Banks in Vanuatu

Table of contents

1. Main advantages of Vanuatu banks
2. Vanuatu offshore banking options
3. Process of opening a Vanuatu offshore bank account
4. FAQ about Vanuatu banks

MAIN ADVANTAGES OF VANUATU BANKS

Vanuatu is today the furthest away and most remote tax haven in the world. Located in the warm waters of the South Pacific, the Republic of Vanuatu constitutes an archipelago of islands, which border Australia, Fiji and New Guinea by water.

Vanuatu’s modern history began in 1980. In that year, an agricultural nation gained its independence after a lengthy period of colonial rule under the auspices of France and Great Britain. The Republic of Vanuatu has come a long way in becoming a compliant offshore jurisdiction. For the past 15 years, Vanuatu has remained on the EU’s “white list” of cooperative tax havens.

The economic, political and cultural life of Vanuatu is concentrated on the largest islands of Éfaté and Santo, where two-thirds of the population live. The Banks Islands (the main islands being Mota Lava and Vanua Lava), located in the north, form the remote and indigenous part of the republic, inhabited by the local tribes.

Vanuatu is not only a popular tourist attraction but has also recently become a well-known locale for digital nomads. The citizenship programme of Vanuatu gives its holders a visa-free regime for more than 130 countries in the world.

Vanuatu’s banking system is regulated by the Reserve Bank of Vanuatu, which is responsible for maintaining the stability of the financial system, as well as exercising control over issued bank licenses. Currently, the list of banks in Vanuatu is relatively diversified and includes several international banks such as Pacific Private Bank, Asia Merchant Bank, ROC Bank and others.

Vanuatu offshore banking is regulated by the International Banking Act (2006). To be licensed as an international bank in the Republic of Vanuatu, high standards of prudential management and due diligence must be met, along with having a minimum share capital of USD 500,000.00.

So, what are the main advantages that attract international businesses to use the services of Vanuatu banks?

1. Full confidentiality

In the modern world, privacy is the most precious and rarest commodity we can find. Unlike other offshore jurisdictions, bank accounts in Vanuatu guarantee some of the highest standards of confidentiality for their holders. Moreover, the relatively low banking fees and commissions make bank accounts in Vanuatu quite appealing.

2. Straightforward incorporation of offshore companies

By virtue of the International Companies Act (2012), the process of establishing offshore companies in Vanuatu is relatively simple. Today, the Vanuatu company register has hundreds of registered companies.

Local laws impose minimum requirements for share capital, the number of directors and shareholders, accounting and audit reports. The recent upsurge in Vanuatu offshore company formation has inevitably increased demand from international businesses to open accounts locally with Vanuatu banks.

3. Financial institutions that speak your language

Among the primary needs when conducting business globally is to find a financial institution that you can trust. Vanuatu’s colonial heritage means that Vanuatu banks can easily do business in English and French.

4. Vanuatu offshore banking as a safe harbour

In the last 20 years, the Republic of Vanuatu has not experienced any major political crisis. Nevertheless, it is worth mentioning that local stability is constantly undermined by the natural disasters common to the South Pacific territories.

5. Republic of Vanuatu’s growing economy

The local government is trying to transition the islands from an agricultural nation to a financial and banking hub for offshore companies and digital nomads. The development of the Vanuatu offshore banking centre is a top priority, including the issuance of bank licenses for world-class banks.

VANUATU OFFSHORE BANKING OPTIONS