiencies in money-laundering
control regime.
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