New office for Vanuatu golden visas on Phuket puts citizenship-for-sale risks in spotlight
Phuket's popularity with Russian and Chinese visitors is drawing
Vanuatu 's citizenship-for-sale business to
Thailand in a bid to cash in. While some law enforcement officials warn that Asia's booming passport trade is fuelling cross-border crime and illicit finance, the strike-it-rich mood in Phuket remains undeterred.
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Investment Economics Ltd – a company owned by Russian nationals who also hold Vanuatu citizenship – has opened a Citizenship by Investment (CBI) office on Phuket, offering so-called 'golden visas' to clients seeking greater global mobility and offshore investment opportunities.
Vanuatu's CBI programme, which begins at US$130,000 for a single applicant and US$150,000 for couples, promises visa-free travel to dozens of territories, alongside the right to set up businesses and purchase property. The government says the scheme is open to anyone aged over 18 who meets the requirements and pays the fees.
The Phuket-based firm is led by Iurii Nazaretc, who carries the title of Vanuatu's Trade Commissioner to Phuket, and his son Dmitrii. Both are recent recipients of Vanuatu citizenship.
Aerial photo of Karon beach in Phuket. Photo: AFP
'We are observing a steady and gradual increase in interest from both Russian and Chinese markets – particularly in light of regional shifts and the growing demand for mobility and security solutions,' Dmitrii Nazaretc told This Week in Asia.
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