Topic Reading-Vol.2746-10/18/2019
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Topic Reading-Vol.2746-10/18/2019
0422-27-5366
〒180-0006 東京都武蔵野市中町2-3-5 IIHA武蔵野1階
電話受付/月〜金 9:00-18:00
Topic Reading-Vol.2746-10/18/2019
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.
https://www.bbc.com/news/business-49958628
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