Vanuatu

by : Audrya Puspita
1306415024

Profile
The Republic of Vanuatu (previously known as New Hebrides) is an island
nation located in South Pacific.
This beautiful archipelago is located east of Australia, north-east of New
Caledonia, west of Fiji and south of the Solomon Islands.
Vanuatu consists of about 83 islands with a total land area of 12,336 square
kilometers.
The four largest islands are Espiritu Santo (3677sq km), Malekula (2023 sq
km), Erromango (975sq km) and Efate (915 sq km). Efate is the main island of
Vanuatu, where the capital Port Vila is situated and is the country's main
tourism and business destination.
Capital city (and island): Port Vila, Efate
Population: 206,000 approx (Census 2010)
Land area: 12,300 sq km
Currency: Vatu (Vuv or Vt)
Languages: English, French, Chinese and over 100 local languages
Time Zone: +11 GMT
Climate: Warm and tropical. Temperature range from 23C- 32C.
The local economy still revolves around agriculture and fishing, but tourism is
a fast-growing industry and liberal tax laws have made Vanuatu a popular
offshore financial center.

Exchange Rate
1 USD = 108.99 VUV
1 VUV = 130.09 IDR

Type of Bank
Offshore bank is a bank located outside the country
of residence of the depositor, typically in a low-tax
jurisdiction (or tax haven) that provides financial and
legal advantages.
These advantages typically include:
Greater privacy (see also bank secrecy, a principle
born with the 1934 Swiss Banking Act)
Little or no taxation (i.e. tax havens)
Easy access to deposits (at least in terms of
regulation)
Protection against local, political, or financial
instability

Deposit Taking Institutions

A.

B.

C.

Domestic Banks
Vanuatu Owned Banks : National Bank of Vanuatu & European Bank
Limited
Subsidiaries of Foreign Banks : ANZ Bank (Vanuatu) Limited & BRED
Bank (Vanuatu) Limited
Branches of Foreign Banks : Westpac Banking Corporation
International Banks
Asia Merchant Bank Limited
United Investment Bank Limited
Pacific Private Bank Limited
Vantu Bank Limited
United Development Bank of Pacific Limited
MG Commercial Bank Limited
Prosperity Banking Corporation Limited
Alpen Baruch Bank Limited
Other Deposit Taking Institutions
Credit Corporation (Vanuatu) Limited

Other Financial
Institutions
Vanuatu Agriculture Development
Bank
Vanuatu National Provident Fund

Reserve Bank of
Vanuatu
The functions, powers and responsibilities of the RBV are specified in
the Reserve Bank of Vanuatu Act [CAP 125] of 1980. The specific
roles of the RBV as spelled out in Section 3 of the Reserve Bank is to
Regulate the issue, supply, availability and international exchange of
money;
Supervise and regulate banking business and the extension of
credit;
Advise the Government on banking and monetary matters;
Promote monetary stability;
Promote a sound financial structure;
Foster financial conditions conducive to the orderly and balanced
economic development of Vanuatu, and
To regulate and supervise domestic and international (offshore)
banks.

Reserve Bank of Vanuatu

The Bank endeavours to perform these tasks through, among others, these following
activities:
The formulation and implementation of monetary policy including open market
operations in short-term RBV Notes which aims at economic management in which
monetary and credit expansion is kept pace with non-inflationary growth at appropriate
interest rate levels, while, managing appropriate level of liquidity flows within the
banking system to meet the desired stance of monetary policy;
Licensing and prudential supervision of domestic and offshore banking business;
Custodian and maintenance of the country's official reserve of external assets;
Printing, minting, safe-keeping, issue, and maintenance of currency notes and
coins;
Operations and maintenance of the clearing and settlement of the interbank payments;
Collection, analysis and dissemination of monetary, economic and financial data and
information;
Banker, fiscal agent, depository and adviser to the Government.
Banker to domestic commercial banks and the Vanuatu Commodities Marketing Board;

Tax Haven
Vanuatu offers :
x personal or corporate income taxes
x estate or capital gains taxes
x exchange controls
x reporting requirements
Other than VAT, customs fees, and
stamp duties, Vanuatu has no taxes at
all.

Summary
Vanuatu's banking system includes a Central Bank, local retail
banks, and a Development Bank that provides loans for agricultural
projects, housing, and industrial development.
Vanuatu is ranked at 45th position on the 2013 Financial Secrecy
Index. Vanuatu has been assessed with 87 secrecy points out of a
potential 100.
Local banks require no minimum deposits for vatu accounts and a
minimum ofUS$5,000, or the equivalent in major specified
currencies, for foreigncurrency holdings.
Vanuatu has no double taxation agreements with other countries,
ensuring maximumconfidentialityfor international financial
transactions.
Vanuatu does not comply with international anti-money laundering
standards .
There is no stock exchange.

Sumber
http://www.rbv.gov.vu/index.php?optio
n=com_content&view=article&id=85&Item
id=11&lang=en
http://www.globalbankingandfinance.com/l
ist-of-investment-banks-in-vanuatu/
http://www.worldoffshorebanks.com/vanua
tu_international_offshore_banks.php
http://www.portvilavanuatu.com/
http://www.tripadvisor.com.au/Travel-g2
94143-c100593/Vanuatu:Only.In.Vanuatu.h
tml
http://www.worldatlas.com/webimage/cou