Vanuatu is an archipelago in the southwestern Pacific Ocean. Even though the country is comprised over over 80 islands, it is still relatively small in terms of land mass and population. As a result, the economic make-up of Vanuatu is largely influenced by trade and commodities.
In terms of exports, agricultural products like copra, cocoa, kava, timber, and beef are the main products Vanuatu has to offer. The country’s main trade partners for exports are nearby counties like Australia, New Zealand, Japan, and New Caledonia.
Tourism is another economic driver and is the fastest growing sector as word gets out about Vanuatu’s tropical climate and beautiful scenery. Even though non-Vanuatu residents cannot own property, foreign interests can lease land for a period of up to 75 years. This arrangement has been favourable for Vanuatu residents as there have been several opportunities to partner with foreign investors to grow the country’s tourism industry.
Vanuatu has also long been a tax haven and international finance centre. There is no income or corporation tax here making for a favourable business climate. Nearly 2,000 registered institutions offer financial services like offshore banking, accounting, investments, and trust companies. Additionally, there are lots of institutions offering associated industry services like legal and insurance, meaning Vanuatu offers a full spectrum of service offerings for those looking to invest and maintain businesses within the country.
The country’s official currency is the Vanuatu vatu.
For more information on the economy of Vanuatu, or to learn more about citizenship by investment opportunities, contact us today for a free consultation.
