Vanuatu opened Real estate citizenship by investment program on on 23 July 2021 under Real Estate Option (REO). Applicants for citizenship under the REO must invest in a property in a Vanuatu Government Approved Project (VGA Project) in addition to payment of the prescribed fees.
Regulations
The Citizenship (REO) Program was enacted under section 13F of the Citizenship Act [CAP. 112] and Citizenship (Real Estate Option Program) Regulation Order No. 93 of 2021.
Purpose
The REO scheme aims to maximize economic growth, attracting retired investors or wealthy individuals in the real estate option sector with a focus on providing the necessary infrastructure to cater for growth of the tourism industry, the major investor will only be allowed to sell constructed houses, apartments and condominiums and will be prohibited from selling vacant land. It will be exclusive, unrestricted, and irrevocable right and option to purchase a property at a fixed purchase price within a specified option period.
An Applicant for Vanuatu Citizenship under the REO Program must purchase a property in a Vanuatu Government Approved Project (VGA Projects) and pay the relevant prescribed fees.
Prospective CIP Investors must invest atleast USD $200,000 in any of the followed approved real estate projects by the government.
The Purpose of the REO Program include…
- create employment opportunities in the ongoing operation of hotels and resorts;
- it create employment and business opportunities for businesses that supply support services to projects, including food supply, retail, tourism and recreation activities
- expand and improve infrastructure including roads, telephones, electricity and water networks
- invest in the improvement of access to education and health facilities
- increase revenue for the Government derived from: (i) VAT and duty on goods and services consumed in the operation of the project; and (ii) application and processing fees payable under the REO Program; and (iii) increased revenue payable directly to custom land owners from turnover derived from operation of any commercial enterprise on the land contained within the project.