Vanuatu Citizenship by Investment Programme to Face Major Setback Amid Dispute in the Government
The internal feud within the government of Vanuatu is being blamed for causing havoc on the multi-island country's economy. An Australia based media organisation Cronullanews released a detailed interview with a person currently working as an official in the government.
Cronulla News stated that following the EU Commission's proposal to terminate the visa-waiver agreement with the European Union, Vanuatu's Citizenship by Investment (CBI) Program is on the verge of collapsing. It added that the continuous squabble within the government is a significant impediment to the actions.
Notably, Cronulla News was the first media house to break the news of the European Commission's decision to dismiss the visa-waiver agreement with Vanuatu. Their report had arrived days before the official press release issued by the European Commission, criticising Vanuatu's misconduct and incapable due diligence process on its Citizenship by Investment Programme applications.
A person from Vanuatu's CBI Unit talked to Cronulla News on the condition of anonymity. He said the deteriorated state of the Citizenship by Investment Programme of Vanuatu is alarming, and the brawl within the government is fuelling the situation.
Key Facts
Vanuatu is a double chain of 13 principal and many smaller islands in the south-western Pacific Ocean. The islands are volcanic and coral in origin, and they lie about 800 kilometres west of Fiji and nearly 1800 kilometres east of Australia. Around 65 of the islands are inhabited. Vanuatu has mountains and plateaus but is more famous for its coastal terraces and coral reefs.
Region: Pacific
Population: 292,680 (2018)
Area: 12,190 square kilometres
Capital: Port-Vila
Joined Commonwealth: 1980, following the ending of administration, Anglo-French condominium
Commonwealth Youth Index: 27 out of 49 countries
He also said that the government had been looking for a trustworthy and competent marketing firm to help re-organise the programme to meet international standards for the safety and security of the regional and global community.
Vanuatu, a small multi-island Republic situation on the Pacific, grants citizenship to foreigners in exchange for a financial contribution to national development projects. Recently, Vanuatu has also added a real estate option for those who want assets in return for their investment.
Vanuatu's revenue from the CBI programme provides for more than half of the country's total revenue. The 'Expansion' of the scheme has been damaged by opposition leader Ralph Regenvanu and international media. Many media houses, including the ABC Australia and The Guardian, UK, published and uncovered the scandal of international fugitives awarded Vanuatu passports.
Vanuatu passport provides visa-free travel to over 100 countries worldwide, including the United Kingdom and many European countries. The due diligence process of the CBI Unit of Vanuatu has been a matter of concern for some time.
More Great Dubai Route Stories
Payments in Turkish Citizenship-For-Home Scheme to Be Sold to Cenbank
Government of Canada Invests $35 Million to Expand Settlement Services for Newcomers
Maqta Gateway Launches Inspection and Clearance Services on ATLP
Moscow Concludes Successful Roadshow in the UAE
Emirates Sees Increase in Demand for Plant-Based Meals During Veganuary
Stay Ahead of the Curve
Unlock the GCC's Leading Source of Business and Analysis
Dubairoute.com provides innovative marketing and advertising solutions to support an advertiser's specific campaign objectives. Customised programs leverage the best of Dubairoute.com. Contact our sales team today and see what our team can do for your custom advertising solutions. Please include a contact number if you are willing to speak to our sales team. You can also get in touch in the following ways:
Disclaimer
Global Business, Financial News, Market Data, and Analysis published here are delayed 24 hours. All the published information, analyses, and conclusions are based (unless sourced otherwise) on external information and Dubai Route Group's experts' judgment. They are intended as guides only and should not be construed as definitive forecasts or guarantees of future performance or results. No responsibility or liability is accepted by any person, including Dubai Route Group or its affiliates and their respective officers, employees, or agents, for any errors or omissions.
For all the latest lifestyle news from the UAE and Gulf countries, follow us on Twitter and LinkedIn, like us on Facebook and follow us on Instagram, which is updated daily.