Vanuatu is a country in the South Pacific Ocean made up of 80 islands that span 1,300 kilometres. Scuba diving is available on the islands at coral reefs, underwater caverns. And wrecks like the WWII troopship SS President Coolidge. The nation’s capital and economic centre, Port Vila, is on the island of Efate. The Vanuatu National Museum, which shows the country’s Melanesian culture.
Banks in Vanuatu
Opening a bank account in Vanuatu requires the following documents. The documents collection is the most time-consuming part of the account opening process. Because there is no single list of documents, each bank has its own set of requirements for its customers.
ANZ in Vanuatu
ANZ has grown to become one of Vanuatu’s strongest. And the most dependable financial institution since its establishment in Port Vila in 1971.
Today, ANZ have two branches, one in Port Vila. And the other in Luganville, Espiritu Santo’s northernmost island. Their employees are multilingual and trained to assist both domestic and international customers. They assist a variety of personal and business banking and investment needs.
ANZ can provide market advice, handle trade inquiries. And help with introductions on behalf of customers in doing business in Vanuatu.
Pacific Private Bank is a full-service bank based in Vanuatu. An international financial centre in the Pacific, founded in 1997. Its tax and legal environments are all conducive to foreign investors’ capital protection.
The primary goal is to serve wealthy, private clients from all over the world. Bank develops and offers tailored investment solutions, specialising in wealth and asset management. By providing personalised private banking services, we cater to each customer’s unique objectives.
Vanuatu’s largest bank is the National Bank of Vanuatu. It is the only commercial bank with branches outside of the country’s major cities, with 29 branches and agencies.
How many banks are there in Vanuatu?
Banks play a vital role in Vanuatu’s financial system. In the country, there are 11 banks with operating licences.
- Vanuatu nationals own one commercial bank (the National Bank of Vanuatu),
- Foreign-owned banks are (ANZ Banking Group, BRED Bank, and Bank of South Pacific Vanuatu).
Opening a bank account in Vanuatu requires the following documents.
The documentation part is the most time-consuming part of the account opening process. Because there is no single list of documents, each bank has its own set of requirements for its customers.
The following is a rough list:
- They will need a personal signature to open a bank account in Vanuatu.
- A scanned copy of the passport or other form of identification. The document’s Tax Identification Number should be present. A copy of the document should be notarized.
- The authorised representatives’ identity documents are also required when they act as intermediaries.
- You can submit a bill for payment of utility services for the previous three months. Or it could be a form with confirmation of the address of the house.
Is it possible for non-residents of Vanuatu to open a bank account?
Many people have difficulty choosing a bank. But you can check with the customer centre of the bank online. They can help you to choose in Vanuatu. And also take full responsibility for document collection and preparation. This process necessitates the use of professional help. Any mistake when opening a bank account for a non-resident in Vanuatu can result in a loss of funds.
Each bank has its own set of terms and services, as well as interest rates and least deposit amounts.
Pacific Private Bank:
This bank promises to open an account in Vanuatu within ten working days. The account can be personal or corporate. But it must register with a detailed description of the client’s activities. Transactions are not restricted, and account management is available via online banking.
Is Vanuatu a tax haven?
Vanuatu is a zero-tax jurisdiction with no financial requirements. And complete confidentiality of all names and details of directors and shareholders. Even though the country is a signatory to many international treaties and organisations. And thus enforces international financial procedures such as Anti-Money Laundering. And ‘Know Your Customer policies due to international pressure.
International companies in Vanuatu are exempt from all local taxes for a minimum of twenty years. This includes, but is not limited to, all taxes:
- There is no dividend tax, no corporate tax, and no VAT.
- No stamp duty.
- There is no estate tax and no inheritance tax.
Benefits of Vanuatu as a Tax Haven
- All local taxes are exempted.
- Availability of nominee service.
- There are no financial accounts, annual returns, or audit requirements to submit.
- The system is based on the English Common Law.
- The environment that is both economically and politically stable
- Director(s) and Shareholder(s) names and information are kept private.
- Local financial statutes guarantee privacy and confidentiality.
- Shareholders and corporate directors are allowed to participate.
- A corporation doesn’t need to declare its beneficial owner.
- It is possible to become a sole member.
- Vanuatu is on the OECD’s ‘white list’ of countries.
- Process of rapid incorporation.