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Vanuatu

Vanuatuan citizenship now open to property buyers

Citizenship by investment is no new idea but the launch of Vanuatu’s new citizenship route has made it one of the most affordable in the world.

In August this year, the Vanuatu government released a new pathway for citizenship called the Real Estate Option Program (REO).

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Gaining citizenship through the REO will come with a minimum investment of $100,000 for half ownership of a listed property or $200,000 for full purchase.

However, according to Mann’s Solutions even though citizenship may seem to come at a hefty price comparatively it’s one the cheapest of any citizenship by investment programs in the world.

The United Kingdom requires an initial investment of 2 million pounds while the Cayman Islands needs a steep $2.4 million to become a citizen.

Along with the REO come other benefits that Vanuatu citizens enjoy including no income tax, wealth tax, capital gains or inheritance tax which is sure to attract major investors looking for a tax-free haven.

When the REO bill passed through parliament Vanuatu prime minister Bob Loughman stated that this new pathway will be another way to bring people to Vanuatu.

Vanuatuan citizenship now open to property buyers
With purchase of a listed property, successful applicants will have a short 30 to 60 day citizenship processing time. Picture: Islandproperty.com

“Vanuatu exists within the Global Economy and, to attract the necessary major investments, it must compete with the rest of the world in offering incentives to major investors.”

“Without the assistance of the Government, these major investors will go elsewhere.”

Vanuatu National Citizenship Commission chairman Ronald Warsal resonated with the prime minister and made a statement suggesting the reasons why this program will be beneficial to Vanuatu.

“One crucial aspect of our efforts to develop the program is with the explicit aim of generating greater benefits for our wider economy, by developing opportunities for attracting investment into Vanuatu that will result in jobs and tangible improvements for all in our community.”

Currently, according to Best Citizenships there are only four properties available to purchase with three of them on the island of Efate and one on Espiritu Santo.

It is not yet known whether these properties have been purchased.

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