Dear MEL Topic Readers,
How selling citizenship is now big business
Vanuatu is an island nation in the South
Pacific that consists of 82 islands with a population of just over 270,000. It won
independence in 1980 after a century-old reign by France and the UK. Their main
economic activities are agriculture, tourism, offshore financial services, and
raising cattle. It draws divers from the world to the coral reefs of the South
Pacific region and money to its tax-free financial services. Vanuatu is a tax
haven because there are no income tax, withholding tax, capital gains tax,
inheritance tax, or exchange control. But what brings money the most to the
island nation is citizenship sales, which now accounts for as much as 30% of
the nation’s revenue. The main buyers are Chinese who seek free entry and financial
activities in Europe.
In fact, buying and selling citizenship is a
booming business around the world, and Hong Kong is one of the world’s biggest citizenship
marketplaces. Many wealthy people, especially Chinese, bet their money on a passport for the safety of themselves and their fortune. Where there are desperate
buyers, there are also brokers that accommodate their needs. With $150,000, one
can get a passport of a tropical island country. Sounds like a membership rather
than citizenship. The question is if the revenue from selling citizenship brings
benefits to the local citizens.
Enjoy reading the article and learn about this
growing passport market.
No comments:
Post a Comment