Please wait while JT SlideShow is loading images...

Offshore news !

Vanuatu To Join The World’s Optical Fibre Internet Backbone

As part of the Government Vanuatu’s commitment to encourage the development of e-business and IT infra- structure, the Vanuatu Government has thrown it’s full support behind the current Joint Venture project between Interchange Limited, a Vanuatu local IT company and Alcatel-Lucent, the giant French telecommunications company to deploy Vanuatu’s first international submarine cable system linking Port Vila, the capital of Vanuatu, to Suva, Fiji.

Scheduled for completion in mid 2012, this new system will deliver faster, more efficient and cost-effective Internet connectivity to the pacific island nation, while removing the current dependence on satellite and strengthening Vanuatu’s competitive position as an e-business hub.

Read more...
Residency application

 

Visitors can stay up to 4 months of a calendar year on a Tourist Visa. Upon arrival in Vanuatu, you will be granted a 1 month visitor’s visa, renewable by paying a visit to the immigration Department in town with your passport for an extension of a month each time.

For longer term stays, you will need to apply for a Residency permit.

You may apply for a Residency Permit as a contracted employee granted a Work permit to work in Vanuatu, as a retiree with an established income of a minimum of VT300, 000 per month or as an investor.

This is issued for a minimum of 1 year to a maximum of 10 years based on the value of your investment in the country.

The application fees for a Residency permit is VT40,000 per year, renewable annually for Vt40,000.

For an investment to qualify for a Residency Permit, the minimum investment is VT5, 000,000.

This can take the form of funds placed on a term deposit with a local bank. The bank will then issue an Investment Bond which is attached to the Residency Application.

Investment can also be ownership of properties of VT5, 000, 000 or more.

Longer term Residency can be granted under the investment program for terms as follows:-

3 Years    :    VT  15 Million,
5 Years    :    VT  25 Million,
10 years   :    VT  50 Million,
15 years   :    VT100 Million.

The above terms has an application fee of VT40,000 on top of the Residency Fees per year of permit.

That is, application fee of VT40, 000 + VT120, 000 (3 x VT40, 000/year) making a total of VT160, 000 for a 3 year Residency Permit Application. Thereafter you only pay VT120, 000 for renewal of the Permits for 3 years.

You will also need to establish a Repatriation Bond with a local bank. This is the cost of a one way air ticket back to your country of citizenship which will be placed on a Term Deposit. The bank will then issue this Repatriation Bond which forms part of the application process. Dependents under 18 years of age are exempted from this Bond.

There is no requirement to stay for a minimum amount of time in Vanuatu once the permit is issued. You may come and go as you like or not even come at all to Vanuatu.

This can be useful for perpetual travelers like yachties or other 'PTs' who divide their time between 2 or more homes in different jurisdictions and are unable or reluctant to obtain residency where these homes are located.

Moores Rowland Vanuatu can assist with your Residency Application as well as with the application for a local bank account to provide the required Repatriation and Investment Bonds.