Imagine being from Vanuatu for a second. You are part of a country, whose economy is run by a mere 300,000 people, of which many are tribals who don’t take an interest in matters other than preserving their community. Now, what would you do if you were to step in their shoes?
via Stuff.co.nz
Vanuatu find themselves on the brink of despair. The Coronavirus and the subsequent hit to international travel, has disparaged the economy and livelihood of countless Vanuatuan’s. Well stop imagining, because contrary to popular belief, Vanuatu is one of the few countries in the world who has prevailed against the harsh circumstances of COVID-19. Vanuatu has reported a budget surplus for this business quarter, all in thanks to the controversial idea of citizenship sale.
Citizenship sale has been a controversial, yet lucrative route to make money. Countries in the Caribbean and Europe have been able to lure customers to buy their way in and become an authentic citizen of their nation. However, about 50 years ago, the practice as well as the prospect of buying a dual citizenship was not entertained. Yet, the increasingly growing business has picked up steam due to one simple reason, people don’t choose where they are born.
This argument may hold true for some, however the idea that a person’s identity is intertwined with a passport and few documents, doesn’t bode well with many. Thus, Vanuatu’s solution may not be an ethically sound decision, yet it is one which reaps huge economic benefits.
The majority of Vanuatu’s economy is now run by the investment of dual citizenship seekers. A Vanuatu citizenship costs $130,000, which may seem like a huge sum, however for millionaires and billionaires who are tired of the constant rut of life, a price tag as such is a simple decision. However, if a person was seeking for a humble abode and peace, he/she might as well retire in the forests. Yet, Vanuatu’s decision for citizenship is a controversial one for a reason.
The reason is an unabated access into some of the biggest economies in the world. A Vanuatuan passport can help you an on-arrival visa in the EU, the UK, Russia etc. The idea of an on-arrival visa, is tempting to businessman, who can conduct business with more ease. A Vanuatuan nationality also doesn’t hurt the pockets of businessmen, as Vanuatu is a tax-haven with no income tax, withholding tax, capital gains tax or an inheritance tax.