Vanuatu has one of the best tax systems: no corporate or personal income taxes! Obviously, you cannot minimize them any more. If you want to move to Vanuatu to live there and if you keep your previous citizenship or residency, then you need to check your tax situation with competent tax professionals to make sure that you will not have any other tax liabilities in the future.
What are the tax benefits of becoming a Vanuatu economic citizen?
I am interested in purchasing Vanuatu passports for myself and my family. But I am curious about any tax implications I may encounter. What are they? Do you have any advice on minimizing them?
Vanuatu is a tax-free country, so there should be no tax implications. There is a locally applied VAT of 15 percent and import duties on some goods. There is no tax on local or worldwide income/assets, etc. I am not a tax advisor, or authorized to provide definitive advice, but I would say that being a Vanuatu citizen does have tax advantages. Vanuatu is a CRS signatory, which means that if you operate a bank account in another country that is a CRS signatory and, if that bank account is opened by you using Vanuatu passport, then the country would be obliged to report the account back to Vanuatu. It being a tax-free country, this does not concern the Vanuatu government.