Vanuatu is a beautiful island country located in the Pacific Ocean. The country is known for huge mountains and clear blue beaches. The country is a prime tourist spot and has attracted foreign investments from abroad under immigration through investment in Vanuatu. The country has an annual GDP amounting to over $0.9 billion. Various opportunities are available for locals and ex-pats in Vanuatu to earn and make a living in the country.
The country has a flourishing tourism sector owing to the beautiful landscape, prime location, and deep-sea waters. Tourism is the fastest-growing sector of the country contributing a major portion to the country’s national income. The country is a prime spot for scuba divers who want to explore the beauty of coral reefs located off the coast of Vanuatu in the South Pacific Ocean. Tourism sectors bring in much foreign exchange from abroad while many TV reality shows have also been filmed in the country contributing to its fame as a tourist destination
Finance and Banking
The country has a reputation of being a tax haven and this reputation that began before the independence has been carried forward by the government making it a global financial sector. The country is home to more than two thousand registered financial institutions including offshore banks, investment houses, accounting firms, insurance companies, and trusts thus providing a lot of opportunities for people excelling in finance and accounting.
Until a decade ago, the country did not release any financial information to foreign government and agencies however international pressure for transparency have completed the government to do so in the past years. Nevertheless, Vanuatu has maintained its status as a tax haven. The status of the country as a tax haven along with its strong passport has attracted investment in real estate to gain citizenship and immigration in Vanuatu.
Farming and Fishing
Fishing activity is prevalent throughout Vanuatu however fishing is mostly on a substantial basis thus fish is not exported to the foreign markets however sold in some quantity in the local markets. The country can primarily be classified as agricultural and much of the population is involved in this sector. The main exports of the agricultural sector of Vanuatu include kava, copra, timber, and cocoa. These amount to about one-fifth of the total national income of the country while contributes to over sixty percent of the total exports of the country, making it the main sector for earning a livelihood in Vanuatu.
The whole economy of Vanuatu is based on four pillars which are offshore financial activity, farming, and tourism while the last pillar of the economy is raising cattle. Cattle raising leads to the production of beef which is exported to nearby countries. Cattle, pigs, and chickens are significant in subsistence and commercial agriculture and cattle rearing plays a significant role in the local rural economy.
The mining industry, unlike the agriculture sector, has been mostly based on commercial purposes. The country does not have oil or gas reserves however is rich in magnesium. The country has halted the mining of magnesium in 1978 but allows the export of magnesium that has already been mined.
Citizenship and immigration to Vanuatu are highly in demand and have been deemed desirable owing to various factors. The country provides visa-free travel to about 125 countries in the world especially European countries making Vanuatu citizenship desirable for ones who wish to have easy mobility around the globe. It is a favourable tax haven with no income tax or taxes on inheritance and gains.
The road to immigration and citizenship in Vanuatu is through the process of investment, called Investment Immigration to Vanuatu. The option is to invest in real estate or local development funds and after attaining citizenship you can invest in various growing sectors of Vanuatu especially travel and tourism.