Vanuatu Banking: Best banks and how to open a bank account?
There are 5 licensed banks operating in Vanuatu, which offer an online banking service each. Chequing and savings accounts, time deposits, debit cards and loans are available for clients.
Account maintenance costs from $2 per month.
Explained how one can open a bank account in Vanuatu
Fact checked byAlevtina Kalmuk
Reviewed byVladlena Baranova
Vanuatu Banking: Best banks and how to open a bank account?
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All the banks in Vanuatu are under control of the Central Bank of Vanuatu, or the Reserve Bank of Vanuatu.
By default, bank accounts in Vanuatu are opened in vatu, the national currency of Vanuatu. Vatu is referred to as Vt or VUV and has no subdivisions. In some banks one can open foreign currency accounts in US dollars, euros and Australian dollars.
At the beginning of 2022, $1 = Vt 112,425, therefore 1,000 vatu is nearly 9 US dollars.
The banks of Vanuatu
Bred Bank Vanuatu, subsidiary of a French bank
BSP Financial Group Limited Vanuatu, subsidiary of a Papua New Guinearnbank
ANZ bank Vanuatu, or The Australia and New Zealand Banking Group Limited, — subsidiary of an Australian and New Zealand banking group
All the banks offer similar services: in-branch service, cash withdrawals from ATMs in Vanuatu, access to internet banking free of charge. In addition, some banks have also designed mobile applications for customers.
International transfers are available at every bank. The commission fee is Vt 1,000—1,500 for an incoming transfer and Vt 2,500—15,000 for an outgoing one.
Necessary documents for opening a bank account in Vanuatu
Individuals provide:
A completed application form for opening an account.
Valid identification e.g. passport, drivers license, etc. Some banks demand two such documents.
Certificate of income and origin of funds.
Contact information: residential address and phone number.
Letter of recommendation from another bank upon request.
Companies provide:
The company constitution.
The certificate of incorporation.
The current business license.
Registered trading name.
Minutes of a meeting of the company directors authorising the account to be opened with the bank.
Contact information: address of principal place of business, address of registered office and name and address of registered agent if applicable.
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.
A completed application for opening an account and Customer Due Diligence form.
The procedure of opening a bank account in Vanuatu
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.
Comparison of online services in reliable banks of Vanuatu
Comparison of service fee in reliable banks of Vanuatu
Comparison of amount to activate an account in reliable banks of Vanuatu
Comparison of commission in reliable banks of Vanuatu
How to get Vanuatu citizenship
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.
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.
Immigrant Invest is a licensed agent for citizenship and residence by investment programs in the EU, the Caribbean, Asia, and the Middle East. Take advantage of our global 15-year expertise — schedule a meeting with our investment programs experts.
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