The Vanuatu government has declared that investors awarded citizenship under the scheme from May 25th, 2015, will be re-checked.
If the investor fails the check, his passport may be revoked. This article will outline Vanuatu citizenship and Vanuatu citizenship changes by investment 2022, also known as the Vanuatu CBI program.
What are the changes in Vanuatu citizenship?
Due to changes in Vanuatu citizenship, new investors will face more stringent Due Diligence requirements. Discover why Vanuatu is strengthening Due Diligence and what changes are in store for the program.
Since 2015, Vanuatu has been granted citizenship by investment. The current citizenship program went into effect in 2017. A passport may be obtained in as little as one month, and the entire process is completed remotely.
From 2017 until August 2020, 2,336 investors obtained a Vanuatu passport. However, the next period’s public statistics on the number of investors is not yet available.
Vanuatu citizenship: How to Obtain a Vanuatu Passport Through Investing – Immigrant Invest
Due Diligence is an important stage in every investment initiative. Because the European Union is dealing with an increase in economic crime, it is continually increasing Due Diligence criteria for citizenship and resident visa programs.
The reasons for the changes in Vanuatu citizenship
The European Commission suggested suspending the visa waiver agreement between Vanuatu passport and the EU nations two days before the Vanuatu government revealed adjustments to the citizenship program’s terms.
The partial suspension indicates that visa-free entrance to EU countries is only suggested for Vanuatu nationals who got passports after May 25th, 2015. This is because Vanuatu began giving citizenship by investment on that day.
According to the European Commission, Vanuatu does not appropriately screen investors and promotes its program as an alternative to a Schengen visa much too frequently. This is a violation of international investment program requirements.
According to the European Commission, the main issues are that Vanuatu:
- granted passports to investors, some of whom were listed in the Interpol database;
- processes investor applications too quickly;
- does not exchange information with countries where investors have citizenship or a residence permit;
- Issues passports to citizens of countries prohibited from participating in other investment programs, such as citizens of Afghanistan and Iran.
- It rejects applications relatively seldom since Vanuatu rejected only one application throughout the citizenship program’s administration.
Vanuatu citizenship (Vanuatu CBI program) by investment 2022
Vanuatu’s citizenship-by-investment scheme or Vanuatu CBI program was established in 2017. The program’s parameters are governed by Chapter 112 of the Citizenship Law and Vanuatu government directive no. 215.
Applicants for citizenship by investment make a non-refundable payment to a government fund. The first investment is $130,000.
In addition to the investor, their spouse, children, and parents may be included in the citizenship application. Applicants seeking Vanuatu citizenship by investment are not needed to take language or history examinations, live in Vanuatu or even visit the country.
Vanuatu’s citizenship by investment scheme is the world’s quickest. A passport takes at least one month to get, and the entire process is done remotely.
What benefits does a Vanuatu passport offer?
Visa-free travel to Schengen nations and the United Kingdom
Vanuatu passport holders can travel to 126 countries without a visa. It replaces the Schengen visa and permits the bearer to stay in the UK for 180 days per year. They can also go to Hong Kong and Singapore without access.
vanuatu cbi program
Long-term US visa
Vanuatu nationals are entitled to apply for B-1 / B-2 tourist visas in the United States immediately for five years. It permits them to visit the United States for 180 days each year. They can have business meetings, travel throughout the nation, obtain medical treatment, and enroll in courses that do not lead to a diploma or degree during this period.
vanuatu cbi program
Business tax optimization
The visa permits you to set up an international business in Vanuatu. Although such companies are not allowed to produce money in Vanuatu, they are eligible for tax breaks. The corporation and its stockholders are exempt from paying taxes on profit, income, capital gains, inheritance, or contributions for the next 20 years. Instead, there is a one-time cost of $300.
Investor’s costs for Vanuatu citizenship by investment 2022
Applicants seeking Vanuatu citizenship via investment must contribute to the National Development Fund. The funds from the fund are used to help Vanuatu’s economy and battle natural catastrophes like Tropical Cyclone Harold.
The gift is non-refundable and does not generate revenue.
Why is the citizenship by investment program important to Vanuatu?
Vanuatu is a tiny Pacific Ocean island republic. The country has a population of around 300,000 people.
The vanuatu cbi program contributes significantly to Vanuatu’s GDP. In 2020, for example, the profit from the investment program accounted for 45 percent of government income.
Vanuatu citizenship program investments include infrastructure development, agricultural and tourist development, and natural catastrophe rehabilitation. Since 2020, funds from the initiative have also been utilized to address the repercussions of the coronavirus pandemic.
In 2018, the Vanuatu government also established the National Development Fund. The fund aids in the control of the citizenship program’s income: investor donations are received in a single state account. This makes auditing and budgeting easier.
Immigrant Invest is an authorized representative of the Vanuatu citizenship by investment program. If you wish to travel worldwide without a visa, you should acquire a second passport.