The Republic of Vanuatu, the island-based country, has declared re-evaluating the citizenship Investment programme. IMF-International Monetary Fund has predicted it as a vital thing. Specifically, 50% of the nation’s revenue generates from the citizenship by investment programme.
The EU- European Union Commission has criticized the country’s Citizenship by Investment Programme on January 12, 2022, offered the suspension of the free visa travel due to the due diligence of applications of the inter-governmental.
Currently, the Republic of Vanuatu has been suffering from a pandemic that is affecting all the people globally and natural disasters, which leads to a decrease in the growth rate and fiscal deficit.
The Government of Vanuatu is re-evaluating and reviewing the programme’s structure to ensure that they will provide economic stability to the citizens. Along with, the services of security and protection to the international community will be provided by them.
The importance of the significance and the impact of the citizenship Investment programme, the country authorities have decided to strengthen the process of citizenship and robust due diligence.
After May 2015, the people who have Vanuatu’s passports will not be entitled to have visa-free travel to European countries, as per the recommendation. According to the European Union’s recent statement, the country’s vetting system has been deemed a shortage in several security protocols during the applications.
The UK-based international due diligence company, FACT, is well-known and a service provider agency. The due diligence global company- FACT and the Vanuatu Government have made the control final to make sure the objective of the nation gets fulfilled. The Chief Executive Officer of the Fact UK , Kieron Sharp, will lead a fully qualified team. Sharp has international experience, and he has been trained under the guidance of the FBI Academy. He was the head of the economic crime at Interpol.
The FACT UK has pledged thorough checking, proper covering of restrictions lists, open-source reviews, and on the ground assessment. It has assured to enhance further IP protection, intelli8, cyber forensics, and forensic scrutiny and security verification.
The people who have a good reputation will be awarded with citizenship, as said by the government of Vanuatu. There will be through security check for the applicant, including financial crime and reputational risks. Furthermore, the government is deciding to implement proper due diligence on all the applicants, especially those who gained citizenship in 2015, by assuring only respectable investors were approved.
The country has promised to use a multi-layered approach involving several entities, including government authorized agents, CBI units, independent due diligence firms, law enforcement agencies, and intelligence agencies.
Additionally, to advise and help Vanuatu, CS Global Partners has been appointed as a market service provider, which will help in reshaping and reconstructing the country citizenship Investment programme.