Lalit Modi and His Acquisition of Vanuatu Citizenship: An Overview

Lalit Modi, ex-IPL chairman, has acquired Vanuatu citizenship while facing charges of money laundering. He applied to surrender his Indian passport as the MEA confirms this acquisition. Vanuatu’s golden passport program appeals due to its minimal document requirements and rapid processing. Modifications to the scheme raise concerns about misuse by potential criminals.

Lalit Modi, former chairman of the Indian Premier League (IPL), has recently acquired citizenship of Vanuatu, as confirmed by the Ministry of External Affairs (MEA). This development arises fifteen years after he fled to the UK amid allegations of money laundering and tax evasion. Modi has also applied to surrender his Indian passport at the High Commission in London. MEA spokesperson Randhir Jaiswal stated that this request will be processed according to existing regulations while the investigation against him continues.

Vanuatu, a small island nation in the Pacific, offers a highly sought-after golden passport program that requires an investment of USD 150,000 (approximately Rs 1.3 crore) for citizenship. The program is characterized by minimal documentation requirements and rapid processing, often taking only a month. This makes it an appealing option for wealthy individuals seeking a passport without the need to physically visit the country.

This golden passport scheme is notably profitable for Vanuatu, contributing nearly 40% to its revenue despite the nation being among the poorest globally. In 2021, the government reported a budget surplus due to this initiative, attracting many affluent applicants, including at least 30 Indians who obtained citizenship in the last two years.

Obtaining a Vanuatu passport grants holders visa-free access to over 120 countries, including those in the UK and Europe. Additionally, Vanuatu serves as a tax haven, imposing no income, corporate, or wealth taxes. However, the program has faced scrutiny, with reports highlighting its potential exploitation by criminal syndicates seeking to gain entry into the EU and the UK, as investigations show connections to offshore enterprises.

In summary, Lalit Modi’s acquisition of Vanuatu citizenship reflects both his ongoing legal challenges and the allure of effective passport programs in regions with minimal scrutiny. While Vanuatu’s golden passport initiative seems financially beneficial for the nation, it also raises concerns about its usage by individuals seeking to evade legal repercussions or engage in dubious activities. Modi’s circumstances continue to evolve as authorities pursue his extradition while he navigates his newly acquired status.

Original Source: www.indiatoday.in