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Loading ...VANUATU AS A TAX HAVEN
Posted by Sunny
I must admit I had never heard of Vanuatu, but after some research I have found that Vanuatu as a tax haven seems a very good idea. Apart from being a beautiful group of islands it has enormous tax benefits for the investor or for retirees.
Nearly 2,000 kilometers east of Australia in the Coral Sea, which is part of the Pacific Ocean, lies Vanuatu, a Y-shaped island group made up of 83 islands.
It has 2 airports at present and it has daily flights to Australia,New Zealand, Fiji and the Solomon Islands. There are also ferries and shipping services.
The local language is Bislama but both English and French are spoken.
Up until 1980 it was ruled jointly by England and France. It is now independent and has a democratically elected government. It uses English law.
Those wishing to enter Vanuatu to live must obtain a permit. The permits are given to skilled workers or substantial investors.
If you want to live for more than 4 months per year in Vanuatu you must apply for a residency permit. It lasts one year and must be renewed.
Potential investors who want to have a business in the country must apply for a residence permit. In this case, potential investors need to receive approval for their business from the Vanuatu Investment Promotion Authority Board (VIPA) before starting the residence permit application process. Again, these residence permits are generally issued for a one-year period and are subject to annual renewal provided the conditions under which they were originally issued haven’t changed.
Anyone wishing to visit Vanuatu for a holiday or just to look at business possibilities can get a visa on arrival if they show proof of a return ticket, a valid passport and sufficient funds for their stay.
For those wishing to retire and get a retirement residency permit there you need the following: police clearance from country of origin (Statutory declaration); birth certificate; number of dependents, gender & birth certificate; certificate of incorporation from VFSC; divorce certificate if relevant; medical certificate; Marriage certificate if any; copy of passport; VIPA certificate; passport photos and proof of monthly revenue transfer to Vanuatu from a local commercial bank. There is no income tax, capital gains tax, inheritance tax or payroll taxation so great for retirees.
For those who want a long term residency permit you must invest in Vanuatu.
To obtain citizen ship you must reside there for 10 years and apply for citizenship by naturalisation.
The government of Vanuatu does not levy any income taxes, corporation taxes, capital gains taxes, VAT or sales taxes, or withholding taxes on offshore operations. Depending on their nature and capitalization, companies and partnerships simply pay annual fees to the government. Vanuatu is a tax haven that does not release account information to other governments and law-enforcement agencies. The main restriction is that the company, being exempt from all local taxes and restrictions, may not conduct business within the tax haven itself.
This of course (as is all the advice on the site) is a relatively quick over view. For those seriously thinking of using Vanuatu as a tax haven seek professional guidance.
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