Financial Crime World

WALLIS AND FUTUNA: A PARADISE FOR BANKING AND BUSINESS

Located in the Pacific Ocean, Wallis & Futuna is a French overseas collectivity that offers an island getaway like no other. With its stunning natural beauty, warm climate, and high quality of life, it’s the perfect destination for those seeking to relocate or start a new business.

Banking in Wallis and Futuna

Wallis & Futuna has its own bank, BWF (Bank of Wallis and Futuna), which is a subsidiary of the French bank BNP. The bank operates two ATMs in Wallis and one in Futuna, providing residents and visitors with easy access to cash.

Benefits of Banking in Wallis and Futuna

  • There are no exchange or withdrawal fees when using a debit or credit card linked to a French bank.
  • This makes it an attractive option for those living or working on the islands.

Customs Duties and Importation

When importing goods into Wallis & Futuna, all items must be declared at the Customs Office. Fees and taxes will be fixed accordingly. However, personal and household effects imported by individuals relocating to the territory may qualify for exemption from fees and taxes, subject to proof of prior possession and use.

Importation Rules

  • Goods imported for professional purposes are subject to entry tax, customs duties, and proportional fees.
  • The average rate for these fees is 20% of product value, with customs duties averaging 10% of product value.

Healthcare in Wallis and Futuna

The healthcare system in Wallis & Futuna is based on a Healthcare Agency that provides policy guidance, healthcare services, prevention, and prescription drugs. There are two hospitals in the territory, one in Wallis and one in Futuna, as well as several dispensaries.

Benefits of Healthcare in Wallis and Futuna

  • Healthcare services are free for residents of Wallis & Futuna.
  • Telemedicine is also available, allowing patients to access medical advice and consultations remotely.

Education in Wallis and Futuna

Education in Wallis & Futuna is completely free. Children can study up to high school diploma level in the territory. There are nine primary schools in Wallis and five in Futuna, as well as several secondary schools and a vocational teaching department.

Education Facilities

  • There are plans to establish higher education facilities in the territory.
  • Discussions are ongoing with the University of New Caledonia.

Starting a Business in Wallis and Futuna

With its ideal climate and natural beauty, Wallis & Futuna is an attractive destination for mobile workers and digital economy players. The territorial authorities have made leveraging online business tools and resources a key priority, and a business incubator is scheduled to provide smart office space for entrepreneurs.

Benefits of Starting a Business in Wallis and Futuna

  • Human, material, and tax resources are available.
  • It’s the perfect destination for those seeking to start or relocate a business.