The Citizenship by Investment Programme of Vanuatu continues to face new challenges every day due to the incompetent approach of the government. The CBI Programme is the only choice for this small pacific multi-island country to make its way out of the deepening economic crisis caused by the COVID-19 pandemic.
More than fifty percent of the total GDP of Vanuatu is based on the Citizenship by Investment Programme. All major infrastructural developments across the multi-island country are possibly moving because of its CBI Programme.
Despite the country’s total dependency on the Citizenship by Investment Programme, the government of Vanuatu has not been able to promote its investment options. As per reports, Vanuatu has two investment options, but no one knows how those work except the fact it’s run out of Hong Kong by one agent.
We at Cronulla News once again reached out to our special source in the Citizenship Commission of Vanuatu, who revealed several new aspects regarding the internal feud of the government.
A person working in the Citizenship Commission (CBI Unit) has shown concern about the continued “mismanagement” of the programme.
While speaking to Cronulla News on condition of anonymity, he stated that the CS Global Partners (CSGP) has indicated to pull out from their associations with the government and asked it to “solve their internal feuds”.
The source stated that after the government’s actions, the international marketing firm asked the government to carry out conversations and solve internal problems first, adding that the firm will only associate with the government in regards to CBI Programme once the issues are resolved.
“They said that handling any Citizenship by Investment Programme is sensitive for the national economy, and the distractions within a country’s government can create more complications which could impact the entire CBI programme,” added the source.
“The firm said that Vanuatu needs to do a lot of work to make CBI Programme successful, including thorough studies, examinations and execution of plans. They said a supportive infrastructure in a government is a must,” the source further stated.
He also revealed that “CS Global Partners has almost refused to work with the Citizenship by Investment Programme of Vanuatu”. The internal dispute is being called the primary reason behind the UK-based firm’s step back from working with the CBI Programme of Vanuatu.
“They told us that they need an environment good enough to work in order to make the Vanuatu CBI meet the international standards. CSGP asked for the support of all people and said currently there is so much going on within the government, making things very difficult,” the source told Cronulla News.
Furthermore, he stated that any firm would walk away if the internal brawl within the government is not finished, “Due to lack of stable government the Citizenship by Investment Programme cannot survive or maintain international standards”.
The sources earlier told Cronulla News that it took the government two years to convince CS Global Partners to come on board in order to rescue the Citizenship by Investment Programme.
Why is Vanuatu Citizenship by Investment Programmes facing issues?
Following the EU Commission‘s proposal to terminate the visa-waiver agreement with the European Union, Vanuatu’s Citizenship by Investment (CBI) Program is tumbling. The continuous squabble within the administration, on the other hand, is a significant obstruction to do the damage control.
Citizenship by Investment Programme of Vanuatu
Vanuatu, a small Pacific island republic, offers citizenship to foreigners in exchange for financial contributions to national development projects. It recently launched a real estate option for customers seeking assets in exchange for their investment.
Vanuatu receives more than half of its overall revenue from the CBI programme. The scheme’s ‘expansion’ has been harmed by opposition leader Ralph Regenvanu as well as foreign media. The scandal of worldwide fugitives receiving Vanuatu passports was revealed and uncovered by a number of media outlets, notably ABC Australia and The Guardian in the United Kingdom.
Vanuatu’s passport holders benefit from visa-free travel to more than 100 countries across the world, including the United Kingdom and many European nations. Vanuatu’s CBI Unit’s due diligence process has been a source of concern for some time. Despite this, the government claimed that no other impartial company was available to do the extensive vetting.