Vanuatu has a super fast CBI program in the Pacific. The Vanuatu Development Support Program have received several accolades for being fastest in the world for speed of processing. The Vanuatu CBI is a hidden gem when it comes to citizenship for investments.
Vanuatu Govt processes applications three times faster than the Caribbean CIPs. It only takes 20 to 30 days for a client to have his or her application approved and be granted a Vanuatu Citizenship Certificate and Passport, if all documents are in order.
The Vanuatu Citizenship by Investment Program has a very low application deferral rate and all applications are assessed on two benchmarks
- The Vanuatu Financial Intelligence Unit Due Diligence check, and
- The clients’ proof of financial assets should be a minimum of USD 250,000 or more.
The key to get the fastest approval within 30 days is submitting the right documents.
Here is the breakdown of the processing timelines
- .FIU due diligence check – 2 days
- Letter of Approval – 20 days
- Citizenship certificate – 7 days
- Passport – 10 days (after approval)
What are the costs with Vanuatu passport through investment? Here is a simple breakdown of your total fees for DSP/VCP scheme:
Fees for a single applicant.
– single applicant fee usd 130,000
– passport application fee usd 250
– citizenship commission application fee usd 50
– certificate fee usd 100
– due diligence fee usd 5,000
Thus making a total of usd 135,400 for one applicant.
Additional prices apply for family members and dependants.
The biggest difference of Vanuatu with Caribbean CBI programs is the lawyer fee is already included in the above contribution. Therefore you dont need to pay more. For Caribbean programs like St Lucia or St Kitts, you need to know agents charge additional lawyer fee.
Secondly, the due diligence fee $5000 for Vanuatu is charged per application (not per person). The Caribbean CBI programs levy due diligence fee $7500 per person above certain age. So Vanuatu essentially also cheaper for families.
So Vanuatu is much cheaper compared to St Kitts or Grenada by $20k dollars.
Another important difference is Vanuatu economic citizens will not get right to vote
How to file the application?
Here is the breakdown of the steps on the documentation part
Keep in mind preparing the initial set of documents usually takes atleast 2 weeks.
Start to prepare the following documents for initial filing of application. For some documents you need to get apostille or legalisation depending on the country you are from. The local agent in Vanuatu will file your application
(a) Police clearance record
(b) Passport Copy
(c) Curriculum vitae
(d) USD 5,000 due diligence fee.
If the Vanuatu citizenship committee approves of your due diligence check and found to have no adverse record, you will then proceed to complete your nomination form , along with your transferred final payment of USD 130,400.
If you are not approved, you forfeit the due diligence fee and will not pay the investment.
The Vanuatu commission will issue your citizenship certificate, after you complete the entire investment and taking oath online.
The Local agent in Vanuatu will apply for Vanuatu Passport from Immigration and Passport service (birth certificate needed).
Once a client is granted Vanuatu Citizenship and Passport he/she/they are regarded as Vanuatu Citizens and enjoy all the privileges under the Vanuatu Constitution just as an indigenous Vanuatu would.
Vanuatu Passport Power
The Vanuatu passport has VISA free access to over 124 around the world. These countries include United Kingdom, Russia, EU schengen countries etc.
CBI is important for Vanuatu
Vanuatu has a service-based economy and therefore relies heavily on tourism services. Tourism constitutes an estimated 40% of the total GDP and almost 80% of our annual tourism arrivals come from Australia. Due to the current COVID19 crisis, our government has closed down borders in early May of this year and still is. As a result, there is expected decrease in annual GDP for 2020 and is expected to carry on to 2021. Business activities have slowed down, and in turn, fiscal projections have forecasted an expected decrease in annual tax revenue collection to the government. Therefore the government is heavily dependent on sourcing revenue alternatives from other avenues.
This is why Vanuatu Citizenship by Investment Program is so important and plays a vital role in providing budget supplements for the national government in order to continue and sustain the economy.
Our brochures are available for free download to our clients.