The Home Office said the changes would have immediate effect to prevent “a wave of travelers” from the affected countries.
Vanuatu’s CBI revenue has cratered since the loss of Schengen. A commission has been formed to find out what went wrong – and who is to blame.
The government will appoint a single Master Agent to market the world’s only sub-US$100,000 (technically speaking) CBI option globally.
Martin St-Hilaire and Philippe May suggest Vanuatu give up trying to meet the EU’s ever-shifting demands and focus, instead, on the mass market.
Vanuatu will actively involve the EU in the process of reforming its citizenship by investment programs to Brussels’ satisfaction.
Ukraine, whiplashing post-pandemic demand, Portugal’s golden visa crisis, and a host of price changes made for a highly eventful year.
The EU Council is extending the visa-waiver suspension to non-CBI citizens of Vanuatu, citing a “lack of progress” in addressing concerns.
Grenada’s CIU seeks a new CEO, while the Chairman of Vanuatu’s Citizenship Commission has been given leave.
Q2 was the lowest-grossing quarter in four years for citizenship by investment in Vanuatu. And it’s likely to get considerably worse.
It now remains to be seen whether the remaining non-EU Schengen countries – Norway, Lichtenstein, and Iceland – will follow suit.
The visa-waiver suspension will last until at least February next year, at which point the EU will re-assess the country’s CBI programs.
40 years have passed since countries first began selling citizenships. See our timeline of the history of citizenship by investment programs.
In a “Hail Mary” effort to ward off the suspension, Vanuatu is establishing a national task force to review and improve its CBI procedures.
By attacking CIPs in small, defenseless countries with no allies, EU politicians rack up PR points at zero cost, writes Martin St-Hilaire.
“I do not see any way to please the EU other than stopping the whole program,” says St-Hilaire, while Harris thinks it’s not over yet.
Vanuatu’s worst-case scenario becomes a reality as the European Council decides to revoke visa-free travel to the EU.
Philippe May and Martin St-Hilaire ask: Would it be the end of CBI in Vanuatu? Would a price cut be in order? Where would demand come from?
Nuri Katz calls CBI vetting “the best due diligence known to man.” He also takes part of the blame for the industry’s failure to effectively lobby Brussels.
The Attorney General and the FIU objected to the contract. Lack of unified messaging undermines the program, indicates Micha-Rose Emmett.
Martin St-Hilaire points to red herrings, straw man arguments, and other deliberate fallacies the European Commission uses against Vanuatu.
