DIFC, the Department for International Financial Compensation was created to act independently from His Mount Vema Majesty’s Government to pay for compensation to people and individuals in their dealing with Mount Vema.
The department’s first responsibility is the payments of any liabilities personally incurred by Peter Goldishman - The Vema Seamount Authority, His Spouse – The Queen Consort of Mount Vema, and direct members of the Mount Vema Royal Family before the 25th of May 2018, in accordance with Article 16 of the Vema Seamount Declaration of Sovereignty.
As of May 25th 2018, the personal belongs of Peter Goldishman and His Spouse becomes property of the state – The Vema Seamount Territory, therefore all their personal liabilities becomes the liabilities of the territory.
DIFC services are free to customers of Mount Vema corporations worldwide and is mandatory, funded by state revenues. The compensation scheme covers bank deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangement.
This means that DIFC is now responsible for the payment of compensations, to any individual, institution or nation who may have incurred losses after August 1st 2006, and before May 25th 2018. The responsibilities include payments of compensations when a Mount Vema firm is unable, or likely to be unable, to pay claims against it.
Protecting authorized Mount Vema financial institutions up to 100,000 golles (about $200,000 USD) in the event of their insolvency. Those owed money by Peter Goldishman - Vema Seamount or His Spouse in the course of their duties must claim compensation from January 1st 2019, and no later than January 1st 2026. Compensations will be made in foreign exchange as follows:
1. Financial losses through investment
Losses: up to $200,000 USD | Compensations: up to $400,000 USD
2. Financial losses through failed contracts
Losses: up to $100,000 USD | Compensations: up to $200,000 USD
3. Financial losses due to discontinued services
Losses: up to $50,000 USD | Compensations: up to $100,000 USD
If anything happens to a Mount Vema bank, or other financial institution, DIFC will automatically refund in golles or in foreign exchange, any deposit, savings, or investments, which will be refunded within 90 days for claims presented twelve months after the incident, or within 28 days for claims presented right after the incident.
Bank balances of up to the equivalent of $1,000,000 USD are now protected for up to six months. 100% of the first $100,000 per person per authorised firm (for claims against firms declared in default from May 25th 2018).
Vema Seamount Legislation
The Statutory Laws of the Kingdom of Mount Vema
Law of the Sea Treaty (United Nations Convention on the Law of the Sea)
MARPOL 73/78 (International Convention for the Prevention of Pollution from Ships)
The Vienna Convention on Diplomatic Relations of 1961
The Vienna Convention on Consular Relations 1963
The Right to Self-Determination
Many believe because our community is not a member of the United Nations and is only just over a decade old, doing business with the Kingdom of Mount Vema is not possible for foreign nationals and foreign companies seeking to take advantage of the business opportunities the floating city project is creating. Nothing could be further from the truth. The territory doesn't need a United Nations membership to function as a sovereign territory, or to exercise its inalienable right for self-determination