Citizenship of the Republic of Vanuatu and its advantages
The Republic of Vanuatu is a group of islands in the Pacific. The country exists by growing fruits, fishing, and tourism. In 2016, the government introduced the program of achieving local citizenship through investment to increase the flow of external finance. Foreign businessmen want to get a second passport in Vanuatu due to favorable conditions for themselves, enterprises and more.
Vanuatu passport benefits
The republic is only a small spot on the map and one of the hundreds of offshore zones in the world. To withstand the competition, the government eased the process of obtaining local passport as much as possible. Here are the conditions:
- Your presence is required neither when submitting the documents, nor when receiving a passport.
- Vanuatu allows to have several citizenships and gives full privacy to potential citizens.
- You pay only fees at the time of document submission. The contribution to a state fund is paid after approval of your application by the government.
- Request processing time is shorter than even in the Caribbean, only 2 months.
After you buy Vanuatu citizenship by investment, you get keys to the world, we may say. The republic has a visa-free regime with 129+ countries, including the UK and the Schengen Area.
The Republic of Vanuatu for business
Vanuatu also attracts investors who want to obtain citizenship with a friendly tax system. The government doesn’t charge taxes on income, capital gains, inheritance, wealth, capital exports, and profit from exchange activities.
For IBCs, they offer non-taxable conditions for the first 20 years. Vanuatu also has an agreement on the absence of double taxation with a list of countries, including France, Australia, Switzerland, etc.
A nice addition for entrepreneurs is that Vanuatu maintains the privacy of offshore businesses in the country. Information about finances, actions as well as owners of companies is completely closed for any organizations. Exceptions are cases when the enterprise is suspected of illegal operations or terrorism.
Conditions of Vanuatu citizenship program
The Vanuatu passport purchase program for foreigners implies an investment in a local fund. This should be an amount of at least $178,000 including additional fees (for example, due diligence, passport fee etc.). Contribution can’t be returned. You can also pay for the nationality of your family members. The total amount of investment may change depending on the number of people who want to obtain citizenship.
The person applying for the Vanuatu residency must:
- be over 18 years old;
- not be on the list of sanctions;
- have a decent reputation and no criminal records.
The package of documents for submission must be translated into English and provided to a trusted agent with an office in Vanuatu. You must choose an experienced company with a good reputation. Many intermediaries mislead customers with short terms and wrong prices. The problem is that Vanuatu has a special program for China, which isn’t available to residents of other countries.
The Migronis team is ready to provide you with services for the preparation and submission of papers for the registration of Vanuatu citizenship. Terms of cooperation are written on their website migronis-citizenship.com/vanuatu. So you get legal assistance and expert advice at all stages of the process. The company promises to arrange a Vanuatu passport within 1.5 months.
The economic condition of the island
It’s no secret that offshore businesses are a good source of finance that supports the local economy. Agriculture and exports of manufactured products are also a significant contribution. However, the last 10 years have been unsuccessful for these areas due to regular natural disasters that reduce the level of harvest. Fishing is another method of earning for the locals.
Tourism in Vanuatu is considered a developing area. Only a few islands are popular among travelers. They are the island of Efate and the neighboring pieces of land as well as Espiritu Santo.