REPUBLIC of PORT MARIA

 

OFFSHORE BANKING, and BANKING LICENCES The Republic of Port Maria declared its independence on 1st October 1980, and has seen steady growth in its economic and trading base since then. Port Maria uses the Pacific Reis currency, a decimal currency with 100 tanos equal to one reis. It is a purely theoretical currency. We have no exchange controls and so in actuality, many different currencies are used, primarily those of our main trading neighbours: Australia (to whose dollar the reis is tied), New Zealand, and Fiji. To satisfy demand from investors around the globe, the Government decided in 1998 to allow offshore banking and to provide anonymous bank accounts without placing onerous responsibilities on the depositor. The Government further decreed that bank licences may be offered for sale, with a view to making Port Maria the "Switzerland" of the Pacific. Switzerland, with its liberal laws on banking and its serious respect given to protect the privacy of the investor, is used as the model for our country's new look economic development.  For investors wishing to open an international bank, incorporated in the Republic of Port Maria, we offer three classes of offshore banking licence. Please contact the Port Maria Minister of Finance for full details. To perform currency conversions, please click here.