Vanuatu Sets Up the First Blockchain Stock Exchange in The Southern Hemisphere
Vanuatu Offshore Companies and Banking. The Vanuatu International Companies Act is very similar to other international business company (IBC) laws around the world. It was written in 1992 and came into force the same year. There are a number of features which make Vanuatu an attractive place to form an offshore company. Vanuatu has zero corporate tax, both for international and domestic/resident companies. Companies are also exempt from capital and exchange controls.
Accounts must be kept but don’t need to be filed, and there are no auditing requirements. Vanuatu companies are an interesting option for those seeking a high level of privacy and ease of use.
Bank secrecy has long been a target of international groups opposed to offshore tax havens. The argument goes that if governments don’t know who owns the account, they can’t effectively tax it. Despite the fact that things like numbered bank accounts are long gone, groups such as the Tax Justice Network continue their efforts to eliminate privacy around the world.
As European nations such as Liechtenstein are rolling back their bank secrecy programs, the most secretive offshore banking countries include Vanuatu rated as at No.2 in the world, based only on the amount of secrecy offered and not taking into consideration the significance of the jurisdiction.
This island chain is well-known to many of the world’s monied elite as an offshore banking jurisdiction since its 1971 offshore legislation. While it’s still a tiny player in the offshore market, Vanuatu is among the most secretive. Vanuatu offers no personal or corporate income taxes, no estate or capital gains taxes, no exchange controls, and no reporting requirements.
In fact, other than VAT, customs fees, and stamp duties, Vanuatu has no taxes at all.
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