Destination

South Pacific

Destination Vanuatu Paradise logo
29th edition
        2019

10

 

 

 

The banking sector

 

The banking sector is very well structured
and sound. Vanuatu 
is no longer on the
OECD’s 
‘grey list’ of ‘uncooperative tax havens’ (source : www.oecd.org).

 
 
 
 
 

 

10

 

 

 

 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

The banking system comes under the supervision of the Reserve Bank of Vanuatu and is scrupulous in complying with international requirements.

There is no exchange control and the banking sector abides by the bank and trade secrecy rules.

Commercial banks such as Bred Bank, have well situated premises and offer a wide range of services : loans, deposit accounts, foreign currency accounts, on-line banking, etc.

There are also offshore banks, such as Pacific Private Bank or Moores Rowland Vanuatu , (opening an account outside of the country borders) which in turn offer

 

private personal wealth management services.

There is no lack of lawyers and chartered accountants available to provide advice and assist in managing your assets, finding simple and effective succession planning solutions (no death duties) or suggest appropriate investments, gild-edged or innovative.

Long story short, this haven with its tax incentives invites you to take advantage of its assets : bilingualism, know-how and variety of operators in a country with a strong economic development, which fits in with regional dynamics.

How to open an account

The country’s legislation provides for identification requirements when opening a bank account.
Remember to bring along a number of important documents to facilitate the process, including:

• a valid passport,
• a valid driving licence (issued by your country of residence),
• a national identity card (not in the case of British nationals),
• a birth certificate,
• a recent income tax return (within the last 3 months),
• a recent public utility invoice (within the last 3 months),
• an employment letter …

NB: Some documents may not be acceptable, so check before you leave …

The banking sector

The banking sector is very well structured and sound. Vanuatu is no longer on the OECD’s ‘grey list’ of ‘uncooperative tax havens’ (source: www.oecd. org).

The banking system comes under the supervision of the Reserve Bank of Vanuatu and is scrupulous in complying with international requirements.
There is no exchange control and the banking sector abides by the bank and trade secrecy rules.
Commercial banks such as Bred Bankhave well situated premises and offer a wide range of services : loans, deposit accounts, foreign currency accounts, on-line banking, etc.

There are also offshore banks, such as Pacific Private Bank or Moores Rowland Vanuatu , (opening an account outside of the country borders) which in turn offer private personal wealth management services.
There is no lack of lawyers and chartered accountants available to provide advice and assist in managing your assets, finding simple and effective succession planning solutions (no death duties) or suggest appropriate investments, gild-edged or innovative.
Long story short, this haven with its tax incentives invites you to take advantage of its assets : bilingualism, know-how and variety of operators in a country with a strong economic development, which fits in with regional dynamics.

How to open an account

The country’s legislation provides for identification requirements when opening a bank account.
Remember to bring along a number of important documents to facilitate the process, including:

• a valid passport,
• a valid driving licence (issued by your country of residence),
• a national identity card (not in the case of British nationals),
• a birth certificate,
• a recent income tax return (within the last 3 months),
• a recent public utility invoice (within the last 3 months),
• an employment letter …

NB: Some documents may not be acceptable, so check before you leave …

Located in downtown Port-Vila, BRED Bank is at the heart of Vanuatu’s business community. At BRED Bank, we strive to offer you a full range of quality products with the highest level of professional s... Read more
Established in Port-Vila, Vanuatu in 1971, Moores Rowland Vanuatu has been a central figure in the offshore financial centre of Vanuatu. Vanuatu is the Pacific’s premiere Offshore Financial Centre and... Read more
Pacific Bank is an international bank registered in Vanuatu since 1997. It operates within an innovative and stimulating environment for foreign investors.... Read more