The best jurisdiction to open an offshore bank account

The best jurisdiction to open an offshore bank account

When you need diversification, security and privacy, the availability of an offshore bank account becomes fundamental, more so each time when, looking at your earnings from your native country, your options are very much at risk, due, above all, to bad management of money paid as taxes. Natural persons or individuals choose for an offshore bank accounts mainly for privacy, on the basis that the laws don’t allow the exchange of tax information with other countries; that’s why the contributor has the possibility saving their earnings without their country’s Treasury Department getting control of it.

Likewise, security is a key part of the advantages offered by bank accounts in tax havens. Most of these countries are characterized by a very stable political situation, something that is much appreciated by residents of some countries. The holder of a tax haven offshore bank account can access his money from anywhere in the world by using a credit or debit card linked to the account for acquiring products and services, make bank transfers or withdraw funds.

Therefore, those who are worried about a future with financial security shouldn’t ignore the advantages offered by an offshore bank accounts in the right jurisdiction.

Opening offshore bank accounts in Bermuda

Located very close to the Sargasso Sea, the Bermuda archipelago is part of the British Overseas Territory, and in this territory, there are no taxes on profits, income or dividends, capital gains, nor is there sales tax. Given the seriousness of offshore banks in Bermuda, it is the ideal place to open offshore bank accounts.

In Bermuda, non-resident investors can buy or sell shares and equity interests in mutual funds without being subject to taxes, and there are all types of facilities for   trusts, which are also tax exempt. Among the main types of investment made through Bermuda are mutual funds, high risk funds, bank deposits and stock transactions. Thus, numerous financial advising companies that are directly connected to the Stock Market have set up in Bermuda

Offshore banks in Bermuda offer facilities for all types of investments for non-residents, such as opening offshore bank accounts as well as savings accounts and other financial products via Internet or professional advising. However, many countries levy taxes on the income of its residents anywhere in the world, so that in some cases, and, although there are no taxes in Bermuda, you may have to pay in your country of residence.

To open offshore bank accounts in Bermuda, you must first and foremost specify reasonable grounds for wanting to use one. Applications with vague grounds such as “better interest rates”, “financial instability in country of origin” or other of the same ilk, are usually denied. When opening offshore bank accounts in Bermuda, offshore banks in Bermuda also need an identity document, copy of passport to be submitted as well as proof that the money to be invested does not come from illegal sources. 

Banks operating in Bermuda: Bank of Bermuda/HSBC; Butterfield Bank Limited; Bermuda Commercial Bank Ltd (BCB); Capital G Bank Limited; The Bank of N.T.; Butterfield & Son Ltd; and Banque SCS Alliance SA.

Opening an offshore bank account in Brunei

Brunei is a sovereign country in Southeast Asia located in the northern part of the island of Borneo, whose form of government is an authoritarian sultanate. Brunei has an area of 5,770 km² and a population of 450,700 inhabitants. The capital of Brunei is Bandar Seri.

In the past, offshore banking in Brunei was often associated with organized crime or tax evasion as well as money laundering. But this has been deleted by the banking measures taken. So opening an offshore account in Brunei is quite attractive nowadays because Brunei enjoys noticeable social, economic and political stability. Offshore banking in Brunei is safe from the political and economic influence of other countries. This is an advantage for residents of countries with political instability or where there is a fear that their assets will disappear due to seizures or freezes.

Opening an offshore account in Brunei also enables you to   open it without nationality restrictions. Nor are there limits when you deposit money in a bank, although naturally, if the amounts are high, the bank will want to know the origin of the money and justify the income to protect itself from anti-money laundering measures. Likewise, offshore banking in Brunei allows you to carry out quick bank transactions because offshore accounts in Brunei have online banking where customers access their bank statements and perform any transaction from home.

Opening offshore bank accounts in Cayman Islands

There are currently more than 500 entities operating in the Cayman Islands between banks and trust companies. This is a fact that indicates the importance of this tax jurisdiction in international finance as well as its position as one of the main Tax Havens.

In the Caribbean, the Bahamas and the Cayman Islands rank among the major tax havens. In the case of the latter tax jurisdiction, it offers all types of tax and legal advantages for non-residents. The former British colony enjoys political autonomy and holds a prominent ranking among Tax Havens thanks to its advantageous tax system, one of the 10 largest offshore financial centers in the world by deposits. So much so that with barely 55,000 inhabitants, the Cayman Islands have an annual GDP of some 1.9 billion dollars.

The Cayman Islands do not have agreements to avoid double taxation with any country. Therefore, Cayman Islands offshore account holders are safe from their respective countries’ tax authorities. Similarly, offshore Cayman Islands finance companies are not legally required to file their annual financial reports with the tax jurisdiction authorities. This allows companies to transfer funds from their bank accounts in the islands to anywhere in the world: a clear advantage for those corporations that invest in global financial markets.

The tax-free offshore companies in the Cayman Islands are governed by the following standards: The company’s name must include the suffixes Limited or Ltd., Corporation or Corp, Incorporated or Inc. They do not disclose the beneficiary’s identity. They have no tax whatsoever and a minimum of 1 shareholder and 1 director is allowed, the obligatory nature of a secretary and a standard capital stock of 50,000 dollars. With regard to government fees, the annual license is 854 dollars and the annual declaration fee is 250 dollars.

Some offshore banks providing services to individuals not residing in the Cayman Islands are: Butterfield Bank (Cayman) Ltd, Cayman National Bank Ltd, Fidelity Bank (Cayman), First Caribbean International Bank (Cayman), HSBC, Royal Bank of Canada, and Scotia Bank and Trust (Cayman) Ltd.

Opening an offshore bank account in Djibouti

A small country located in the horn of Africa, the Republic of Djibouti has 23,200 km2 and shares borders with Eritrea on the north, Ethiopia on the west and south, and Somalia on the southeast. Additionally, it has coastlines on the Red Sea and the Gulf of Aden. The capital is also called Djibouti and the country has a population of 900,000. The country is strategically located near one of the points with most commercial navigation traffic: at the access to the Red Sea from the Indian Ocean. Therefore, its coast is an immensely important dock facility for merchant ships and also for the imports and exports of neighboring Ethiopia.

You can open an offshore bank account in Djibouti with all the advantages offered by a Tax Haven: low or zero taxes; little or no tax information with the foreign tax authorities; and transparency in the operation of legislative, judicial or administrative provisions.

Thanks to these opportunities, opening an offshore bank account in Djibouti is an excellent option today. Furthermore, offshore banking in Djibouti makes it easier for you to open an online offshore bank account with any bank in the world. To do so, offshore banking in Djibouti only asks you to enter the information required by the documents, print out your application and email it to the bank. You must provide photocopies of some documents, so make sure you make copies of the ones you need and include photocopies with the application. If you do it in person, just take the documents with you.

Opening offshore bank accounts in Dubai

is located on the Red Sea, and belongs to the United Arab Emirates. Its economy is clearly divided up evenly between two sectors: one with and one without taxes. The onshore sector (taxed) is dominated by local business interests with restrictions on foreign ownership and the offshore sector (tax free) that covers the duty-free zone of Jebel Ali, Dubai Investment Park, Dubai Internet City, the Dubai International Finance Center (DIFC), the Dubai airport duty free zone and Dubai City (communication media).

It is only possible to open offshore bank accounts in Dubai after receiving the registration certificate. To do so, you must submit the following documents: bank statements from the last months, proof of residence (for example, a telephone bill with ownership details), future predictions of the bank account’s activities, declaration of whether the money will be in the accounts, the initial amount deposited and the source of this amount. 

Other essential documents for opening bank accounts in Dubai are: Personal Account (checked copy of the passport and bank statements from the last 6 months); Professional Accounts: bank forms; Copy of Bylaws (in English); Copy of Certificate of Incorporation; Stock Certificate; Copy of passports of Directors, Shareholders and Signatories; Company bank statements from the last six months. In case you have no account, the last six shareholder statements; Certificate of Good Standing, if the company is over six months old; and shareholder proof of address for at least three months.

To open offshore bank accounts in Dubai, you can request the services of Al Hilal Bank, government Islamic bank that offers the transactions of a commercial and investment institution, but in such a way that its policies comply with the laws of Islamic finance. 

Citibank UAE, subsidiary of Citigroup which offers a wide range of products through its numerous activities, especially as commercial banking that makes it possible to offer its real estate credit services to private individuals; Dubai Islamic Bank (DIB), renowned for being the first bank to propose its set of service and products according to the Islamic religion; Emirates NBD, currently the first banking group in the Middle East for its assets; First Gulf Bank (Bank Al Khaleej Al Awal). It especially offers its real estate credit service to private individuals in the United Arab Emirates thanks to its network of agencies spread all over the main cities of the Emirates as well as Abu Dhabi, Dubai, Sharjah, Ajman and Al Ain.

Opening an offshore bank account in Gibraltar

Gibraltar has the status of British Overseas Territory. It joined the UK in 1973, although it is also part of the European Union (EU), but with a special and singular status: it is outside the EU customs union.  Gibraltar's offshore banking can provide services throughout the EU without having to apply for licenses or permits in the member states in which they operate, something that distinguishes it as a Tax Haven. For instance, many online casinos installed in the EU are based on Gibraltar, where the financial load is significantly lower. One of the legal schemes under which a company can be incorporated in Gibraltar is the Private Limited Company (Ltd) which is tax exempt if it conducts business outside of Gibraltar and its beneficiaries are non-resident. Still, the company may be controlled from Gibraltar or have local directors.

As a Tax Haven, for exempt companies, there is a fixed annual rate of between £200 and £300 based on the type of activity and structure. Companies domiciled in Gibraltar can serve to optimize taxes in several spheres such as real estate income and investments, investments in the stock market or international commerce.

Opening offshore bank accounts in Guatemala

The Republic of Guatemala is a country located at the extreme northwestern tip of Central America. It has a vast indigenous culture due to the Mayan heritage and Spanish influence during the colonial era. It has an area of 108,889 km², a population of 15,773,500 inhabitants and its capital is Tegucigalpa.

In order to develop the economy, the government promotes opening offshore bank accounts in Guatemala because it is an offshore jurisdiction with a very low tax burden for the offshore bank account’s depositary. In addition, creating offshore accounts in Guatemala affords you a less restrictive regulatory environment with absolute banking privacy. Since offshore banking customers have many reasons to want their financial privacy, this can be extremely important in times of political or financial instability in their countries of origin. Thus, an offshore jurisdiction such as Guatemala is now ideal for opening offshore bank accounts because its banking authorities meet the provisions for tax evasion, money laundering or other crimes of this nature.

Opening an offshore bank account in Iceland

The Republic of Iceland is a country located in the extreme northwest of Europe whose territory covers the island by the same name and some small outlying islands and islets in the Atlantic Ocean and near Greenland. It has a population of nearly 331,000 inhabitants and an area of 103,000 km².

Opening offshore bank accounts in Iceland has one characteristic: Each bank has its regulations, but as an offshore jurisdiction, the only common requirement at banks is the kennitala and having registered the legal domicile in Iceland. The kennitala is the national registry, and for foreigners, it is essential to have a kennitala to open offshore accounts in Iceland as well as to register their legal domiciles or request the online and telephone service at home.

The interest and services offered by banks are different. Therefore, it is good to become familiar with each bank’s different services to know which ones offer the best and which one favors us the most to thus be able to choose the one in which to open an account.

In Iceland, banks also offer Home Banking service. It consists of visiting the bank’s website and making transactions there. ATMs are also quite common. Additionally, it is possible to request a debit or credit card at any bank, apply for loans and bank overdrafts.

Opening an offshore bank account in Ireland

The Republic of Ireland is a member of the European Union (EU), which occupies most of the island of the same name. Its capital is Dublin, located on the eastern part of the island, and it has a sole land border with Northern Ireland, one of the states of the United Kingdom. The Republic of Ireland has an area of 70,273 km² and 4,600,200 inhabitants.

Irish banking is not bureaucratic, and each branch is endowed with great autonomy to make decisions; even more than in other EU countries, both for facilitating, authorizing or denying a loan.

Opening an offshore bank account in Ireland-for natives or foreigners alike-is usually a personal procedure that a person can undertake after age 18. He or she must submit his or her passport if he or she is a foreigner and a document evidencing that he or she resides in Ireland, such as the PPS Number or a bill (electricity, gas, and landline) where his or her name appears.

It is also better to open a bank account before moving to Ireland. That way, you can transfer funds. It is also important to keep an account open in the country of origin to distribute deposit slips and defray unexpected expenses.

Since Ireland has been part of the European Union, regulations on banking activities for EU residents and non-residents have stayed the same, even for US citizens. However, most banks offer savings accounts for non-residents in which it is possible to deposit money and virtually carry out most banking activities without incurring or having administrative fees.

Opening an offshore bank account in Liberia

Liberia is a Presidential Republic located on the west coast of Africa with an area of 111,370 km² and nearly 3,900.00 inhabitants. Its capital is Monrovia. In 1982 Liberia and the United States signed a treaty exempting double taxation of aviation and navigation. Foreign companies can operate in Liberia through local agents, and it enjoys a very liberal economic climate.

The main features of an offshore bank account in Liberia are: Low or zero taxes for individuals and non-resident companies and total compliance of the banking and trade secrecy provided by law. Other advantages of an offshore bank account in Liberia lie in the fact that there is online banking staff that speaks English, French, German, Spanish, Russian and China who work 24/7/365. Also, it does not usually sign tax information exchange treaties with the countries where high taxes are applied, and it has excellent telecommunications networks.

Liberia’s main offshore banks: Central Bank; Investment Banks and The Liberian Bank for Development & Investment (LBDI).

Opening an offshore bank account in Macao

kilometers from Hong Kong, on the southern side of the Pearl River delta is the Special Administrative Region of Macao, one of two in China (the other is Hong Kong). It is home to 560,000 inhabitants. Along with Macao’s rich historical heritage that dates back more than 6,000 years, the greatest attraction for visitors is undoubtedly gambling due to its prohibition in Hong Kong and Mainland China.

Along with gambling, there has also been a noticeable development of offshore bank accounts in Macao because its offshore banks offer maximum data security, absolute banking secrecy, few or no taxes, easy access to your assets via online banking (internetbanking) or credit card worldwide, and 24 hours a day, and absolute protection against the local financial, political and exchange instability.

When you have an offshore bank account in Macao, it must also be added that offshore banks generally charge less and offer higher interest than banks in your country of origin thanks to lower costs and non-state intervention of offshore jurisdictions.

However, the most interesting part about having an offshore bank account in Macao is perhaps that, as a general rule, offshore banks located in offshore jurisdictions do not incur tax on deposits and their interest generated. This is especially an advantage for persons who do not have to monitor, or very slightly, their global income.

The offshore jurisdiction in Macau also offers the following services to its offshore banking: Deposits: Offshore credit cards (with the possibility of withdrawing worldwide and at any ATM up to €10,000 daily); Loans, telephone or electronic transfers (via Internet); Offshore currency and currency trading account; Letter of credit and offshore trade financing; Investment management and investment monitoring; Fund Management; and Support management.

The main Macao offshore banks are Autoridade Monetaria e Cambial de Macau, Industrial and Commercial Bank of China, ING Insurance Macau Ltd. and Tai Fung Banl Ltd. FUNG BANK LTD.

Opening offshore bank accounts in Macedonia

The Republic of Macedonia is an independent, landlocked state located on the Balkan Peninsula in Southeastern Europe. It borders Serbia on the north (including Kosovo, Bulgaria on the east, Greece on the south and Albania on the west. Macedonia has an area of 25,713 km² and 2,100,300 inhabitants. Its capital is Skopje with more than 700,000 people.

The measures taken by the Macedonian government are attractive. According to the campaign, Macedonia became a Tax Haven after the tax cut up to a single rate of 10% both for individuals and companies. Added to this is the total exemption for gains when they are reinvested in the country.

They have also created a series of technological development zones. This is something that reminds one of the free trade development poles where tax advantages on investments are the best: total corporate income tax exemption for 10 years and a 50% reduction on income tax for 5 years. These zones also have free gas, electricity and water, and land can even be accessed by leasing for 75 years.

Opening an offshore bank account is a magnificent opportunity, and for doing so, there is a vast network of offshore banks: INKO Stedilinica; Komercijalna Banka A.D.; National Bank of the Republic of Macedonia, and Ohridska Banka.

Opening an offshore bank account in Mauritius

Mauritius is an island nation located in the Indian Ocean, east of Madagascar. It consists of the main island of the same name, as well as the smaller islands of Brandon, Cargados, Rodrigues and the Agalega Islands. After a brief Dutch settlement, the country was colonized by the French starting in 1715, who lost it to the United Kingdom in 1814. Independence was gained in 1968, and it became a republic in 1992, while remaining within the Commonwealth.

The development strategy conducted by the government focuses on foreign investment. Mauritius has attracted over 9,000 offshore companies. Most of them are trading in India and South Africa, and in the banking sector, investments for more than 1 billion dollars have been made. 

Creating an offshore bank account in Mauritius is legal, as it becomes illegal when the beneficiary of those accounts has not informed its country’s authorities that they were opened. Recall one of the main features of offshore jurisdiction is privacy and non-disclosure of its customers’ tax information except for major reasons.

You will find all of this upon creating an offshore bank account in Mauritius where its banks can offer you, among other things, the following benefits: Low or zero axes for persons residing as non-residents; banking and trade secrecy provided by law (disclosure is punished by imprisonment and hefty fines); non-sophisticated financial and commercial legislation because few requirements are needed to create an offshore bank account; there is no exchange monitoring and there is great freedom to move capital; little banking regulation and flexible legal system as well as notable political and economic stability as befits an offshore jurisdiction, as should a conflict arise, the capital flight would be extremely disadvantageous.

As an offshore jurisdiction, Mauritius has no tax information exchange agreements with high taxation countries, it has very good communication and especially telecommunications. Additionally, online banking staff is multilingual: English, French, German, Russian and Chinese with opening services 24/7/365. There is every reason to create an offshore bank account in Mauritius.

Opening an offshore bank account in Montenegro

Montenegro has an area of 13,812 kilómetros² where 625,266 live. Its capital and most populated and important city is Podgorica, and though it is currently one of the poorest countries on the European continent, in recent years, there have been improvements as the legal framework is outined in the Foreign Investment Act and in the Companies Act.

Recently, additional measures to attract investments and open an offshore bank account in Montenegro were approved, namely: Foreigners can own real property in Montenegro, although due to the Act of 2007, they cannot be landowners. There are no restrictions for transferring profits, dividends or interest. Montenegro has signed agreements to avoid double taxation with countries such as Belgium, Byelorussia, Bulgaria, the UK, Denmark, Norway, Poland, Romania, Russia, Slovakia, Slovenia, the Ukraine, Finland, France, the Netherlands, Croatia, the Czech Republic, Sweden, South Korea and others.

Due to the changes in most offshore jurisdictions, there are currently no available licenses for small offshore banks as occurs in Montenegro. However, after complying with the administrative procedures, to open an offshore bank account in Montenegro today, all you need to do is to contact the Tax Department to receive the PIB (tax identification number) and the VAT number to open a bank account.

Another way that makes it easy to open an offshore bank account in Montenegro is the Credit Union, which can legally offer the services offered by a bank, such as receiving deposits and making loans worldwide, offering payment services like credit cards and checks, issuing bank guarantees, letters of credit and other financial instruments and giving bank references.

These are some of the main offshore banks of Montenegro: Atlasmont Bank ad Podgorica;  Central Bank Montenegro-Centralna Banka Crne Gore;  Montenegrin Commercial Bank ad Podgorica; Opportunity Bank ad Podgorica and Podgoricka Bank Societe Generale Group ad Podgorica.

Opening an offshore bank account in Oman

Oman is located in southwest Asia on the southeast coast of the Arabian Peninsula. It borders the United Arab Emirates on the northeast, Saudi Arabian the west and Yemen on the southeast. Its capital is Muscat with an area of 212,457 km². Oman currently has an economy based on exploiting large reserves of natural gas and oil, but it offers many more options for creating an offshore bank account in the main world currencies.

Opening an offshore bank account in Oman, the customer -an individual as well as corporation- can invest in the stock market, forex and access the currency markets without exposing himself to any type of exchange restriction or exchange control.  Furthermore, you can accumulate benefits in your offshore bank account as you can have the money in the bank all the time you like, tax free. You can then distribute these earnings expeditiously.

Opening a bank account in Oman affords you other advantages such as any person being able to open a personal bank account without nationality restrictions. There are no limits when you deposit money in a bank although if the amounts are very high, obviously the bank will want to know the source of the money and justify the income (these are anti-money laundering measures imposed by most governments). You can also make quick bank transactions because offshore banks in Oman have online banking where the customer can see his bank statements and make any transaction without leaving home.

Opening an offshore account in the Philippines

The Republic of the Philippines is an archipelago comprised of 7,107 islands and is classified into three geographical divisions: Luzon, Visayas and Mindanao. It has an estimated population of more than 94 million inhabitants with an area of 300,000 km², and its capital is Manila.

The Philippines is one of the nations that the Organization for Economic Cooperation and Development (OECD) has on its tax haven blacklist. However, the government takes steps to ensure that offshore banking in the Philippines can operate without being demonized by international organizations.

Therefore, opening an offshore account in the Philippines is currently recommendable because the country has managed to conquer social, political and economic stability. At the same time, it has the advantage that the applicant can open it without restrictions due to his/her nationality. Therefore, there are no limits when depositing money in the Philippine offshore bank. However, if the sums of money are very high, banks are obligated to know where that sum came from and justify deposits it generates to protect themselves from current anti-money laundering measures.

Opening an offshore bank account in the Philippines is an uncomplicated process. Likewise, offshore banking in the Philippines has excellent online banking where the customer accesses his/her bank statements and makes any transaction from the comfort of home.

Opening an offshore bank account in Switzerland

Switzerland is considered by experts to be the financial heart of Europe, and many US and European companies are headquartered in Switzerland. Its banks are the world’s most serious and expensive, its regular clientele are high-performance athletes, stock brokers, company executives...etc. Extremely high banking secret, freedom of capital movement and tax freedom for non-residents characterize this offshore enclave.

Swiss banking services are characterized by hosting, above all, companies or persons with high purchasing power because any individual who remains in Switzerland without a residence can go to prison for one year. Swiss banking services are the best in the world both due to the range of services and the privacy and anonymity. Naturally, Swiss banking services are more costly as the Swiss franc is adjusted to gold prices and is one of the strongest and most stable currencies.

Swiss banking services are concentrated in private banking and asset management. Thirty-five percent of all private deposits, from companies and individuals, invested in the world’s offshore entities, is in Switzerland, and par excellence, since the beginning of the 20th century, there has been banking secrecy. However, in recent years, and due to international anti-money laundering agreements, they have eliminated the famous anonymous numbered Swiss bank account, although the ones opened prior to 1991 continue to operate.

Swiss banking is very strict when requesting documents to open a bank account. It must be opened by renowned Swiss law firms, and the customer must also make an initial opening deposit of 2,000 euros according to the institution where the customer wishes to open his or her bank account. In Switzerland, tax evasion is not prosecuted. Therefore, the government will never cooperate with any country when there is a charge filed against a customer in Switzerland. However, the government does have the right to confiscate funds deposited should there be a suspicion that they come from an illicit source.

To open an offshore bank account in Switzerland, the minimum deposit is 1,000-2.000 euros depending on the bank, and customers can perform transactions in Spanish, English, French, German, Russian, Chinese and Italian. The customer may open the offshore bank account in the currency that he or she wishes provided that it is of international legal tender such as the euro, US dollar, Canadian dollar, pound sterling, Japanese yen, Swiss franc, etc.). The step to open the offshore bank account (whether personal or corporate) does not require the customer’s physical presence, and all procedures are performed via email and/or registered mail in any currency of legal tender.

Opening an offshore bank account in Tangier

Tangier is a city in northern Morocco located on the west coast of Strait of Gibraltar. It is the capital of the Tangier-Tetuan region with a population of approximately 700,000 inhabitants and an area of 253.5 km². Tangier is the second largest industrial center in Morocco after Casablanca.

Opening offshore bank accounts in Tangier is an attractive option, especially multi-currency accounts, capital investment, transfer and fund repatriation services, investment financing, foreign trade transactions, purchase of credit and issuance of bonds and guaranties. Offshore banks established in Tangier have international finance engineering specialists in order to accompany every step of your development and offer you advice that meets your expectations.

As in any jurisdiction classified as a tax haven, opening offshore bank accounts in tangier requires management by agents residing in the enclave to contact offshore banks because they are the face visible to the authorities. The resident agent provides greater security, privacy and speed in opening your bank accounts, whether personal or corporate.

Opening an offshore bank account in Vanuatu

Republic of Vanuatu was created in 1980, and it is an island country located in the South Pacific Ocean. It has an area of 12,200 km2 that includes more than 80 islands. Its capital is Port Vila on the Island of Efate with 30,000 inhabitants. Vanuatu has around 200,000 inhabitants.

The government has held the status of tax haven and international financial center that Vanuatu had before independence. About 2,000 registered institutions offer a wide variety of extraterritorial financial services as well as legal, accounting, fiduciary and insurance services. Vanuatu also maintains an international ship registry in the city of New York.

As a Tax Haven, Vanuatu discloses no information about its investors and their accounts except for very justified causes. With no income tax, capital gains or inheritance, zero withholdings or exchange audits, opening offshore bank accounts in Vanuatu is ideal. Many foreign investors have set up a base of operations in Vanuatu for the central location of their surplus investment funds or offshore companies. The protection given by the Vanuatu government attracts foreign investors, thus making the island into the most important Tax Haven in the Pacific.

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