Summary
The tiny Republic of Vanuatu is reinventing itself as a financial center for captive insurance after a year-long push to enact new legal and regulatory frameworks in line with international standards. The country has adopted legislative initiatives to provide maximum protection for international clients while maintaining compliance with all major international instruments to which Vanuatu is a party, said Kevin Lindsay, chairman, Vanuatu Captive Insurance Association. Joshua Tari, supervision and compliance manager, Vanuatu Financial Services Commission, said that, given the newly established regulatory regime, incentives related to taxes and administrative costs and a stable environment, Vanuatu is optimistic about expanding its captive business. Located in the South Pacific and about a three-hour flight from Brisbane, Australia, Vanuatu has a geographic attraction for Australian corporations. Tari said Vanuatu sees potential in Australia, such as mining companies in western Australia and hotel operators in Queensland.
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Extract
A Rebirth
The tiny Republic of Vanuatu is reinventing itself as a financial center for captive insurance after a year-long push to enact new legal and regulatory frameworks in line with international standards.
Vanuatu, whi...See the full content of this document
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