Vanuatu, a little-known island nation located near Austarlia, has garnered massive attention among Indian after Former IPL commissioner Lalit Modi applied for citizenship.
Last week, the MEA confirmed that he has applied to surrender his Indian passport at the High Commission in London. However, Vanuatu PM Jotham Napat on Moday ordered the Citizenship Commission to cancel Lalit Modi’s passport, citing the rejection of Indian authorities’ request for an Interpol alert due to insufficient evidence. Here all you need to know about how to aquire Vanuatu citizenship through investment and its benefits.
How to apply to aquire Vanuatu citizenship through investment?
There are two ways to apply for Vanuatu citizenship through investment.
In the first case, the applicant make a non-refundable contribution of $130,000 to the National Development Fund. This fund is not a flat fee but is adjusted according to the number of people named in the application.
For a single investor it is $130,000 and for a married couple, the same is $150,000; the fee gies upto $180,000, in case of a family of 4. If there are more than 4 people mentioned in a single application, the investor needs to pay $15,000 for each additional dependent. Additionally, the investor must have a minimum of $250,000 in their bank account.
The fund is used to develop Vanuatu’s economy and fight against natural disasters.
In the second case, the investor can apply through participating in the Capital Investment Immigration Plan. Under this program, foreign investors contribute to a fund dedicated to developing the coconut oil industry, aiming to reduce the country’s reliance on oil imports.
Investor has to pay $138,000 flat for a family of four, and if there are more four named in the application, they will have to $26,500 extra for each applicant.
No language exams or interviews to Vanuatu are required. Also, investors are allowed to keep other passports after acquiring Vanuatu citizenship.
Who can apply?
- The applicant must be at least 18 years old.
- He/she must not have any criminal record or prosecution. It is impotart to note that Lalit Modi’s applications got canceled over legal issues.
- The applicant must not have any serious health issues
- Minimum net worth of approximately $250,000. And the applicant must be able to prove the legality of the money
What are the documents that are required for the application?
The required documents include – Copy of passport, Police clearance certificate, Birth certificate, Medical certificate and Proof of fund
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