The Vanuatu Government has appointed Hon Ronald Warsal as new chairman of Citizenship Commission on May 4.
Mr. Warsal serves formerly as Minister of Justice and will be assuming duties and responsibilities of the Citizenship commission.
The General elections in Vanuatu were held in March and the newly elected Prime minister Bob Loughman promised reforms to the investor citizenship program.
PM Loughman has asked the newly appointed chairman to review the DSP/VCP schemes and improve the standards of the two schemes in terms of transparency and job creation, Daily post reported last week.
As a result of this, Vanuatu may introduce a new Citizenship program for business Investment, ABC Australia reported today
Vanuatu citizenship by investment program proved vital to the prosperity of the country, after Vanuatu was brought to the knees midst double disasters – Cyclone harold and Covid-19. The relief efforts were hampered by covid-19 quarantines, despite Vanuatu being one of the few Coronavirus free countries in the world.
Vanuatu last month announced new changes to the DSP/VCP schemes in tightening due diligence checks, highly improving the vetting standards in line with other CBI programs.
Last week, the citizenship commission sent notice to DSP and VCP agents not to cut the minimum prescribed pricing to protect the integrity of the program
“Undercutting of Prescribed Fees damages the integrity of one Citizenship Program, creates unfair competitive advantage for some, and leads to confusion in the marketplace regarding the real cost of the Programs.” said the notice signed by Samuel Garae, Secretary General Citizenship
The notice further warns agents undercutting prices will have their licenses revoked and applicants risk their citizenship being revoked or will be asked to pay the prescribed fees.
So far there are 31 agents licensed to promote the two citizenship programs. (30 for DSP and 1 for VCP)
Vanuatu collected record VT 12.5 billion revenues in 2019 from the citizenship program, well above expected VT 6 billion, according to the Finance ministry.
Vanuatu updated its economic growth projections downgrading the projection for 2020 from 3.8% growth to 1.9% growth due to Coronavirus pandemic. The Government has announced a VT 4 billion economic stimulus package to support the country.
“Government’s strong cash balances and the likely prospect of securing significant levels of donor assistance, there is an overwhelming case for a major Government stimulus package. Thus, this package should provide a tangible benefit and restore economic confidence for business owners, their employees and consumers. ” said the Finance Ministry in its website
The Vanuatu Citizenship Commission and Office (COC) administers two citizenship by investment programs with the same contribution requirements at USD 130,000
- DSP – Development support program
- VCP – Vanuatu Contribution program
and plays a key role in
- To enhance the efficiency of Citizenship Office in processing of applications
- Strict compliance of due diligence checking with all applicants
- Smooth line the procedures in issuing of certificates
- Better co-ordination with other governmental departments
- Protecting the integrity of Vanuatu Citizenship
