Vanuatu has emerged as an attractive alternative for Indian citizens seeking quick and affordable citizenship options. The program typically requires prior residency in the UAE, with processing times of around seven weeks. With an investment starting at ₹1 crore, Vanuatu citizenship offers financial privacy, potential tax benefits, and facilitates easy travel access, making it particularly appealing to NRIs.
Vanuatu has gained popularity as a favorable destination for individuals seeking alternative citizenship due to its expedited and budget-friendly process. Competing with nations like Cyprus and Malta, which offer higher costs and longer processing durations, Vanuatu permits individuals to gain citizenship without an in-person visit. This appealing aspect is particularly significant for those from India considering a citizenship change.
For many Indians, the trajectory towards acquiring Vanuatu citizenship often begins in the UAE. Prospective applicants typically spend a minimum of one year in Dubai to qualify as non-resident Indians (NRIs) before pursuing citizenship. The fees for obtaining citizenship are approximately ₹1 crore for individual applicants and about ₹1.5 crore for couples with minor children. Upon payment, the passports are issued within seven weeks and are delivered conveniently to a Dubai address via courier.
Recent industry estimates indicate that at least thirty individuals from India, including NRIs, have successfully acquired Vanuatu citizenship in the last eighteen months. Dr. Anup P. Shah, a partner at the chartered accountants firm Pravin P Shah & Co., reiterated that Vanuatu is currently the fastest citizenship by investment program, highlighting its popularity among residents of the UAE, including individuals from India and Russia, noting that the Vanuatu passport facilitates visa-free access to over 55 nations.
Applicants also perceive Vanuatu as an opportunity to circumvent taxation and financial vigilance. Since 2021, revised regulations in India have targeted NRIs with incomes exceeding ₹15 lakh derived from Indian sources while residing in tax-friendly regions like the UAE. An immigration consultant remarked on the challenges NRIs may face in contesting tax claims by Indian authorities, especially amidst family ties in the country.
Moreover, Vanuatu’s citizenship allows for financial confidentiality. After surrendering an Indian passport, jurisdictions such as Switzerland and Jersey are not obligated to share information regarding offshore financial holdings with India, instead reporting to Vanuatu. Rajesh P. Shah, partner at Jayantilal Thakkar & Company, noted that numerous NRIs have embraced Vanuatu citizenship in the past two years to navigate potential litigation intricacies in India.
Some individuals view Vanuatu citizenship as a stepping stone, aiming ultimately for citizenship in more robust passport countries like Malta, Grenada, or Cyprus, all of which support dual citizenship. A source familiar with the procedures stated that although Vanuatu’s background checks may not be as rigorous as those of Grenada, it remains a swift and economical option for those desiring expedient solutions.
Before applying for citizenship, meticulous financial planning is essential. Individuals typically transfer funds abroad while still holding Indian residency status, followed by NRIs remitting up to $1 million annually from asset disposals in India. Following the transfer of adequate funds, the application initiatives commence, and new citizens are typically expected to renounce their Indian passport within three months of gaining Vanuatu citizenship. This program presents not just an additional passport for many, but also opportunities for financial privacy, tax advantages, and increased travel flexibility.
In conclusion, Vanuatu’s citizenship program offers a rapid and cost-effective pathway for individuals, particularly Indians based in the UAE, seeking alternative citizenship. The benefits such as visa-free travel, potential tax evasion, and financial anonymity contribute to its appeal. As applicants navigate this citizenship journey, careful financial planning and consideration of future citizenship prospects remain paramount.
Original Source: m.economictimes.com
