Outlook Business Desk
On 10 March, Vanuatu Prime Minister Jotham Napat ordered the Citizenship Commission to revoke the passport of former IPL founder Lalit Modi. The prime minister emphasised that Vanuatu citizenship is a privilege, not a right, and should not be misused to avoid legal action.
Vanuatu PM issued a statement; he learned that Interpol had twice rejected India's request for an alert notice on Modi due to insufficient judicial evidence. He stated that if such an alert had been issued, it would have automatically disqualified. He said that holding a Vanuatu passport is a privilege, not a right.
The Ministry of External Affairs (MEA) confirmed that former IPL chief Lalit Modi has applied to surrender his Indian passport at the Indian High Commission in London. Apart from evading Indian law enforcement, possible reason is Vanuatu’s "golden passport" program, which offers citizenship by investment, allowing wealthy individuals to acquire a Vanuatu passport.
Vanuatu is an island nation in the South Pacific Ocean. It was ranked as one of the happiest country in 2024. As per its 2020 census, the country's population stood at 300,019, which is less than half of Noida's population.
Vanuatu imposes no personal taxes on its citizens, meaning all income is tax-free. The country also does not have capital gains tax beneficial to investors dealing in stocks or real estate. Additionally, Vanuatu has no inheritance or corporate tax, so businesses registered there but earning income abroad are not subject to corporate taxation.
The vatu (VUV) is Vanuatu's official currency. Currently, 1 Indian Rupee (INR) equals 1.40651 VUV based on the latest exchange rate.
For Indians, they have to live in Dubai for a year to attain Non-Resident Indian (NRI) status before applying for Vanuatu citizenship. The process costs approximately Rs 1 crore for individuals and Rs 1.5 crore for couples with minor children. After payment, passports are issued within seven weeks.
Lalit Modi is an Indian businessman and ex-cricket administrator. He was the founder, first chairman, and League Commissioner of the IPL. He left India in 2010 and has since been residing in London. He is currently wanted by Indian law enforcement over allegations of steal crores of rupees during his tenure as the IPL chief.