Vanuatu’s government has announced a suspension of new applications for its Citizenship For Investment Program. Commonly known as Vanuatu’s Golden Passport, the scheme offers, citizenship in return for US$150,0000 dollars.
It earned the government close to 130 million US dollars in revenue in 2022, but concerns with the scheme has since seen the European Union end its visa-free arrangement with Vanuatu…and the United States is reportedly threatening to issue travel bans.
The Vanuatu government’s freeze on new applicants comes following negative publicity after a passport was granted to fugitive Indian businessman Lalit Modi.
“New regulations will be drafted by the attorney general office and will be announced by the Prime Minister,” said Leah Lowonbu, ABC Ni-Vanuatu reporter.
“There is a task force in place to urgently look at this matter,” she added.
The National Assembly successfully passed the Citizenship by Investment Unit Act, 2024 in a landmark sitting of the National Assembly on Friday, 14 June. The Citizenship by Investment Unit Act, 2024
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