Vanuatu's popular "Golden Passport" program allows wealthy individuals to purchase citizenship by investing in the country's economic development, thereby gaining citizenship and enjoying special benefits.
Lalit Modi: Former IPL chairman Lalit Modi has officially renounced his Indian citizenship and acquired Vanuatu citizenship. He surrendered his passport at the London-based Indian High Commission on Friday. The Indian Ministry of External Affairs has confirmed this. Vanuatu is a small Pacific Ocean nation known for granting citizenship in exchange for investment.
What is Vanuatu's 'Golden Passport' Program?
Vanuatu operates a 'Citizenship by Investment' (CBI) program, also known as a 'Golden Passport,' allowing wealthy individuals to obtain citizenship by making a significant investment. Citizenship obtained through this program offers benefits including visa-free travel, tax exemptions, and other advantages.
Several other countries worldwide also offer citizenship based on investment, including Malta, Turkey, Montenegro, Antigua and Barbuda, Dominica, and Egypt.
What is the cost of Vanuatu citizenship?
According to media reports, Vanuatu's citizenship program is considered one of the fastest and easiest. It requires minimal documentation, and the entire process can be completed online. Applicants are not required to visit the country.
The cost of Vanuatu citizenship ranges from approximately ₹1.18 crore to ₹1.35 crore. This price includes citizenship for up to four family members. The passport is issued within 30 to 60 days of application.
What are the benefits of Vanuatu citizenship?
Obtaining Vanuatu citizenship offers several significant advantages, including:
Visa-free travel: A Vanuatu passport allows visa-free travel to 113 countries.
High-ranking passport: According to the Henley Passport Index, the Vanuatu passport ranks 51st globally, surpassing Saudi Arabia (57), China (59), and Indonesia (64). India ranks 80th on this list.
Tax benefits: Vanuatu is considered a tax haven, with no income tax, capital gains tax, or corporate tax.
Privacy and financial security: Many wealthy individuals seek Vanuatu citizenship due to the confidentiality offered by its financial system.
Where is Vanuatu?
Vanuatu is a small island nation located in the South Pacific Ocean, approximately 1,750 kilometers east of Australia. This archipelago consists entirely of volcanic islands. Neighboring countries include New Caledonia, Fiji, and the Solomon Islands. Its natural beauty and cultural heritage make it a popular tourist destination.
Serious allegations against Lalit Modi
Lalit Modi is considered the founder of the IPL, but he faces serious allegations of financial irregularities, money laundering, and tax evasion. He left India for Britain in 2010 when investigations against him began. The Indian government has repeatedly attempted his extradition, but his acquisition of Vanuatu citizenship presents a new development.
Significantly, Vanuatu's total population is smaller than Puducherry, and the country is not particularly strict regarding extradition, potentially offering Lalit Modi legal protection.
Why is Vanuatu citizenship attractive to wealthy Indians?
Over 30 wealthy Indians have obtained Vanuatu citizenship in the past two years. Reports suggest that Chinese citizens are the most significant beneficiaries of this program. Vanuatu's straightforward citizenship process, tax-free benefits, and visa-free travel make it a preferred option for high-net-worth individuals.
