Vanuatu has become one of the latest countries to make changes with its Citizenship by Investment Programme. The International Monetary Fund (IMF) recognized the importance of the Citizenship by Investment (CBI) programme, given that the income from the programme is equivalent to about 50% of the country’s revenue. Keeping in mind, natives of Vanuatu has been badly hit by widespread Covid-19 and ongoing natural disasters, causing lag in growth rates and impair monetary balances.
Keeping in note, the significance of the financial aspects of the nation and its impact, the authorized jurisdiction has taken a dynamic step to inspect and redefine the model of the programme with a motive to ensure the safety and security in the economic growth of the people of Vanuatu but also offers a shield of protection to the international community.
This will assist the government to take effective decisions by adopting due diligence and a more streamlined citizenship process. Keeping in view the nation’s aim, the government has formally finalized its engagement with FACT UK, a UK based agency, its first international due diligence service provider. FACT is an intelligence-led organisation, and has a good command in investigations, intellectual property protection and due diligence.
FACT will check and verify applicant details, both online and in-country, in order to find that all applicants fulfill the requirements demanded for acquiring a new nationality. The CEO of Fact UK, Kieron Sharp, has vast international experience, trained under FBI Academy and also served as Head of economic crime at Interpol, leading a highly qualified team.
The government has collaborated with its first signed contract with FACT UK. organization states that only sophisticated applicants will be authorized to acquire citizenship. Therefore, each investor/applicant must go through a comprehensive and cautious look over that will scrutinize the security, financial crime and reputational risk—investors who satisfy the recommendations and limitations of both Vanuatu and the international community.
Key points of the program:
Vanuatu offers citizenship with an investment programme for individuals and families. There is not any discrepancy on dual citizenship and it’s not mandatory to visit or reside to retain a passport. Processing within 30-60 days. Citizenship can be arranged in convenient locations around the globe. Due diligence is conducted on all applicants/investors who must have a clean criminal record. If an applicant fails the due diligence check, their citizenship will likely be revoked.
The country will use a multi-dimensional access to collaborate with numerous officials, including government partners.
The country will review the programme and re-evaluate the programme’s protocols, to enhance the standards of the CBI programme. In order to advise the government or to redesign the entire CBI offering, the newly appointed Marketing Service Provider, CS Global Partners – A leading citizenship solutions firm, will assist and guide the government. The country has been doing marvelous work with international partners to ensure that it can compete universally.
Vanuatu’s Parliament recently passed its first Cyber crime Act, received in 2018 from the Council of Europe through its Global Action on Cyber crime Extended (GLACY+) project, which aims to systemize the country’s national administration with international merits.
Vanuatu has a time-honored relationship with the Council of Europe, having participated with them since 2011 in some fifteen regional, international, and national activities.