Digest: Vanuatu breaks financial records receiving more than 100 CBI applications per month / Abysmal record: number of Americans that renounced the US citizenship has soared / Malta: reasons behind refusal to grant citizenship by investment will not be made public

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  • Digest: Vanuatu breaks financial records receiving more than 100 CBI applications per month / Abysmal record: number of Americans that renounced the US citizenship has soared / Malta: reasons behind refusal to grant citizenship by investment will not be made public
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Elena Smirnova 08.09.2020

We continue to feature current developments in immigration in the span of one week! Today we will discuss the ranking of the most profitable citizenship-by-investment programs, new financial achievements of Vanuatu, the slump in the UK golden visas, and reasons behind renunciation of US citizenship by Americans.

Vanuatu breaks financial records receiving more than 100 CBI applications per month

According to a report by the Vanuatu Department of Finance and Treasury, the revenue from citizenship by investment amounted to 7.01 bln Vanuatu vatu (US$ 62.6 mln) in the first half of 2020. The program brought 5.36 bln Vanuatu vatu in the same period a year earlier, which is 32.2% less than the current value.

Ronald Warsal, chairman of the Vanuatu National Citizenship Commission, confirmed that the agency approves over a hundred applications every month.

Let us note that Vanuatu CBI program is in demand among investors due to its promptness. Vanuatu Citizenship can be granted within just 2 months; and our own achievement is 6 weeks. Please contact us via our chat window to get the detailed presentation of the program.

Abysmal record: number of Americans that renounced the US citizenship has soared

According to a research by Bambridge Accountants, more than 5,800 citizens renounced the US citizenship in the first six months of 2020, which is 1,210% more than in the first half of 2019. Over the past year, renunciation of American citizenship was recorded in 2,072 cases.

Researchers associate the spike in renunciation with the unfavorable political environment and inability of the authorities to develop effective methods to combat the COVID-19 pandemic.

One of the most common reasons for renouncing US citizenship is high tax burden. US citizens who renounce their citizenship by birth consider Caribbean passport programs with increasing frequency. What are the differences between the Caribbean programs and what issues can be solved by the second passport? Fill in Contact Us form and book a free consultation with our expert.

Malta: reasons behind refusal to grant citizenship by investment will not be made public

The Government of Malta has rejected a series of amendments to the citizenship by investment program earlier proposed by the opposition. Thus, names of investors and their family members who receive the passport will not be published in a special list.

However, the names of everyone who acquired Malta citizenship through naturalization or through a citizenship by investment program will still be listed on the official website.

The opposition also offered to make public the reasons why the applicants were denied citizenship by investment. Nevertheless, the authorities rejected this initiative as well. According to Alex Muscat, the Parliamentary Secretary for Citizenship and Communities, names of denied applicants are subject to publicity; however publication of reasons behind the refusal may harm national interests.

Please note that in addition to its CBI program, Malta also has the permanent residency by investment program. It is important to take into account the fact that Malta has the highest refusal rate in the immigration by investment market. Contact us and we will tell you about alternative EU programs in more detail.

The 2019 results: ranking of citizenship-by-investment and residency-by-investment programs

The total revenue of the most in-demand immigration-by-investment programs amounted to more than US$ 10 bln. The most profitable was the American EB-5 Immigrant Investor Program (US$ 1.8 bln). The Cyprus CBI program was the second best (US$ 1.4 bln), and the Portugal Golden Visa was the last in the top 5 (US$ 885 mln).

The Greek residence permit program with a revenue of US$ 835 mln ended up in the middle; and the ranking was rounded out by Vanuatu (US$ 105 mln) and such Caribbean countries as Antigua and Barbuda (US$ 99 mln), Grenada (US$ 61 mln), and Saint Lucia (US$ 23 mln).

The Migronis consultants will help you gain insight into a variety of CBI and residency-by-investment programs, as well as select the jurisdiction that suits your requirements the best.

 ProgramRevenue
1EB-5 Immigrant Investor Program (USA)US$1.8 bln
2Cyprus CitizenshipUS$1,483 mln
3Turkey CitizenshipUS$1,343 mln
4The UK Residency ProgramUS$959 mln
5Portugal Golden VisaUS$885 mln
6New Zealand Investor I and II VisasUS$860 mln
7Spain’s Residence PermitUS$850 mln
8Greece’s Residence PermitUS$835 mln
9Australia Golden VisaUS$703 mln
10Malta CitizenshipUS$280 mln
11Vanuatu CitizenshipUS$105 mln
12Antigua and Barbuda CitizenshipUS$99 mln
13Grenada CitizenshipUS$61 mln
14Thailand Golden VisaUS$42 mln
15Saint Lucia CitizenshipUS$23 mln

Demand for the UK golden visas has hit all-time lows

23 main applicants and 40 family members received the UK Golden Visas in the second quarter of 2020. The Home Office did not reject any applications. Between April and June, UK revenue from the investment program was £ 46 mln, which is the lowest financial performance since 2011 and half the result of the first quarter.

According to the government, such a drop in demand is attributed to closed border and economic crisis caused by the pandemic.

Do you wish to have visa-free access to the US? This is possible if you have citizenship of one of the Caribbean countries. Some programs even enable you to go through the necessary formalities in the remote mode. You can contact our experts for the details by filling out the form on our website.

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