Vanuatu’s citizenship program attracts Indians, particularly NRIs, for its rapid and affordable process compared to Cyprus and Malta. Applicants often begin the process in the UAE, where they establish residency before applying. The program offers benefits like visa-free travel, confidentiality for financial holdings, and avoidance of strict tax regulations, making it a popular choice for those seeking alternative citizenship.
Vanuatu has emerged as a desirable destination for individuals seeking alternative citizenship due to its efficient and affordable process. Unlike Cyprus and Malta, which have higher costs and longer processing times, Vanuatu’s citizenship program allows applicants to obtain citizenship without needing to visit the country. Indian applicants often initiate their journey in the UAE, particularly in Dubai, spending at least a year as non-resident Indians (NRIs) before applying. The financial commitment for Vanuatu citizenship ranges from ₹1 crore for individuals to ₹1.5 crore for couples with minor children, with passports issued within seven weeks.
Over the past 18 months, at least 30 Indians, including NRIs, have acquired Vanuatu citizenship. According to Dr. Anup P. Shah, a partner at Pravin P Shah & Co., “It’s currently the quickest ‘Citizenship by Investment’ programme.” This growing trend includes residents from the UAE, notably Indians and Russians, as Vanuatu passports provide visa-free access to over 55 countries and visa-on-arrival entry to 34 others, though its EU visa waiver was suspended in 2023.
Many individuals view Vanuatu citizenship as a means to avoid taxes and scrutiny from Indian authorities. Since 2021, new regulations have intensified taxation for NRIs earning above ₹15 lakh from Indian sources while residing in tax-free zones. Immigration consultants highlight the challenges of contesting tax claims when business operations are perceived as managed from India. The anonymity Vanuatu offers for financial holdings is also attractive, as surrendering Indian passports limits Indian authorities’ access to offshore account information.
Rajesh P. Shah, a partner at Jayantilal Thakkar & Company, noted that numerous NRIs have opted for Vanuatu citizenship in recent years, particularly to sidestep potential legal issues in India, with the program encompassing entire families. Some applicants utilize Vanuatu as an interim solution while aiming for citizenship in countries offering more influential passports like Malta, Grenada, or Cyprus, which permit dual citizenship. Although Vanuatu’s checks may be less stringent than Grenada’s, which collaborates with US due diligence, it remains a quick and cost-effective option for those in urgent need of alternatives.
Applicants typically plan their finances meticulously before seeking citizenship, often transferring funds abroad before applying, with NRIs allowed to remit $1 million annually from asset sales in India. Post-approval, many surrender their Indian passports within three months. Vanuatu’s citizenship program not only provides a second passport but also facilitates privacy, tax advantages, and easier travel, appealing to Indians considering alternative citizenship options.
In summary, Vanuatu offers a rapid and cost-effective citizenship option particularly attractive to Indian NRIs seeking financial privacy and freedom from taxation. With a straightforward application process and significant benefits, it has marked a rise in interest among Indian nationals in the UAE. Moreover, many view Vanuatu citizenship as a stepping stone toward future citizenship in more powerful nations, making it a strategic choice for those looking to explore global mobility and tax efficiency.
Original Source: m.economictimes.com
