Currently, under the Honorary Citizenship Act [CAP 112] of Vanuatu, honorary citizenship can be obtained by contribution through the Development Support Program.
The Development Support Program replaces the Economic that is former Citizenship -Vanuatu Economic Rehabilitation Program (VERP)-, which ended up being created in 2015 to raise funds to mitigate harm created by Tropical Cyclone Pam to the infrastructure and houses. Tropical Cyclone Pam is regarded as being the biggest natural tragedy in Vanuatu’s history. The program awarded more than 40 honorary citizenships and raised around USD 5.5m.
The Regulation Order No. 215 and 216 of 2016, which grants under the Development Support Program, honorary citizenship by investment in Vanuatu to foreigners who make certain economic contributions to the Government on January 1, 2017, come into force.
First, it needs to be sent a copy of the passport and a police approval certificate towards the agent that is authorized will provide them to the Vanuatu Citizenship Office. The Screening Committee will conduct homework checks through the Financial Intelligence Unit (FIU) which can take about 7 times. If the FIU confirms that the applicant does not have a unlawful record, the applicant must finish the application kinds, the required paperwork and pay 50% associated with total cost. This payment isn’t refundable, nevertheless, the applications which have been authorized by the FIU, if the required paperwork is properly delivered and stay payment is made, is apt to be granted the Citizenship.
Within one thirty days, the Citizenship Commission will decide whether to approve the application. In the event that application is approved the Commission will issue a page to the applicant confirming it. The applicant must pay the remaining 50% of the total cost and complete the application for the passport within 5 days. The Commission will inform the Prime Minister of the decision, which in turn will inform the president of the persons to be granted with honorary citizenship within a period of one month. After this, the Commission will issue the certificate of citizenship and will need the passport workplace to issue the passport (s). A soft content for the certificate of citizenship and passport will be sent by e-mail towards the new resident.
Processing can be carried out entirely remotely without the requirement to journey to Vanuatu. The new citizen will have three choices to receive the citizenship certification and initial passport: to visit Vanuatu and to appear before the Commissioner of Oath or to invite the Commissioner of Oath to their country (the applicant must spend travel and accommodation costs) or wait for the Oath Commissioner see the nearest Embassy or diplomatic mission in Vanuatu. The process takes a total of two to three months.
Set an Offshore Company up in Vanuatu
Vanuatu is a pure tax haven, there are not any corporate or specific income tax, no dividend distribution taxes, no capital gains taxes, no withholding taxes, no estate, and inheritance fees, and you can find no currency exchange controls. The only real applicable taxes certainly are a value-added tax of 12.5%, certain stamp duties, and customs duties, with certain exemptions in sectors such as Tourism, Manufacturing or processing and Mineral Exploration.
Company law in Vanuatu is based on English Common Law. Businesses in Vanuatu are governed by the Businesses Act, except International Companies, probably the most common entity that is offshore which is governed by the International Organizations Act. This category of company offers more freedom and easier administration even as we shall see below.
For more information visit:
https://vanuatunewcitizenship.com/