Vanuatu Banking: Best banks and how to open a bank account?

Individuals provide:

1. A completed application form for opening an account.

2. Valid identification e.g. passport, drivers license, etc. Some banks demand two such documents.

3. Certificate of income and origin of funds.

4. Contact information: residential address and phone number.

5. Letter of recommendation from another bank upon request.

Companies provide:

1. The company constitution.

2. The certificate of incorporation.

3. The current business license.

4. Registered trading name.

5. Minutes of a meeting of the company directors authorising the account to be opened with the bank.

6. Contact information: address of principal place of business, address of registered office and name and address of registered agent if applicable.

7. A declaration of who the beneficial owners of the company are. These individuals must then also be identified as per the bank’s requirements for identifying individuals.

8. A completed application for opening an account and Customer Due Diligence form.

It is necessary to visit one of the branches to open an account in most banks of Vanuatu. Only the ANZ Vanuatu bank provides the opportunity to open an account remotely — by sending notarized documents to the bank by mail.

Banks follow different policies regarding cooperation with foreign clients. The National Bank of Vanuatu and The Bred Bank Vanuatu are likely to open accounts for citizens of other countries, while other banks may refuse.

In Vanuatu, there is a government program under which wealthy people can get a passport of the country by investments from $130,000. Applicants make a non-refundable contribution to the Vanuatu National Development Fund, which cannot be returned over time or bring any revenue.

Why Vanuatu citizenship is a smart choice

Alongside the investor, their family members can also obtain citizenship. A spouse, children under 25 years old and parents over 50 years old are allowed to be included in the application. No one is required to take language or culture proficiency exams.

The entire procedure takes place remotely, applicants do not need to visit Vanuatu. To take the oath of allegiance, investors can invite an employee of the migration service to a place convenient for them.

The Vanuatu passport opens up new possibilities. Vanuatu citizens travel to Singapore without visas and receive a U.S. tourist visa for a 5 year period. Entrepreneurs can transfer business to the country and enjoy tax incentives. For a period of 20 years companies are obliged to pay only an annual fee of $300 instead of the tax on profit.