Eyeing Vanuatu's citizenship like Lalit Modi? Follow these steps
What's the story
Former IPL Chairman Lalit Modi had recently acquired the citizenship of Vanuatu, a small island country in the South Pacific. However, it was cancelled by the country's Prime Minister Jotham Napat. If you too want to acquire citizenship of Vanuatu, there are two ways. The first involves a non-refundable contribution to the National Development Fund, while the second route is through a Capital Investment Immigration Plan. So, how do they work? Let's find out.
Method #1
Contribution to National Development Fund
The non-refundable contribution to Vanuatu's National Development Fund is based on family size. For example, single investors contribute $130,000 (around ₹1.13 crore), while couples pay $150,000 (₹1.3 crore). Families of four pay $180,000 (₹1.6 crore), with an additional $15,000 (₹13 lakh) per dependent if more than four are included. Applicants must also have a minimum net worth of approximately $250,000 (₹2 crore) and be able to prove the legality of the funds.
Method #2
Capital Investment Immigration Plan
In the Capital Investment Immigration Plan route, investors have to contribute to a fund to develop the coconut oil industry. The fee under this plan is $138,000 (₹1.2 crore) for a family of four, with an additional $26,500 (₹23 lakh) charge per extra applicant. No language exams or interviews are required, and investors can keep their existing passports after acquiring Vanuatu citizenship.
Application requirements
Eligibility criteria and required documents
To qualify for Vanuatu citizenship, applicants need to be at least 18 years old with no criminal record or serious health issues. Necessary documents include a copy of passport, police clearance certificate, birth certificate, medical certificate, and proof of fund. This ensures only those with clean records and sufficient resources can obtain citizenship through investment in this island nation.
Citizenship perks
Benefits of Vanuatu citizenship and tax incentives
Vanuatu citizenship provides visa-free access to over 100 countries, including popular Asian destinations like Malaysia and Singapore. Citizens can also get 5-year B-1/B-2 Visitor Visas and spend up to 180 days a year in the USA. Investors can set up an international business company (IBC) in Vanuatu and avail tax incentives. The company and its shareholders are exempt from taxes on corporate profits, personal income, capital gains, inheritance, or donations, with flat annual fee of $300 (₹26,156) for 20 years.