Anjouan: The Volcanic Island That Once Tried to Become a Global Offshore Banking Hub

Countries & Cities · Published 29 September 2026 Swipe more like this →

In short: This autonomous Comorian island is known for its steep mountains, black sand beaches, and a history of political volatility. Beyond its lush landscape and status as the world’s primary exporter of ylang-ylang oil, Anjouan once attempted to reinvent itself as an international tax haven, sparking a complex legal and financial saga.

Anjouan, an autonomous volcanic island within the Union of the Comoros, is a land of dramatic geography and turbulent history. Formed during the Pleistocene epoch, the island features the 1,595-meter Mount Ntringui and a coastline defined by black sand beaches. Its population of approximately 277,500, recorded in 2006, relies heavily on agriculture, with over 80% of the workforce engaged in farming crops like cloves, vanilla, and ylang-ylang. The island is the world's leading producer of ylang-ylang oil, a vital ingredient in the global perfume industry.

The island’s political trajectory has been marked by instability, including over 20 coups since the Comoros gained independence in 1975. In 1997, Anjouan declared independence, leading to years of conflict that culminated in a 2008 military invasion by Comorian and African Union forces to oust leader Mohamed Bacar. This period of unrest was mirrored by the island's controversial attempt to establish an offshore financial sector. Following regulations passed in 1999, Anjouan licensed hundreds of offshore banks, delegating regulatory authority to private entities. This initiative created a persistent friction with the Central Bank of the Comoros, which has maintained that no legitimate offshore financial licenses have ever been issued within the Union.

Despite the Central Bank’s stance, Anjouan’s Offshore Finance Authority continued to operate, with legal battles in the London High Court confirming the rights of specific private firms to manage business registrations. While the island’s authorities reportedly moved away from developing the offshore sector after 2008, the legal framework for non-financial offshore companies remains in place. Today, the island balances its traditional agricultural roots with the legacy of its ambitious, if contested, financial experiments. Visitors today are more likely to encounter the island’s natural beauty, such as the Mount Ntringui National Park established in 2010, or the vibrant local culture, exemplified by the traditional red Shiromani garments worn by women.

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