It would be high time for the EU to protect Europe from the money laundering and cybercrime paradise. Many scam broker scams and regulated EU brokers use Vanuatu to target consumers in the EU via offshore entities licensed issued by the local Vanuatu Financial Services Commission (VFSC). The island nation’s Golden Passport scheme in the South Pacific Ozan adds to this calamity. To protect security in Europe, the EU Commission is considering requiring certain citizens of the island nation of Vanuatu in the South Pacific to obtain visas again to enter the EU.
The EU Commission proposed that EU states partially suspend visa agreements with Vanuatu because of its Golden Passport scheme. In exchange for an investment of at least $130,000, Vanuatu would grant citizenship giving the new passport holders visa-free access to the EU and its member states. The EU Commission found severe security gaps in the passport scheme. Citizenship is also granted to investors who are registered in Interpol databases.
Moreover, the EU Commission found that the average processing time for applications was too short to examine them thoroughly; only one application was rejected by 2020.
Holders of the Golden Passport do not have to go through the procedure for a Schengen visa. THEREFORE, the EU Commission sees increased risks for the security of the EU and its member states. The visa waiver agreement is, therefore, to be suspended for those people whose passports were issued from May 25, 2015. Since then, the EU Commission said Vanuatu has been issuing passports in exchange for investments. The member states will now decide on the proposal.
But what about Cyprus then?