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This pacific island country is largely unknown to the multitude but offers a stunning exotic lifestyle and a gateway for visa-free travel to 130 countries. VDSP offers citizenship to foreign investors against one-time contribution, ranging from USD 200,000 for a single person application to USD 280,000 for a family with elderly parents. The offered “honorary citizenship” has most ni-Vanuatu rights except voting and political involvement. The application process requires a background check, including financial resources and criminal record, and takes between 1 to 2 months, making it one of the most fast-track citizenship programs in the world. However, citizens of North Korea, Yemen, Syria, Iraq, and Iran are not allowed to apply.
So, if you are an investor or business owner, you can use this strategy to slash your taxes to a negligible amount without giving up your US citizenship. And while they get the break on their salaries, they will have to keep paying taxes to the IRS on the first dollar of investment income, no matter their salary level. For example, if a Canadian citizen moves to Hong Kong, after fulfilling certain obligations before the Canadian Revenue Service, they’ll only be liable to pay taxes in Hong Kong.
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The Vanuatu Financial Intelligence Unit will then conduct a background check of all applicants over 18 years of age. Your case worker will then collect all required supporting documentation and assemble your case file. Upon receiving the approval of citizenship, the remaining 75% of the donation becomes due.
The Vanuatu citizenship commission screening committee meets twice a month to assess applications. Once the application is approved, oath is taken, passport is issued by immigration office. The Citizenship office and commission has the powers to grant or strip citizenship. Vanuatu has one of the interesting citizenship by investment schemes attractive for investors seeking a commonwealth passport. It is also only country in the pacific that offers fast track citizenship and passport at an affordable price. The handful of countries we have chosen to work with may not be obvious choices, but we invite you to read further as they ‘check the boxes’ for us and many of our clients.
St Kitts & Nevis Citizenship Program
Combined with an all-inclusive / fee-free structure and excellent tax advantages, the Vanuatu Citizenship Program is therefore increasingly the back-up plan of choice for US citizens concerned about incoming tax increases in the USA. Worried about the tax implications of your unrealized crypto or capital gains? Don’t wait for even higher taxes to arrive in the USA and Europe before you start taking action. The Vanuatu Citizenship Act is a legislation passed by the government of Vanuatu in 1980 that permits citizenship by naturalization, renunciation of citizenship, as well as the establishment of a Citizenship Commission. The Vanuatu government will perform due diligence checks to confirm eligibility for the scheme. Submit your application, and wait while the Vanuatu government performs due diligence checks and goes through your application.
Vanuatu is a country in the Pacific, that covers an archipelago of around 83 islands. The Process to acquiring Vanuatu Citizenship and Passport is easy and straightforward. You can find below the list of requirements for obtaining Vanuatu Passport in just few weeks.
Moreover, having a second passport of a country like Vanuatu always works as a Plan B in case of any economic and climatic crisis. Vanuatu is a very neutral, culturally accepting state for the new people. The program is for foreign investors and offers economic citizenship of value of $130,000.
If you dont complete the oath process, you will not become a full citizen of Vanuatu. This is the last step of the citizenship process without which citizenship certificate and passport wont be released to you, as per government rules. Visa requirements for Ni-Vanuatu citizens are administrative entry restrictions by the authorities of other states placed on citizens of Vanuatu. As of 13 October 2020, Ni-Vanuatu had visa-free or visa on arrival access to 130 countries and territories, ranking the Vanuatu passport 40th in terms of travel freedom according to the Henley Passport Index. The investor may file for citizenship after 10 years in residency status. The Greece Golden Visa allows non-EU applicants to file for Greece permanent residency by way of a EUR 250,000 investment in local real estate.
Why To Go For Citizenship By Investment Of Vanuatu
With citizenship, you can enjoy zero tax on your worldwide and personal income, plus you gain the right to live and work in this beautiful island nation. In the event of a calamity or pandemic, a second passport is extremely invaluable in giving you more freedom of options as well as enhanced personal and financial safety. An Honorary Citizenship is offered to applicants who wished to obtain dual citizenship. An individual is qualified for a passport as soon as he or she pays the required amount to the government.
The National Citizenship Commission approves at least 70 investment applications to interested individuals each month. Citizenship is only approved after initial vetting of applicants for criminal background. The turkish citizenship Financial Intelligence Unit of vanuatu does a background due diligence check on applicants against criminal checks, international police checks, sanctions check and interpol databases and source of origins funds.
References And Notes
Antigua & Barbuda citizenship program is the third island nation that offers citizenship in exchange for a donation of USD 100,000. However, Antigua also has a processing fee of around USD 25,000 which raises the total cost to USD 125,000. This means it is not quite as competitive as Dominica and St. Lucia but still offers good value-for-money. Many countries that offer dual citizenship also 0% taxation possibilities.
With demand from the Chinese market booming, passport sales may now account for more than 30% of the country’s revenue. Vanuatu maintains an international shipping register in New York City. The application process starts with signing the service contract with a Vanuatu Government Certified Citizenship by Investment Agent.
Set Up An Offshore Company In Vanuatu
At this level, the program was the largest source of revenue for the local government. Vanuatu is a tax haven with no taxes imposed on income, inheritance or gains. There is no requirement for a physical presence in the country during processing of citizenship. Citizenship can be granted to a spouse, children and grandparents. Vanuatu is a democratic and peaceful community and has been consistently dubbed the Happiest Place in the World. Overview Unveiled in 2017, Vanuatu’s citizenship by investment program is the only CBI on offer in the Asia-Pacific.
The citizenship by investment acquired under the program is fully recognized by the Government of Vanuatu and the nationality is regarded as Ni-Vanuatu . Those applying for and receiving citizenship by investment have the full right to reside in Vanuatu at all times and the passport is renewable upon expiry. The applicant must not have any criminal record and must be of high standing in his or her community, organization, society or country. Passports are valid for a period of 5 years renewable for the same period. In some case additional documents may be required, such as a recommendation letter. The processing time of your registration in this citizenship by investment program varies from 2-4 months, at the end of the process you will receive the citizenship and passport of Vanuatu.
The government’s revised budget indicates it plans to go ahead with this despite COVID-19. The debt-to-GDP ratio is expected to fall from 47.1% in 2018, to 44.6% in 2019, 43.4% in 2021 and 41.4% in 2022. The leap in this estimate of successful applicants — from 280 in 2017 to 1,210 in 2018 — is probably a consequence of greater awareness of what was then a new program. But the scheme has continued to grow slowly both in terms of revenue and numbers, and this year it set a new record based on first half-year figures. The retail price for a single applicant under both schemes was reduced from US $220,000 to US $150,000 in May 2018, then to US $130,000 in November 2019.
We will guide you through the whole submitting process for the Honorary Citizenship Vanuatu. “Elma Global” has partnered with a local designated agent with office in Vanuatu to offer a better, more trusted and professional legal service. If you have any question regarding above-mentioned material or wish to use our legal assistance in obtaining second citizenship in Vanuatu,contact us today. When you send us an e-mail, please, indicate your citizenship, country of residence, and age of every family member to be included into application. We must have this information to quote the fees and expenses applicable in your case. There are countries that demand to abolish the current nationality before attaining an alternate passport.
After 39 years of Independence Vanuatu is catching up to the rest of the developing world. It is now progressing fast with new investors and heavy infrastructural assistance from the Australian, New Zealand, French and Chinese Government. It is today a cosmopolitan mix of people and ethnic groups who have made Vanuatu their home. Dominating the Immigration Industry for the last 25 years, we provide hassle free and seamless Business Visa Services for all the business aspirants. Citizenship is granted for the direct family members for a fee which is hereditary. This is a fabulous investment to be held by a one-bedroom freestanding bungalow locally they are called Fares.
We provide them with the freedom to travel visa free, and to access and repatriate their wealth, in the most commercial, tax efficient and cost-effective manner possible. We offer a range of corporate services so that your business can function as a well-oiled machine. The increased demand for Vanuatu passports has resulted in tightening of security and due diligence Turkish resident permit measures by the government of the country. The purpose of this move is to ensure that applicants have no criminal records, to instill more transparency in the program so that only the most diligent clients can obtain Vanuatu citizenship. While many countries offer citizenship by investment programmes, The Guardianreportedthat Vanuatu’s is particularly attractive.
Vanuatu has commodities, mostly agricultural, produced for export. This was offset by high services income from tourism, which kept the current account balance fairly even. After a downturn in 2001 and 2002 due to a decrease in tourism funding, the economy was expected to grow by 3.9%, increasing to 4.3% in 2007. There is substantial fishing activity, although this industry does not bring in much foreign exchange.
Private beach houses offer another way to enjoy the pristine tropical island. The Pacific investment passport programme is just one of many of Vanuatu’s advantages. Hoping to help you to get the citizenship & wealth management goals. Education and working experience in Europe, I have been working in the immigration industry for 8 years. I have over 6 years of experience in immigration, visas and other related programs. Expertise in understanding the needs of my clients, their goals and offering them the best advice to achieve their goals.