There are an increasing amount of second residency and second citizenship programs on the market, and as I often say, the most heavily promoted how to invest 50000 in 2015 are often not the best. Vanuatu is a South Pacific island chain on volcanic lands.

The place is pretty small and sits north of the halfway point between Australia and New Zealand. Even the cheap airfares from Kuala Lumpur make getting to the islands rather time-consuming and a bit expensive. That said, Vanuatu offers both residency and citizenship programs that you probably haven’t heard about, but perhaps should have. In 2015, however, the European Union signed a mutual visa waiver agreement, allowing Vanuatuans to travel freely to Europe’s Schengen Area, and elevating island nation’s citizenship from being one of the world’s worst passports to being a rather respectable one with access to nearly 120 countries. In addition to all 26 Schengen Area countries, Vanuatuans may now visit the non-Schengen Member states of the Cyprus, Romania and Bulgaria, as well as continued access to the United Kingdom and Ireland which has existed for a long time thanks to the islands’ former ties to Britain. With Vanuatu’s passport now packing more punch as a travel document, obtaining residency in the country with the goal of becoming a naturalized citizen in the future seems more appealing. For one thing, Vanuatu has no income tax.

Nor any estate taxes or capital gains taxes. In fact, other than enforcing a rather lax VAT, Vanuatu has few taxes at all. Get our Freedom Seeker’s Guide to Second Passports. On my flight here, I sat next to Australian guy whose wife goes around the world working with governments to impose strict anti-money laundering standards and cooperate with international tax information sharing. That means that Vanuatu’s halcyon days as a tax haven are behind it, but paying zero tax on almost anything is still appealing.