Vanuatu govt to re-design CBI Programme in terms of due diligence, marketing

The Republic of Vanuatu on Friday announced the complete review and re-evaluation of the architecture of its Citizenship by Investment (CBI)

Friday, 14th January 2022

Pacific: The government of the Republic of Vanuatu on Friday announced the complete review and re-evaluation of the architecture of its Citizenship by Investment (CBI) programme in terms of due diligence and marketing. The government said it would also conduct thorough vetting on all applicants granted citizenship in the past six years. Issuing a press release, Vanuatu government stated that it understands the significance of the programme and its impact on the country, especially amid the COVID-19 pandemic and ongoing natural disasters resulting in depletion of growth and fiscal balances. Citizenship by Investment Programme plays a key role in the national development and economic stability of the multi-island country. The new structure of the CBI programme will not only provide security and protection to the international community, but it will also bring the programme to the forefront for robust economic growth, leading government to take rapid actions to strengthen the due diligence of the applicants and a more streamlined citizenship application processing. The government formally announced the collaboration with its first multinational due diligence service provider, UK agency FACT UK, in keeping with the nation's goal to provide a safe and secure CBI Programme. The firm, which is the first of several top worldwide due diligence firms to be named, will provide comprehensive due diligence services. Kieron Sharp, the CEO of Fact UK, heads a highly skilled staff with extensive international expertise, having been trained by the FBI Academy and also serving as the Head of Economic Crime at Interpol. "The government welcomes the appointment as the first step toward thoroughly vetting CBI applications." FACT UK will conduct a number of checks, including sanctions lists, open-source checks, and on-the-ground assessments. IP protection, intelligence, and computer forensics, as well as forensic investigation and security verification, are all areas where it excels. The government further stated that the vetting process of the country would be further enhanced to ensure people who hold high repute are allowed to invest in the CBI programme. And to guarantee it, the third-party firm will carry out comprehensive research on each applicant to "mitigate any security, financial crime or reputation risks." In a bid to maintain the international standard in regard to the Citizenship by Investment programme of Vanuatu, no resource will be spared to exercise rigorous vetting. Due Diligence of past CBI applicants The government of Vanuatu announced that it would conduct a thorough due diligence checks on applicants who were granted citizenship in the past six years to ensure that all applicants are reputable and comply with international standards. Announcing a stringent action, the government announced that it would revoke the citizenship of an economic citizen who fails the due diligence procedure conducted by an independent firm's investigation. Review of CBI Programme World's leading citizenship and marketing solutions firm CS Global Partners has been appointed as "Marketing Service Provide" which will assist the government of Vanuatu on re-design of the Citizenship by Investment Programme entirely. "A thorough review of the programme will be undertaken to re-establish the programme's protocols, bringing the programme in line with internationally accepted standards." Multi-island country announced that it will review the citizenship by investment programme of the country using a multi-layered approach involving several entities such as authorized agents, CBI Units, independent due diligence firms, law enforcement and intelligence agencies, and partner with governments. Vanuatu said that it will take all nations' safety and security seriously and will not compromise on security procedures for individuals seeking citizenship in Vanuatu. Attempts to strengthen Vanuatu's capabilities in this area demonstrate the commitment to international relations. To guarantee that it can perform successfully in the global market, the country has been working closely with international partners. Vanuatu's Parliament has passed its first Cybercrime Act, owing to technical help from the Council of Europe's Global Action on Cybercrime Extended (GLACY+) project, which strives to align the country's national legislation with international norms. Vanuatu has a long history with the Council of Europe, having taken part in over fifteen regional, international, and national capacity-building programmes since 2011. Along with that, the International Monetary Fund (IMF) recognized the importance of the Citizenship by Investment (CBI) Program, stating that its revenue accounts for about half of the country's total revenue. EU Commission and its Recommendations Recently, the European Commission had proposed partial suspension of visa waiver agreement with Vanuatu to address the risks connected to its Citizenship by Investment programme against all economic passports issued as of 25 May 2015. A couple of days after the outlash of the EU Commission, Vanuatu announced an overhaul of its Citizenship by Investment programme with a more robust due diligence procedure and international standard for marketing of economic citizenship programme. Vanuatu has addressed the concerns of the EU Commission and its recommendations, which will lead the country's programme against suspension by the European Parliament. The programme not only help in national development, but it also helps the country to counter natural disasters and, specifically, upliftment of the public, overcome the challenges of climate change, the resilience of infrastructure and other facilities.