Vanuatu may tighten passport rules acquired under citizenship by investment (CBI) program, after The Parliamentary Committee on Economic Policies (CEP) committee has advised the citizenship bureau to tighten regulations on passports issued under the CBI scheme.
The CEP committee recommended a new policy for economic citizens to come, invest and create jobs in Vanuatu for passports.
The CEP committee met with the Passport office to examine matters related to the regulation of economics activities, foreign and domestic commerce. Currently 4000 passports has been issued under Vanuatu citizenship investment program, reported Dailypost.vu.
CEP co-chairman, MP Kalo Seule said “Currently we are selling passports to some foreigners who have no interest to invest in Vanuatu, the Passport Office and the Citizenship Office must include policies such as if a foreigner wants a Vanuatu passport, he or she must come and invest in Vanuatu. Maybe they (foreigners) do not want to stay in Vanuatu but they have the duty to invest in the country and by doing so, they will provide jobs to locals.”
CEP recommended passports can only be issued in Vanuatu, not through agents or consults from outside the country.
Vanuatu opened Citizenship by Investment Program in 2017, and there has been a record increase in the number of the sale of CBI passports. The Vanuatu CBI program went on a flying start in 2019 with over 1800 CBI passports issued in 2018.
According to Finance ministry report, the Vanuatu Development Support Program (VDSP) and Vanuatu Contribution Program (VCP) together collected VT 1,685.2 million by the end of February 2019. This is 37.4 per cent of the budget target of VT 4,504.6 million and is 27.4 per cent more than VT 1,323.1 million collected during the same period last year.
Vanuatu Government currently does not publish reports or statistics related to the CBI program.
The Vanuatu Citizenship Commission has authorized 32 designated agents for DSP program and 1 agent for VCP, according to the commission website.
Vanuatu has established diplomatic relations with Russia in 1986. In 2016, the two countries signed the Visa-waiver agreement. Vanuatu further expected to sign a visa waiver with China soon to boost tourism and investment in the country.
The Tourism in Vanuatu declined in 2018 by 35% compared to 2017, according to the National statistics office.
- The total international visitors by air stood at 10,468 or 38% of all international visitors to Vanuatu. This is a decline of 15% over corresponding month in 2017
- Cruise ship or day visitors totalled 17,321 or 62% of all international visitors to Vanuatu. This is a decline of 46% compared to December 2017
Australian visitors made up 59% of all international visitors by air; followed by New Caledonia at 14%; New Zealand at 10%; Europe at 5%; other pacific countries at 4%; China and North America at 3% each; other countries and Japan at 2% each.
