About Vanuatu offshore jurisdiction
The Republic of Vanuatu is located in the Southwest of the Pacific Ocean. It is an archipelago of 83 islands of volcanic origin between Australia and New Zealand. 265,000 inhabitants on an area of 12,189 km2 populate Vanuatu. The capital of the country is Port-Vila and the official languages are Bichelamar, English and French. Indeed, the country was under French and English administration until its independence in July 1980.
The country’s economy is mostly based on services, which account for more than 70% of GDP. Tourism and financial services are indeed important sectors for the country. This country had the idea of creating tax legislation that is advantageous to attract foreign capital. The growth of Vanuatu is also explained by the growth of tourism, which accounts for nearly 40% of GDP. Fisheries and agriculture also account for a significant share (20% of GDP) in the Vanuatu economy.
Vanuatu is a poor country. It is indeed one of the 10 least developed countries (LDCs). The unemployment rate is low, but populations face challenges in terms of infrastructure, health and education. Nevertheless, Vanuatu is a legally and politically stable country and the people of Vanuatu are among the happiest on the planet.
In 1971, in Vanuatu, the Offshore and Financial Services Centre was created and it increased the local economy. Thanks to the strong attraction of foreign capital, many jobs in the banking, legal and accounting fields were created and the related infrastructures were strengthened. The taxes are very low and all the currencies are accepted and exchangeable.
As many newly formed tax havens, the Republic of Vanuatu offers many tax advantages to non-resident corporations and accounts. In this jurisdiction, taxes on income, dividends, profits and capital gains are non-existent. There is also no tax on succession or exchange control. The VAT is 12.5% and the social contributions of the employer are zero.
The Government of Vanuatu has promised to improve its financial regulation to combat money laundering. Nevertheless, it is on the list of tax havens created by the European Union as regards non-cooperative countries in tax matters. A treaty of double taxation does not bind Vanuatu and France.
Open an offshore bank account with FBS Banking™
The Port Vila banking system is highly developed despite its small size and small population. There are a dozen banks serving the international financial sector, as well as numerous law firms, accountants and financial advisors. This is due to the stability of this jurisdiction.
An offshore bank account in Vanuatu is generally required to manage or invest its financial assets with advantageous interest rates and secure investments. The reason may also be the protection and preservation of this heritage. In addition, our partners can offer you prudent and innovative solutions to make it grow, as well as effective estate planning solutions.
FBS Banking™, with 20 years of experience in the offshore banking sector, will accompany you to the opening of your offshore bank account in Vanuatu. Your bank account will allow you to make your transactions in several currencies, to have an international bankcard and an eBanking platform to manage your financial assets remotely. You will not have to travel for the opening of the bank account and the banks of the country do not ask for a minimum balance on the account nor a high initial capital.
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