The Growing Popularity of Vanuatu Citizenship Among Indians

Vanuatu’s citizenship program is appealing due to its quick processing and affordability compared to Cyprus and Malta. The program’s cost is about ₹1 crore for individuals and ₹1.5 crore for couples, with passports issued within seven weeks. It offers tax benefits, financial privacy, and is often chosen as a stepping stone to stronger citizenship options.

Vanuatu has emerged as a preferred choice for individuals seeking rapid and economical citizenship. Its citizenship-by-investment program is not only cost-effective compared to alternatives like those in Cyprus and Malta, but it also offers a significantly quicker processing time, with citizens not needing to visit the country for their application. Many Indians explore this option after establishing a residence, often in the UAE, where they can apply after meeting non-resident Indian (NRI) qualifications.

The cost of obtaining Vanuatu citizenship is approximately ₹1 crore for individuals and ₹1.5 crore for couples with minor children. Following the payment, passports are typically returned by courier within seven weeks to locations in Dubai. Recent data indicates that at least 30 Indians have acquired Vanuatu citizenship in the last 18 months, reflecting its growing popularity, particularly among expatriates from India and Russia.

Apart from expediency and affordability, many individuals are drawn to Vanuatu citizenship for tax advantages and financial confidentiality. India’s stringent tax amendments since 2021 complicate the tax landscape for NRIs earning above ₹15 lakh from Indian sources while residing in tax-exempt jurisdictions. Those with Vanuatu citizenship may be better positioned to protect their international business income from Indian tax authorities, especially if they relinquish their Indian passports.

Vanuatu’s citizenship also provides a cloak of secrecy regarding financial holdings, as it does not share the same level of financial data with Indian authorities as some other countries do once an Indian passport has been surrendered. This aspect has prompted many NRIs to consider Vanuatu citizenship to mitigate legal risks associated with their finances in India. The program allows participation for entire families, making it particularly appealing to Indian citizens residing abroad.

Furthermore, some applicants view Vanuatu’s citizenship as a stepping stone towards citizenship in countries with more robust passports, such as Malta or Grenada, which permit dual citizenship. The process involves transferring funds abroad after careful financial planning while maintaining Indian residency. New Vanuatu citizens often relinquish their Indian passports shortly after acquiring their new citizenship, seeking benefits linked to global travel and financial security.

Vanuatu’s citizenship program has gained traction due to its combination of convenience, financial discretion, and rapid processing, thus attracting many Indians who are seeking greater freedom and security through a second passport.

In conclusion, Vanuatu’s citizenship program presents a viable opportunity for individuals, particularly Indians, seeking quick and budget-friendly alternatives for obtaining citizenship. This program not only facilitates financial privacy and tax benefits but also serves as an entry point for further citizenship opportunities while meeting the growing demands for global mobility.

Original Source: m.economictimes.com