Lalit Modi’s Acquisition of Vanuatu Citizenship: Implications and Insights
Lalit Modi, former IPL chairman, has acquired Vanuatu citizenship amidst money laundering and tax evasion charges. The Ministry of External Affairs confirms his application to surrender his Indian passport. Vanuatu’s golden passport program offers an attractive route for wealthy individuals, requiring minimal documentation and providing fast processing. Yet, it has a history of misuse by criminal syndicates.
Lalit Modi, the former chairman of the Indian Premier League (IPL), has gained attention for acquiring citizenship in Vanuatu, an island nation in the Pacific Ocean. This development follows his flight to the UK 15 years ago amidst allegations of money laundering and tax evasion. The Ministry of External Affairs (MEA) in India confirmed that Modi has applied to surrender his Indian passport at the High Commission in London while acquiring Vanuatu citizenship.
Modi, facing serious legal issues, submitted his passport surrender request, which the MEA will review according to existing regulations. MEA spokesperson Randhir Jaiswal stated, “Lalit Modi has made an application for surrender of his passport at the High Commission of India in London… We are also given to understand that he has acquired citizenship of Vanuatu.”
The allure of Vanuatu for Modi stems from its appealing golden passport program, which allows individuals to purchase citizenship for USD 150,000 with minimal documentation and no need to visit the country. The process can be completed in a month, making it particularly attractive for wealthy individuals looking for simplicity and efficiency. Vanuatu’s citizenship scheme significantly contributes to its economy, generating nearly 40% of the country’s revenue.
A Vanuatu passport affords holders visa-free access to over 120 countries, including the UK and various European nations. Its status as a tax haven, devoid of income and corporate taxes, further enhances its attractiveness. Recent reports suggest that around 30 Indians have secured Vanuatu citizenship in the last two years, amid a backdrop of rampant demand from international citizens, especially from China.
However, the golden passport program has faced scrutiny due to allegations of misuse by global criminal networks, facilitating access to the EU and UK for individuals with questionable credentials. Investigations have uncovered connections between citizenship applicants and intricate offshore business activities.
In summary, Lalit Modi’s acquisition of Vanuatu citizenship, amidst ongoing legal troubles for money laundering and tax evasion, underscores the attractiveness of that nation’s golden passport program. The swift and minimal documentation process, coupled with considerable tax benefits, positions Vanuatu as a viable option for those seeking citizenship. However, concerns about the program’s exploitation by criminal entities have emerged, prompting calls for scrutiny.
Original Source: www.indiatoday.in
