|
Information On The Offshore Banking System In Vanuatu
Country name: Vanuatu
Geographic location: Covering 5,697 square miles, Vanuatu is an island nation located in the South Pacific Ocean. It is volcanic origin and can be found some 1,090 mi east of northern Australia, 310 mi north-east of New Caledonia, west of Fiji, and southeast of the Solomon Islands, near New Guinea. Port-Vila is the capital city.
Official language: English French and a creole language, evolved from English called Bislama, are the county's 3 official languages. Vanuatu has three official languages. Bislama is the first language of many of the residents of Port Vila and Luganville. It is the most common second language elsewhere in the archipelago.
Languages commonly spoken in offshore banks: Since English is one of the official languages of Vanuatu, its is spoken in the banking community as well.
Population: 215,446 (July 2008 Est.)
GDP per capita: US $4600 (2008 est.)
Currency: The Vatu dollar(VT)- It takes 100Vt to equal 1 U.S. dollar.
Summary: As an offshore tax haven, Vanuatu shares no information about its investors and their accounts, with law enforcement agencies outside of the country.
Infrastructure and economy: Outside fuel sources are used to generate electricity, therefore it is only available in the main towns. The same can be said about the availablility of telephone services, with rural areas limited to communicating with 2-way radios, with the government owned radio station broadcasting bulletins when needed.
Small agriculture provides over 70% of the islands' population jobs.
Close to 200,000 visitors a year provides Vanuatu with a booming tourist industry, with offshore banking and the fishing industry adding even more revenue to the nations economy. In 2002 the government made a commitment to increase tourism by improving its cruise ship facilities, developing more resorts and making airline connections easier.
Legal system: Both legal and commercial law is based on English Common-Law. The Supreme Court of Vanuatu has jurisdiction to determine all matters.
Vanuatu is an independently governed, democratic republic. Its Parliament has 52 members who are elected every 4 years, by the citizens. The Council of Ministers, headed by the Prime Minister elected from among its members, makes up the executive branch. The President who is the head of state, is elected by Parliament and the National Council of Chiefs for a period of five years.
Vanuatu's 13 government ministries administration is overseen by the Council of Ministers.
A Supreme Court, with a Chief Justice, and a Magistrates Court, make up the judiciary.
Did you know? / Special services: Since there is no percentage limit on foreign ownership, most businesses in Vanuatu are owned by outsiders. Investments that contribute to the economy are welcomed by Vanuatu's government.
Links to bank websites:
|
