A major benefit for Declarants is permanent waiver of prosecution for offenses related to the offshore assets voluntarily declared. Declarations may be made by relevant persons or their intermediaries upon presentation of a valid power of attorney. Declarations of offshore assets held anywhere in the world may be made at any of the declaration facilities in Abuja, Dubai, or London.
The Scheme was established pursuant to Nigeria Presidential Executive Order 008 for Voluntary Offshore Assets Regularization Scheme (VOARS) 2018 Amendment 2019. All proceeds are transparently invested in infrastructure development in Nigeria through the Nigeria Essential Infrastructure Fund (NEIF).
Attorney General and Minister of Justice for Nigeria, Abubakar Malami, SAN described VOARS as "a win-win-win which underscores mutual benefits; first, for those regularizing their undeclared assets who become free to use their regularized residual assets anywhere in the world; second, for banks for who the scheme presents a welcome opportunity to clean up their books and regularize undeclared assets under their custody or management; and third, for the people of Nigeria who benefit from infrastructure development using the one- time levies collected from declarants."
Our Role in VOARS
The Federal Government of Nigeria recently announced the unveiling of the London Declaration Facility in a press release. In the announcement, Senior Managing Director Joanne Taylor described K2 Integrity’s role as host of the VOARS Declaration Facility in Mayfair. According to Joanne, “The dedicated VOARS helpline is ready to receive calls from declarants and their intermediaries and the K2 Integrity team stands ready to answer questions from advisors and upon registration Declarants will be guided through a clear process regarding the provision of information and their declaration.”
Read the full announcement on VOARS-Nigeria.org.
K2 Integrity hosts the VOARS London Declaration Facility at our offices in Mayfair, London.
We perform detailed compliance services on offshore assets declared at the London Declaration Facility and at facilities in other jurisdictions.
Our investigative findings are one of the decision tools used by the Nigerian government in determining whether to authorize issuance of an Eligibility Certificate to a Declarant.
A Declarant can register for the Scheme and be guided through a defined process by calling the VOARS London helpline (+44 20 4526 6171), hosted by K2 Integrity, for an appointment.
All information provided by Declarants under the Scheme will be treated with utmost confidentiality in accordance with the provisions of the relevant laws.
The K2 Integrity team is available and ready to meet with and answer questions from Declarants and their advisors, lawyers, accountants, tax consultants, wealth managers, and intermediaries with power of attorney.
To register with Scheme, please call +44 20 4526 6171.
For further information on VOARS, please visit https://www.voars-nigeria.org/.