18 Feb 2013

Vanuatu earns millions selling permanent residence visas to rich Chinese

8:08 pm on 18 February 2013

Reports from Vanuatu says the government has earned over 400 million vatu or 4 point 3 million US dollars through the Permanent Residence Visa scheme which it recently launched in Hong Kong.

The legal advisor to the Vanuatu Financial Service Commission, John Stephen, says the scheme earns the government more than 3 thousand US dollars from each successful applicant.

Mr Stephen says the Commission has given nearly 1400 wealthy Chinese the permanent residence visas.

He says the Chinese don't intend to reside in Vanuatu but the visa status allows them to enter the Hong Kong government's Capital Investment Entrance Scheme which is required for settlement there.

Mr Stephen says the visa applicants also need to register a business as a Vanuatu international company - another scheme he says has earned substantial income for the government.