The United Arab Emirates has approved amendments to the Executive Regulation of the Federal Law concerning Nationality and Passports allowing investors, professionals, special talents and their families to acquire the Emirati nationality and passport under certain conditions.
The step aims at appreciating the talents and competencies present in the UAE and attracting more bright minds to the Emirati community in a way that contributes to the development and prosperity of the country.
We adopted law amendments that allow granting the UAE citizenship to investors, specialized talents & professionals including scientists, doctors, engineers, artists, authors and their families. The new directives aim to attract talents that contribute to our development journey.
Categories that can qualify to acquire the Emirati nationality include: investors, doctors, specialists, inventors, scientists, talents, intellectuals, artists and their families (spouse and children), meanwhile the amendments allow retaining the current nationality.
Acquiring the Emirati citizenship will be done through nominations from Rulers and Crown Princes Courts, Executive Councils, and the Cabinet based on federal entities nominations.
Conditions for granting citizenship Under the directive of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, the Cabinet chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved the amendments of the Executive Regulation of the Federal Law concerning Nationality and Passports.
The UAE cabinet, local Emiri courts & executive councils will nominate those eligible for the citizenship under clear criteria set for each category. The law allows receivers of the UAE passport to keep their existing citizenship.
The amendments specified the conditions that must be met in each category such as: Investors are required to own a property in the UAE.
Doctors and specialists must be specialised in a unique scientific discipline or any other scientific principles that are highly required in the UAE, the applicant must have acknowledged scientific contributions, studies and research of scientific value and a practical experience of not less than 10 years, in addition to obtaining membership in a reputable organisation in his field of specialisation.
Scientists are required to be an active researcher in a university or research centre or in the private sector, with a practical experience of not less than 10 years in the same field. They also should have contributions in the scientific field such as winning a prestigious scientific award, or securing substantial funding for their research during the past ten years, it is also mandatory to obtain a recommendation letter from recognised scientific institutions in the UAE.
Inventors who are willing to acquire Emirati citizenship are required to obtain one or more patents that are approved by the UAE Ministry of Economy or any other reputable international body, in addition to a recommendation letter from the Economy Ministry.
Individuals with creative talents such as intellectuals and artists should be pioneers in the culture and art fields and winners of one or more international award. A recommendation letter from related government entities is mandatory as well.
In case of qualifying, and before acquiring the citizenship, other requirements include swearing the oath of allegiance, committing to abide by the Emirati laws and officially informing the respective government agency in case of acquiring or losing any other citizenship are mandated.
The UAE citizenship offers a wide range of benefits includes the right to establish or own commercial entities and properties, in addition to any other benefits granted by federal authorities after the approval of the Cabinet or local authorities.
As per the amendments, the citizenship can be withdrawn upon breach of the conditions.
Acquiring the Emirati citizenship will be done through Rulers and Crown Princes Courts, Executive Councils, and the Cabinet based on federal entities nominations.
A total of 98 foreigners have received Bulgarian citizenship for investments in the country, according to the new public information request by Euractiv. The most popular investments for Bulgaria CIP are government securities and bank deposits, it was revealed.
The Bulgaria citizenship by investment program is active and running and the government has committed to preserve this program alive to attract investment into the country, during covid pandemic. According to EC spring report, the investment is projected to fall sharply in 2020 and to recover partially in 2021. Bulgaria’s real GDP is projected to contract by over 7% in 2020 due to Covid measures.
Bulgaria grants citizenship after 2 years for 1 million euro invested in government bonds or bank deposits. In case of buying securities, the half a million euro invested for first year and another half a million for the second year.
In 2019, Bulgaria government proposed a draft to suspend the scheme for investments but it was not approved into a law. Bulgaria is very strict with requirements for investors to maintain their investments for 2 years. A number of investors have been revoked citizenships in the past for not maintaing investments
According to the data received by Euractiv, 78 out of these 98 foreigners have bought government securities, received Bulgarian citizenship. 6 investors have deposited money in the banks.
With Cyprus closing doors for investors, Malta and Bulgaria are the only two countries in the European Union that have official CBI programs.
The official website of Ministry of Justice is available here
The factual analysis of Bulgarian investor citizenship program published by the European commission is available here
(SKNIS): Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris, has hailed the citizenship by investment (CBI) programme as being successful in attracting businesses to the Federation.
During his Monthly Press Conference on January 14, 2021, at the National Emergency Management Agency’s (NEMA) conference room, he said that “When we look in our local domain we see a number of businesses coming on stream by Chinese, the principals behind them are all citizens of St. Kitts and Nevis, and they have come through that particular route,” said the Honourable Prime Minister.
Prime Minister Harris noted that an example of this success is the principal of the Galaxy Hotel gaining his citizenship through the CBI programme.
He said, “Just last week we had the grand opening of the Lans Kitchen Restaurant in Frigate Bay, a new upscale cuisine being added to the menu of services offerings here in St. Kitts and Nevis and the lady behind that again is a citizen of St. Kitts and Nevis.”
“So, we have a wide range of interest in our CBI programme, that is why it has become the platinum brand because persons from everywhere have come and have participated with respect to the CBI programme,” said Prime Minister Harris.
He stated that the persons who come to the programme are from all walks of life and hail from a variety of different countries including the United States of America, Canada, Russia, China, and “almost every area of the globe, the programme has found attraction.”
He explained however that the Federation of St. Kitts and Nevis does not discriminate from countries making applications to the programme except for three countries.
“For example, Iran is one such country, North Korea is one such country, these internationally have been described as or prescribed as countries that have an international black mark,” said the Prime Minister.
“Because we do not wish to incur any reputational damage, we have taken the decision as a new Government to not entertain applicants from persons resident in North Korea and Iran,” he said.
“Iran for a long time has been described as a state sponsor of terrorism and we would not want our CBI programme to get involved or be intermingled in any such accusations which regard to the applicants,” said Prime Minister Harris.
The Prime Minister of St Kitts and Nevis presented of the 2021 Budget address and mentioned the benefits received from the CBI program.
The Citizenship by Investment (CBI) Programme continues to make a real difference in the lives of our citizens and residents.
The CBI Programme continued to be one of the major contributors to the economy in 2020. We expect that this level of contribution would be sustained in 2021.
Despite some setbacks related to the pandemic, the volume of applications for the year so far has improved. Applications have come from all over the world including the USA, Asia, the Middle East, Europe and Africa. We have become the preferred choice of the discerning investor owing to our high quality of life index, the strength of our passport and the recognition of the St. Kitts and Nevis’ CBI Programme as the Platinum Brand.
Our CBI Programme continues to be ranked as one of the best in the industry. The latest Henley and Partners’ Passport Index ranked St. Kitts and Nevis number 1 in the OECS and number 2 in the Caribbean, with visa free access to a total of 156 countries. St Kitts and Nevis also performed well in the 2020 Financial Times CBI Index, again with a perfect score of 10 for Due Diligence, Timeline, Ease of Process, Product Certainty and Mandatory Travel Requirements.
The Government continues to ensure that the integrity of the Programme is maintained with a robust due diligence process and changes in legislation. Continued amendments to the Escrow Bill will ensure that clients’ funds are received and ultimately used for construction of relevant projects. This will further enhance the integrity of our real estate market
We expect construction activity to pick up pace and thereby increase the contribution of the CBI Programme to the achievement of positive GDP growth in 2021.
Mr. Speaker, our CBI Programme continues to be a leader in innovation in the international market place. Very recently, my Government took the decision to expand the reach of the Programme by providing the opportunity for private homes to be sold under the CBI Programme.
This initiative would create opportunities for our real estate agents, while giving citizens and residents of St. Kitts and Nevis the opportunity to participate in the Programme if their homes meet the value threshold and other appropriate standards. This would also help to create jobs in construction and the maintenance of homes. Our Cabinet has also introduced an Alternative Investment Option to be used for privately supported projects which are in sync with Government initiatives.
Mr. Speaker, the CBI Programme is a highly competitive one. We have to maintain our Platinum status and utilize it as an instrument to facilitate economic growth and expand the fiscal and economic space of our country. This programme is a provider of foreign exchange and we can leverage the incredible talented pool of our diasporic community to help meet any skills gaps in our country. Additionally, it can bring new ideas and networks to advance the development thrust that we have determined. In 2021, we will be more deliberate in the following:
a) Target marketing of the CBI programme in existing and new markets
b) Encourage economic citizens to live, work and invest further in St. Kitts and Nevis
c) Implement new options/innovations to the Programme such as the inclusion of the Alternative Investment option.
The Alternative Investment option will provide a mechanism to support key priority areas such as financing programmes for youth development, build out of our digital economy, upgrade of our technical and technological skill sets, meeting the huge demand for homes at the lower, middle and high end of the income ladder. We will be alert to reforms and developments in the international market place which may threaten our Platinum Brand. In this regard, we will procure services of intelligence gathering experts and persons of influence who can intervene in the critical market places and capitals so as to promote and/or defend our CBI Programme. We will be more agile in our legislative support for a stronger CBI Programme.
Mr. Speaker, it is being predicted that world tourism, and more specifically tourism in the Caribbean, would not fully recover until some time in 2023. The reopening of our borders in the last quarter of 2020, although promising, is expected to have only a marginal impact on the Tourism Sector given the continued prevalence of the virus within our major source markets. In 2021 tourism is projected to record a moderate recovery.
The Cayman Islands has long drawn sun-seekers, nomads and wanderlusters from around the globe – and for good reason! The warm, friendly nature of its people, known as Cayman kindness, creates an inviting atmosphere unlike anywhere else in the Caribbean.
The Global Citizen Concierge Program (GCCP) is a new initiative launched by the Cayman Islands, which allows persons who are employed outside of the Cayman Islands with the financial independence to work remotely, relocate, and live in the Cayman Islands for up to 24 months.
The application process takes approximately 3-4 weeks, depending on the party size. Once approved, the GCC Certificate allows one to live in Cayman for up to 2 years. The Certificate becomes valid upon the initial entry in to the Cayman Islands; however, the applicant must enter the Cayman Islands within 12 months of the date of approval. Upon initial arrival, the Certificate is valid for 2 years. If remote employment is ever terminated, the certificate shall automatically expire on the date of termination.
Global Citizens and their dependents are not permitted to work in the Cayman Islands.
GCCP Conditions
Proof of Employment and/or Income
Applicants must provide a letter showing proof of employment with an entity outside of the Cayman Islands stating position, length of employment, and annual salary on company letterhead. Applicant(s) minimum annual salary requirements are as follows:
Applicant must make a minimum income of US$100,000 annually if applying as an individual
Applicant must make a minimum income of US$150,000 annually if applying with an accompanying spouse/civil partner
Applicant must make a minimum income of US$180,000 annually if applying with an accompanying spouse/civil partner and/or dependent(s)
Applicant must make a minimum income of US$180,000 annually if applying with an accompanying dependent(s)
Proof of Legal Existence of Employer/Company
Provide a copy of a Certificate of Good Standing/Certificate of Incorporation or Registration with an authorized government body in your country including website details and any social media profile information.
Bank Reference
A notarized bank reference. (A bank reference is a bank manager’s written opinion of your credit standing which includes the length of time in which you have been with the bank and the average balance of your accounts.)
6 months of bank statements.
Proof of Identity
Clear color copy of the photo and information page of a valid passport. Persons requiring a visa for entry into the Cayman Islands must apply. Please click here to find the most updated visa requirements.
Police Clearance
Provide a Federal criminal record or similar documentation, issued within the past 6 months old, from the last place of residence for more than 6 months. For all countries, this document must be submitted with fingerprint verification.
Proof of health insurance
Coverage for all applicants in your party for a minimum of 30 days upon arrival in the Cayman Islands.
All applicants must obtain local health insurance coverage within 30 days of arriving in the Cayman Islands.
DEPENDENTS
Per Cayman Islands Government law, a dependent is defined as the spouse/civil partner of that person, or one of the following relations of that person, namely a child, step-child, adopted child, grandchild, parent, step-parent, grandparent, brother, sister, half-brother, half-sister, being, in each case, wholly or substantially dependent upon that person. Dependents do not include, caregiver, nanny, au pair, common-law relationships, etc.
Proof of Identity
Clear color copy of the photo and information page of a valid passport of each requested dependent. Persons requiring a visa for entry into the Cayman Islands must apply. Please click here to find the most updated visa requirements.
Evidence of Marital Status/Civil Partnership
Certified copies of marriage/civil partnership certificate and/or death and divorce decree(s), where applicable if the applicant and/or spouse was married/civil partner before.
Dependent Children
Provide copies of birth certificates or adoption orders in respect of any dependent children listed on the application.
Police Clearance
Provide a Federal criminal record or similar documentation, issued within the past 6 months old, from last place of residence for more than 6 months, for dependents 18 years and above.
Proof of health insurance
Coverage for all applicants in your party for a minimum of 30 days upon arrival in the Cayman Islands.
All applicants must obtain local health insurance coverage within 30 days of arriving in the Cayman Islands.
* Children must be enrolled in a local private school or enrolled in homeschooling.
GCCP Fee Structure
Global Citizen Concierge Certificate Fee up to Party of 2 persons: US$1,469 per annum
Global Citizen Concierge Certificate Fee for each dependent: US$500 per dependent, per annum
Credit Card Processing Fee: 7% of the total application fee
The Citizenship by Investment program in Jordan is getting more popular among many Arab and foreign investors.
According to the latest update from Acting President of the Jordan Investment Commission (JIC) Fredon Hartoqa has said that 206 Arab and foreign investors obtained the Jordanian citizenship as of October 2, 2019 to date, while 30 applications are still under consideration.
He pointed out that granting Jordanian citizenship to investors in return for setting up investment projects aimed at stimulating the investment environment and creating job opportunities for Jordanians.
In a statement on Monday, the JIC said that the volume of investments, estimated at JD 867 million ($1.221 billion), had a direct impact on the national economy, adding that the number of workers reached 7,326 workers.
On the types of investors that obtained citizenship, Hartoqa indicated that 200 investors obtained citizenship through an existing project with an investment size of JD 854 million, 5 investors obtained citizenship by making a deposit and purchasing treasury bonds with an investment size of JD12 million, while one investor obtained citizenship through purchasing stocks with an investment size of one million dinars.
The nationalities that applied to obtain the Jordanian citizenship in return for investing in the Kingdom included Syrian, Iraqi, Palestinian, Finnish, Canadian, Lebanese, Yemeni, American, Pakistani, Indian, and Kittitian, Hartoqa added.
This little Vanuatu island nation has been voted several times the happiest place on the planet. Vanuatu is a peaceful country and has a deep-rooted cultural diversity that covers over a vast range of different village dialects. The total population is less than 300,000. In July 2020, Vanuatu celebrated its 40th independence anniversary and also on 4th December 2020 was elevated from Least Developed Countries (LDC) to the status of being the sixth to move up to the status to be a “Developing Country”. This is an exciting time for farsighted entrepreneurs to prosper and grow their business interests with this island nation.
Vanuatu’s geographical closeness to the neighboring Australia and New Zealand offers unique opportunities for enterprising entrepreneurs. Vanuatu is also a country where you will find many Australians and New Zealanders working in the white-collar sector and in the tourist / resort industry. The capital city of Vanuatu is Port Vila with a population of about 40,000 has a well-developed banking and financial infrastructure; with several banks serving the international financial industry and supported by a range of highly professional accountants and lawyers.
The Vanuatu Citizenship By Investment (CBI) and other related programs have in the last five (5) years played a significant role in generating national revenue from fees earned from CIP programs. The objective of the program is to create local jobs, stimulate the economy and keep the national budget balanced.
G8 Consultants Pty Ltd based in Brisbane, Australia (a Member of the Sabina Group in Australia, who’s Chairman & Founder is Mr. Peter Chen an Australian) has been assisting and encouraging new investments into Vanuatu. Mr. Chen has over 40 years of senior corporate management experience in Australia. In January 2017, APAC Magazine selected Peter Chen to be the CEO of the year, for Australia. Peter was selected for his tenacity, honesty, perseverance and good corporate governance – with a long track record in managing a listed public company and corporate governance.
Peter been associated with the Melanesian people for over 50 years from his early days when as Secretary he was based in Port Moresby for a large American construction Group. Mr. Chen who has recently concluded a Public Private Partnership between Port Vila City Council and his parent company in Australia, Sabina Corporation Limited. Under the partnership, a local joint venture company in Port Vila has been established in the name of MIS Investment Limited.
MIS Investment Limited’s objective is to assist Council in identifying and promoting new economic development opportunities, both for the local and new citizens in Port Vila, Vanuatu.
“I see many opportunities for overseas businessmen who have recently gained Vanuatu Citizenship under the CIP Program to help Port Vila to become a more prosperous City; especially new business innovations and value-adding processes to achieve better economic returns for agricultural produce & other local resources” said Mr. Chen.
“Below is a list of current opportunities I see available for new citizens & investors wishing to establish a small to medium enterprise in Port Vila” added Mr. Chen.
List of SME opportunities in Port Vila:
Animal farming – quails, geese, rabbits, goats and cattle.
Value adding – preserving, dehydration, and freeze drying of fruits & veggies.
Making biscuits & confectionary – taro, sweet potato, yam, and cassava + fruits
Making clothing – industrial hemp fiber
Making souvenirs – upmarket jewelry, handbags, miniature woodcarvings, etc.
Distillery – making vodka from sweet potatoes
Fisheries – better boats to harvest the fish resources and process for export
Foodstuffs – the development of local ingredients with new cooking techniques
Fast-food outlets – introduce new local healthy fast food through creativeness
Low –Cost Housing – introduce sound prefab building materials for housing
Medical – wellness resorts, private hospitals, clinics & retirement care.
Transportation – inter-island passenger & cargo boast and water taxis & buses
Construction – new technologies and equipment
“G8 Consultants Pty Ltd together with Port Vila City Council would be pleased to assist and facilitate overseas investors and new citizens to find suitable local parties to work together under a joint venture or collaboration arrangement. It is important to have good and reliable business introductions to foster close integration in the local business communities”, said Mr. Chen.
Whilst at present there is no legal requirement for CIP citizens to live in Vanuatu or visit Vanuatu to keep your Vanuatu passport, Mr Chen strongly recommends that CIP Citizens should seriously considering setting up their businesses and residences in Vanuatu. This is a small country but it has big opportunities for entrepreneurs with the right vision. CIP passport holders are encouraged to be true good citizens by helping Vanuatu to develop its economic resources to its full potential
Below are some general notes provided by Mr. Chen together with his contact details: [email protected] Mobile WhatsApp: +61 418 748 588
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Vanuatu
The Republic of Vanuatu is located about 3 hours flying time east of Australia. The island nation comprised of roughly 80 islands, only about 15 are habited. The capital city, Port Vila, is located on one of the larger islands, Efate. With over 100 village dialects spoken, Vanuatu’s population is one of the most linguistically diverse in the world and the country is divided into six administrative provinces.
Forest covers around 75% of Vanuatu’s land and includes dense rainforest and plantation forests. Much of the natural forest is on steep inaccessible land. The population is largely rural and most people in rural areas rely on subsistence farming. Urbanisation is increasing mainly to the two main cities; Port Vila and Luganville. However, the overall national population growth is between 2% to 3% a year.
The climate is tropical with average rainfall of 2300mm. There is over 100 different local village dialects spoken in Vanuatu but only three officially recognized languages are used: English, French and Bislama (local). The population of Vanuatu is estimated at around 300,000 with an annual growth economic growth rate forecast at around 3% of GDP.
Apart from fees-revenue earned from Citizen Investment Program (CIP), Tourism has been the country’s main foreign currency earner. Activities in the primary sector which included agriculture, forestry, fishing with some minor activities taking place in the quarrying and mining industries were identified as secondary contributors to economic growth.
In Vanuatu, the majority of the population (76%) live in the rural areas and are engaged in rural subsistence agriculture. However, most of the agricultural activities are geared toward generating additional household income through sales in local markets as well as towards penetrating niche market for high value organically grown food products such as copra, beef, cocoa, kava and coffee.
There are numerous quality holiday resorts throughout Vanuatu. It pristine beaches and natural environment attract tourists from all over the world. Over 90 cruise ships called into Port Vila each year. Tourist numbers will be further increased once additional direct international flights reaches this “Pearl of the Pacific” island paradise.
Citizenship Investment Program (CIP)
In 2015, Vanuatu established Vanuatu Economic Rehabilitation Program (VERP), a fast track citizenship by investment scheme was introduced after Cyclone Pam (March 2015) to raise additional fund for recovery activities. Vanuatu had issued over 4000 passports under CIP by end of 2019. Today, Vanuatu’s CIP program is proving very popular to many people seeking a safe and beautiful country to call Vanuatu their new home. In 2020 year the revenue earned from sales of CIP citizenship and passports has become the principal revenue earner for the country, exceeding 40% of the total revenue; with tourism coming a poor second.
Developing Country.
On 4December 2020, Vanuatu was removed from the official list of Least Developed Countries (LDC), becoming the sixth country to achieve the milestone status of a “Developing Country” since the development categorization was created in 1971. Vanuatu graduated despite severe setbacks due to accelerating climate change, natural disasters, and the COVID-19 pandemic, which hit remittances flowing back home hard, and the trade and tourism sector. The country has prepared a transition strategy, which will help navigate the next steps in its development path. Vanuatu’s economy is largely driven by its services sector, especially tourism, as well as its agriculture, fishing and industrial sectors. Vanuatu is one of the fastest-growing economies in the Pacific and offers many business and investment opportunities to investors and entrepreneurs with the right foresight.
Agriculture
Around 80 per cent of the population of Vanuatu relies on agriculture for livelihoods and food security. The sector also generates around 20 per cent of Vanuatu’s GDP. Vanuatu’s agricultural sector is divided into three sub-sectors: subsistence farming, semi-commercial farming and commercial farming. The subsistence sector accounts for 75% of agricultural production and is predominantly centred on root crops such as taro, yam, cassava and sweet potato. Bananas, breadfruit and leafy vegetables are grown. Many households also raise small livestock such as chickens, especially in rural areas. Subsistence farming is more common in rural areas and it is estimated that up to 30% of the urban population has no access to land for subsistence agriculture. As a result, rural dwellers are seven times more likely than their urban counterparts to consume local foods every day.
Animal Farming
Vanuatu has one of the most conducive environments in the world for raising beef cattle. Domestically the production of beef, pork, poultry and sheep/goat for local consumption forms an essential part of the economy. There are cattle farms in Vanuatu and they are producing top quality meat. However, these are at a premium and are mainly for the export market. Raised on the northern island of Espiritu Santo, the cattle enjoy a diet rich in nutrients and natural vitamins, and the beef that comes from them carries those flavours, garnering it a well-deserved reputation.The lean and tender meat is starting to gain international recognition at local fine dining restaurants in Port Vila.
As in most Melanesian countries in the South Pacific Island Region i.e. PNG, Fiji, Solomon Islands, Vanuatu, etc.… meat protein is expensive. A lot of the inferior meat (mutton flabs, offal, etc.) is imported from New Zealand and Australia. Chicken followed by pork is the most common form of meat protein consumed locally.
The beef cattle industry in Vanuatu has great potential, both for the domestic and export markets. Although land for pasture is not limiting, the poor quality of pasture grasses results in small weight gains, late turnoff of steers, and low weight carcasses of only moderate finish. Present knowledge of the industry throughout Vanuatu is sketchy. Better cattle management expertise is required to take advantage of this potential. Other farming opportunities of smaller animals that have been identified as excellent include: Quails, Geese, Rabbits, and Boer Goats
Semi-commercial farming, in contrast, is mostly concentrated around urban areas, where high population growth and a developing tourism industry have created a growing market for food crops. Favoured crops include cabbages, tomatoes, capsicum and aubergines. Herbs and spices are also becoming increasingly popular crops in this sector. Commercial farming is dominated by cocoa, coffee, coconut and kava. Vanilla and pepper are also gaining popularity as cash crops. The coconut sector is particularly significant to foreign exchange earnings. However, there are many other value-adding techniques in processing i.e. making coconut sugar, coconut chips, household products, timber and charcoal, that can further improve the economic return on coconut resource.
Fisheries
Nearly all households in coastal communities engage in fishing to some degree, which amounts to nearly 72% of all rural households. Artisanal and subsistence fishing helps provide rural populations in Vanuatu with better food security. The sub-sector also provides economic opportunities to rural communities, although this is hard to accurately measure as catches are rarely sold in the formal market. Estimates suggest that 60-80% of these catches are consumed and the rest is sold in informal markets. Coastal finfish and tuna are the two main sources of fish and seafood, accounting for roughly 77% of consumption.
Vanuatu’s commercial fishing sector is among the least developed in the Pacific region and its contribution to GDP is correspondingly low (although this contribution has steadily grown). Growth in the commercial fishing sector is largely constrained by a lack of infrastructure, such as ports and processing plants. A lack of infrastructure increases costs for fishers to access markets. The fishing industry is yet to be fully developed and also offers many processing opportunities as well.
Nutrition
Like many other countries in the southwest Pacific, Vanuatu suffers from obesity and poor nutrition. In a region where obesity rates regularly exceeds 60% of the population, Vanuatu records a relatively low rate of obesity –around 32% – though combined rates of overweight and obesity are 64.1%. While these rates are lower than in other Pacific countries, obesity rates have grown rapidly in Vanuatu over the last several decades. Increasing rates of overweight and obesity have contributed to elevated rates of non-communicable disease (such as cardiovascular disease and diabetes), which is now estimated to be responsible for 74% of all deaths in Vanuatu. Many additional medical facilities are required throughout Vanuatu and there is a shortage of qualified medical doctors and nurses.
Food
Vanuatu is situated in the southwest Pacific Ocean. While the rural population follows a predominantly subsistence lifestyle, the urban population has adopted a more westernised lifestyle.
Vanuatu’s traditional staple foods are root crops, such as yam and taro, although starchy fruits such as plantain and breadfruit are also seasonally important. The consumption of traditional foods was highest in the rural and lowest in the urban areas. The traditional cooking method however is very time consuming and is limited in its presentation, taste, and flavour. The Government of Vanuatu has a vision for an educated, healthy and wealthy Vanuatu. Ensuring a food secure Vanuatu can contribute significantly towards achieving this vision. This needs to be supported by a stable and consistent policy environment, appropriate rules and regulations and adequate funding of programmes to support and promote development. There is considerable scope for strengthening the primary production sector through increasing domestic market to strengthen national food security and reduce dependence on food imports.
Consumption of imports such as rice, fat / oils, canned and fresh meat/fish, milk and bread was highest in the urban and lowest in the rural areas. The rise in non-communicable diseases has been attributed, in part, to this transition away from traditional foods in favour of imported ones. The other reason is that more and more village people become transformed into western lifestyle.
The Vanuatu Government is keen to reverse this trend by encouraging creative entrepreneurs to use more of the locally grown ingredients. Using the vast range of local nutritious ingredients with Asian cooking techniques to create new and exciting tastes for the tourists and local citizens. Everyone appreciates good food; especially if it also counters obesity and diabetes.
Restaurants
The local restaurants serve up an eclectic range of cooking styles that reflect the combined influences from Europe, Asia and Melanesia. The diverse multicultural flavours mean you’ll be spoilt for choice when eating in Vanuatu, even the fussiest of eaters. At its heart, Vanuatu’s cuisine is simple and wholesome, with plenty of fresh produce and organic meat. The future of Vanuatu food is wide open for creative young chefs to come up with new recipes using local ingredients, new cooking techniques to create exotic tastes, and new & exciting plate presentation. Yes, it opens up a new chapter for Vanuatu cuisine.
Some exotic Vanuatu food experiences include: fruit bats, poulet fish, coconut crab, and lap-lap – Vanuatu’s national dish is a simple “pizza-style” meal and consists of yams, banana or manioc soaked in coconut cream and cooked in an earth oven. Sometimes fish or chicken is added.
Street Food
Vanuatu is undergoing a slow transformation phrase in its street food. At the present time these street food stalls are located mainly within the local markets serving local style food. However, as the “transformation” of restaurant cuisine takes a new form, such new tastes and use of local ingredients will flow onto the style of street food as well. There is good opportunity to introduce more modern food stalls where the kitchen is of stainless steel hygiene standard; and food presentation and seating arrangement needs to be clean & comfortable. Good opportunities exist for small food vendors to offer exciting new food stall presentation and exciting & tasty local street food with a new twist.
Health
Cardiovascular diseases have been the leading cause of mortality for the past decade. Hypertension and diabetes are also of concern. Much effort is recommended to implement health awareness programmes to inform the population of these diseases and how to manage or control them. Good opportunities for developers to establish health clinics, hospitals and resorts using computer-aided technologies as well as traditional & holistic treatments.
As the local standard of living improves, demand for private health services would also increase, opening up numerous business opportunities; from restaurant serving healthy foods to the provision of non-surgery medical services
Housing
Vanuatu is located in a region, which is prone to cyclones. Two sever cyclones occurred within the last 5 years were Cyclone Pam and Cyclone Harold; both were Category 5 i.e. winds in excess of 250/kmh. In total, over 20,000 houses were damaged in one form or another.In December 2020, the New Zealand government provided A $10 million to assist in the rebuilding works for medical centres, water system, classrooms, and other buildings damaged by cyclones. This represents only funds for the more urgent repair works needed. There is a serious need for better standard of housing for the whole nation.
Better designs and better building standards are required. The building industry sector opens up huge opportunities for design expertise, production of pre-fab materials, and building system to provide low-cost cyclone sensitive houses throughout Vanuatu, a nation of 80 islands.
University Education
In addition to primary and secondary education in Vanuatu, tertiary education in Vanuatu advanced a further important step with the establishment of the National University after it had been unanimously adopted by the Parliament on the 17th of December 2019. The key figures of the National University of Vanuatu are to combine progressively existing training institutions within the University and to establish two faculties and 10 schools initially.
This included the Vanuatu Institute of Teacher Education, Vanuatu Institute of Technology, Nursing College, Maritime College, Vanuatu Agriculture College and Police College under the University. Careful attention will be given to meeting high quality tertiary education and training standards and accreditation requirements as required by the laws of Vanuatu. Indeed, Vanuatu needs to strengthen its elites and train its own bilingual managers. With the development of the university and the enrichment of the levels of qualifications, a dynamic conducive to social promotion is underway, which will affect all sectors. Vanuatu students frequently received government scholarships to also study postgraduate studies in various prestigious Universities in Australia and New Zealand.
Vanuatu 2030 – The People’s Plan
Under the caption “A vision for the Vanuatuwe want” the report on Page 1 states:
Building a stable, sustainable and prosperous nation – our people and place are at the very heart of our development aspirations. Together we strive for a nation that is stable, sustainable and prosperous, so that all people have a just and equal opportunity to be well educated, healthy and wealthy. Just as we strive to progress in a way that protects and preserves our natural resources for our children and theirs.
Vanuatu 2030 is our National Sustainable Development Plan for the period 2016 to 2030, and serves as the country’s highest-level policy framework. It is founded on our culture, traditional knowledge and Christian principles, and builds on our development journey since Independence in 1980. We have already achieved a great deal, as we have encountered many difficulties and setbacks, some from natural disasters. Our most recent national plan, the Priorities and Action Agenda 2006-2015 sought to deliver a just, educated, healthy and wealthy Vanuatu. It was the first concerted attempt to link policy and planning to the limited resources of government. As we look ahead to the next 15 years, we now seek to further extend the linkages between resources, policy and planning to the people and place they exist to serve.
In effect our development journey remains on the same course, but we are upgrading the vehicle to get us there in a more holistic and inclusive way. Throughout the extensive public consultations that informed this plan, Ni-Vanuatu resoundingly called for a balance between the social, environmental and economic pillars of sustainable development, with our cultural heritage as the foundation of an inclusive society. In the consultations we discussed our biggest development challenges and their solutions. We did not come up with all the answers, but the national vision and policy framework described in these pages charts a pathway towards improved wellbeing and greater shared prosperity.
(A full copy of the Vanuatu 2030 – The People’s Plan is available on the Internet).
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Mr. Peter Chen is a distinguished guest to appear on our 2021 Magazine edition along with previous notable guests Mr. Jonathan Cardona of Malta IIP Agency and Dr. Les Khan of St Kitts and Nevis CIU
With the news dominated by the new Coronavirus variant, its implications for the movement of people and goods, and the knock-on economic effects of that, I think you’ll agree that things aren’t feeling particularly festive this holiday week.
This is especially the case in the United Kingdom, which also has Brexit (the shape of which is still as yet uncertain at the time of writing…!) and its associated logistical issues to deal with. However, never known to shy away from a challenge, the UK authorities decided this week to give themselves another issue to deal with, and launched a consultation on VAT as it relates to the sharing economy in the UK.
In a new call for evidence on the need for reform of the UK’s VAT rules, the Government noted that the sharing economy (covering services such as ride-sharing and temporary accommodation) creates huge opportunities for the UK economy but also potentially presents certain challenges to the VAT tax base.
Specifically, the call for evidence noted the potential for long-term erosion of the VAT base due to consumers shifting their consumption to the sharing economy. Without reform, this erosion will take place, for instance, because individual suppliers are typically not required to charge and remit VAT because their turnover falls under the VAT registration threshold, the paper said. In addition, as they are not required to register for VAT, their payments of commission fees to digital platforms situated overseas without a fixed place of establishment in the UK will not be caught by the rules for business-to-business supplies of services, under which VAT would be due in the UK under a reverse charge.
The report also looks at problems regarding ensuring that service providers comply with VAT rules, and at compliance by digital platforms, especially those based offshore. Input is being sought until March 3, 2021.
The OECD, meanwhile, is in the process of aggregating the findings from a consultation on the issue of taxing digital services, and has published the responses received. The OECD revealed that the feedback received will be discussed at a public consultation meeting, due to be held virtually on January 14-15, 2021.
On October 12, 2020, the OECD released its proposals for reform of international tax rules. Under pillar one of its proposals, new rules will be established on where tax should be paid (“nexus” rules) and there will be a fundamentally new way of sharing taxing rights between countries. The aim of the pillar one proposals is ensure that digitally-intensive or consumer-facing Multinational Enterprises (MNEs) pay taxes where they conduct sustained and significant business, even when they do not have a physical presence there.
The second pillar would introduce a global minimum tax, which the OECD considers would help countries around the world address remaining issues linked to base erosion and profit shifting by MNEs.
Digital tax matters were also part of the agenda laid out by the European Union when discussing the bloc’s economic plans for the coming seven years. On December 16, 2020, Members of the European Parliament approved the next budget, which includes a roadmap for the introduction of new tax measures.
The Parliament approved a text agreed with the European Council on the Multiannual Financial Framework for 2021-27, as well as an Interinstitutional Agreement between the Parliament, Council, and Commission on budgetary matters and own resources.
The Interinstitutional Agreement states that new own resources “should support Union priorities such as the European Green Deal and a Europe fit for the Digital Age, and should contribute to fair taxation and the strengthening of the fight against tax fraud and tax evasion.”
The roadmap includes a digital levy, to be introduced from 2023. A recovery plan published by the Commission in May included a potential digital tax on companies with global turnover of over EUR750bn.
Wishing you all (digitally) a happy and safe festive period – until next week!
St Lucia has taken top spot in Best CBI rankings for 2021. Dominica in second place, followed by Grenada in third spot.
Caribbean countries have captured top spots due to the significant changes they made to their programs . This comes as no surprise considering Caribbean is the birthplace of citizenship by investment.
Our PBS (points based scoring) model, which we designed last year, is one of a kind in the industry, ranks Best CBI program taking into account 37 important factors looking by clients before deciding on their favorite investment citizenship program
Covid had a huge impact on CBI programs this year causing a dramatic shift in rankings for this year. CBI Programs that require personal visit or trips have fallen in rankings this year as Covid has made it impossible to travel for investors.
St Lucia has made astounding jump from bottom of the table last year to first spot this year. The St Lucia government has made huge improvements in transparency, due diligence, governance and announcing various covid offers to CIP making St Lucia one of the best flagship products in the world, scoring top marks in CBI rankings.
Vanuatu has improved its position from bottom to fourth place tied with St Kitts. In 2020, Vanuatu has made great improvements to the DSP and VCP schemes by processing applications faster than any country in the world and increasing passport validity to ten years.
The purpose of the Immigrant Investor Programme (“IIP“) is to enable non-EEA nationals and their families who commit to an approved investment in Ireland to acquire permanent residency in Ireland.
The IIP was set up by the Irish Government in 2012. In 2017 the Irish Government Economic & Evaluation Service published a positive interimevaluation of the IIP. Further detail on the report can be found here.
The Irish Naturalisation and Immigration Service (“INIS“) has confirmed that as of March 2018 a total of 708 applications have been approved generating investment of €507 million.
Overview of the IIP
There are essentially two components to an IIP application: the person and the investment. The personal criteria relate to the good character of the applicant, their net worth and the provenance of the funds to be invested. The investment component relates to the nature of the proposed investment.
Individuals can apply to the IIP without committing any investment funds. As of January 2018, an applicant must choose one of four eligible investments to invest in and submit the required documentation as described in this bulletin. Once the application has been approved the investment may proceed and once the funds have been invested the investor and their family will be issued with permission to reside in Ireland. In January 2018, the IIP raised the minimum investment threshold to €1 million from €500,000. This investment must be financed from the applicant’s own resources, rather than a loan or other such facility, and must be committed for a minimum of three years.
Irish Residency
Successful applicants will receive permission to reside for an initial two years which will be extended for a further period of three years provided the applicant continues to meet the conditions of the scheme. After this initial five year period, the investor will be free to apply for residence indefinitely in five year tranches. Investment performance is not a condition for residence.
There is no minimum residence requirement other than that the persons concerned spend at least one day in Ireland every calendar year. The investor is not required to establish actual residence in Ireland. The IIP is about rights of residence that the investor may exercise as their business and family needs dictate.
The IIP does not provide for preferential access to citizenship. Successful applicants are free to apply for naturalisation in the normal manner. This process is set out in brief below.
Eligible Investments
The Department amended its IIP guidelines in January 2018, suspending two of the original six categories of investments: the Immigrant Investor Bond and the Mixed Investments. Further updated guidelines are due in February 2019. The current guidelines now provide for four investment options.
Enterprise Investment
A minimum of €1 million invested in either a single Irish enterprise or spread over a number of enterprises for a minimum of three years.
The enterprise can be a start-up or existing business but must be registered and headquartered in Ireland and the investment must support the creation or maintenance of employment. The purchase of publicly traded securities will not be considered an eligible investment. The investment must be made in the name of the applicant.
The most recent audited accounts must be submitted for existing businesses. A business plan must also be submitted for all businesses, indicating how the investment will help create or maintain employment. A template business plan is available on the INIS website.
This option facilitates investors who have their own investment or business strategy and see the benefits of Ireland as an investment location.
Investment Fund
A minimum of €1 million invested in an approved investment fund and held for a minimum period of three years.
The essential consideration in the assessment of a fund is the same as that of an individual enterprise investment; there must be an actual investment in Ireland which generates or sustains employment. We can provide details of these.
The monies invested by a fund must represent equity stakes in companies not quoted on any stock exchange and must be invested in accordance with the objectives of the IIP. The funds and fund managers must be regulated by the Central Bank. Fund managers must have an established record of managing regulated funds. There are a number of funds in Ireland which have been set up specifically with IIP investors in mind.
This option addresses a common difficulty with the IIP; many investors lack familiarity with the Irish market and business environment. It allows investors to avail of the services of approved professional investment intermediaries. It should be borne in mind that an investment in commercial or residential property for the purposes of leasing to tenants will not be considered as an investment.
Real Estate Investment Trust (“REIT”)
A minimum of €2 million invested in any Irish REIT, a company used to hold investment properties and listed on the Irish Stock Exchange, or spread across a number of different Irish REITs.
The full investment must be held for a minimum period of three years. During this period the number of shares approved must be retained even if their value rises above the original €2 million investment. After three years the investor may divest up to 50% of the shares purchased for the IIP and after four years the investor may divest no more than a further 25%. After five years there are no retention obligations.
No supporting documentation is required other than the personal requirements set out below.
An investment in a REIT provides an investor with a lower-risk property investment model in which the investment is diversified into a pool of properties. The debt limits within REITs reduce exposure to negative equity risk. REITs are exempt from corporation tax and are required to distribute the majority of profits each year and so generate a regular stream of income for investors.
Endowment
A minimum endowment of €500,000 in a project of public benefit in the arts, sport, health, cultural, or educational field (or €400,000 each if more than five investors apply together).
The endowment will be regarded as a philanthropic contribution and investors will receive no financial return. A business plan must be submitted, detailing how the investment is going to be utilised by the beneficiary and how it will be of public benefit.
This option facilitates those who wish to engage in philanthropy. It is also the most straightforward option as no further financial obligation is required after the endowment is made.
Who Is Eligible?
The IIP is open to non-EEA nationals with a net worth of over €2 million. Applicants must be a good character and not convicted of a criminal offence in any jurisdiction. The funds used for the investment must come from the applicant’s own resources and not financed through a loan or other such facility.
Eligible Family Members
Residency under the IIP is also available to spouses/partners and children under 18 years of age for whom the applicant and/or their spouse or partner has legal guardianship. In certain cases children between the ages of 18 and 24 will be considered where they are unmarried and are financially dependent on their parents.
Personal Requirements
Evidence of Net Worth
The applicant must demonstrate that they have a legally acquired minimum net worth of €2 million. In addition to this declaration, the applicant must provide an explanation of all financial activities for the previous 12 months including their income, investments and loans.
Evidence and Provenance of funds
The applicant must provide evidence of the funds that are to be used for the proposed investment, evidence of the provenance of those funds and evidence that the funds are transferrable to Ireland and convertible to euros.
INIS have a list of specific information they require in relation to the following four sources of funds: business and investment activities, deeds of sale, inheritance, and divorce settlements. If the funding has been received from an alternative source the applicant must provide original documentation and independent supporting documentation as evidence.
Statement of Character
The applicant must submit a statement of character, both for themselves and for any family members over the age of 16, from the police authorities of each country in which they have resided for more than six months during the previous 10 years.
Successful applicants and their family members over the age of 16 will be required to submit an affidavit attesting to their good character and affirming that they have no criminal convictions. A declaration on behalf of children under the age of 16 should be contained within the affidavit of the investor.
Private Medical Insurance
Successful applications who wish to reside in Ireland on a permanent basis must demonstrate that they have private medical insurance that will cover all major medical expenses in Ireland.
Summary of the Process
APPLICATION
The individual must submit an application form to INIS, along with all supporting documentation and a non-refundable fee of €1500.
APPROVAL:
All completed applications for residence will be presented to the Evaluation Committee for approval.
The Evaluation Committee is composed of senior officials from relevant Government Departments and Irish state agencies involved in enterprise development in Ireland.
Applications are assessed on the basis of the profile of the applicant, the commercial viability of the project, the employment outcomes associated with the proposed investment and the overall benefit to the Irish State.
INVESTMENT:
Once their application is approved, applicants can invest in their preferred investment option.
Applicants and their families, whose applications are approved, will then be issued with residence permissions from the Minister for Justice and Equality.
RIGHT OF RESIDENCE
Successful applicants and their families will be granted continuous residence subject to the satisfaction of the following conditions:
1. The designated investment has remained in place for the required time period;
2. The applicant or their family have not become a financial burden on the state; and
3. The applicant or their family have not been investigated, indicted or convicted in relation to any criminal offence in any jurisdiction.
Permission to reside will be granted initially for a two year period and will be extended for a further three years subject to the above conditions.
After the initial five years the investment will be considered completed for the purposes of the IIP and permission to reside will be extended in five years periods indefinitely subject to the satisfaction of conditions (2) and (3) above.
Discount for Education Expenses
Investors may avail of a discount on their investment for any educational expenses that they intend to commit to in Ireland. The expenses must be for the investor or family member in an Irish University or Institute of Technology; they must be indicated as part of the application process; and the expenses are subject to a maximum allowable discount of €50,000.
Immigration
Successful applicants for the IIP, and their spouses and dependent children, who are from visa-required countries, e.g. India or China, will be required to obtain an entry visa prior to arriving in Ireland. Successful applicants will be entitled to apply for a multi-entry visa once their letter of approval from INIS is received, enabling them to travel in and out of Ireland from the date that they secure their multi-entry visa, subject to renewal of the visa.
The IIP does not provide visa-required nationals with an entitlement to travel to and within the UK (including Northern Ireland) or the rest of the European Union without an entry-visa (if required). Holders of a Stamp 4 obtained through the IIP will be required to apply for visas to enter other countries as required.
There are certain agreements between UK and Ireland with respect to immigration, for example, the “British Irish Visa Scheme” which allows Chinese and Indian citizens to travel to and around the Common Travel Area on a single visa (as opposed to requiring separate Irish and UK visas). It remains to be seen how immigration will be impacted in the context of Brexit.
Irish Citizenship
Applicants for Irish naturalisation must be continuously resident in Ireland for the 12 months prior to application and have been resident in Ireland for a period of four of the preceding eight years. Residence must be lawful and the person must also be physically resident for the period. While a person can be regarded as physically resident in Ireland and still travel abroad for business or leisure, any significant absences may require further enquiries and the application may be refused.
Investors and their family members who exercise their right not to reside in Ireland under the IIP will not fulfil the residency requirements for naturalisation.
In order to be granted Irish citizenship through naturalisation, an applicant is generally required to meet each of the following criteria, in addition to the residence requirement above.
Applicants must be of full age (i.e. 18 years or older, or married if younger than 18);
Applicants must be of good character (the Garda Síochána are asked to provide a report on the background of all applicants);
Applicants must intend in good faith to continue to reside in the State after naturalisation; and
Applicants must make a declaration of fidelity to the nation and loyalty to the State.
For more information, please reach to Anne Lawlor, CEO of Lawlor Associates at + 353 42 9377512 or through the website www.lawlorconsult.com
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
