Former President of the Board of Control for Cricket in India (BCCI) and founder of IPL, Lalit Modi has acquired Vanuatu citizenship. Modi has applied to the Indian High Commission in London to surrender his Indian passport. The Ministry of External Affairs has also confirmed that fugitive Lalit Modi has acquired Vanuatu citizenship. Modi's legal advisor Mehboob Abdi said that all necessary steps have been taken to surrender the Indian passport as per the prescribed procedure. Vanuatu is a small island country in the South Pacific Ocean. After Lalit Modi becomes a citizen of Vanuatu, the government will face more difficulties in bringing him back to India. Vanuatu sells its citizenship under the investment program. Being a tax haven country, the trend of acquiring citizenship in this island country has been increasing for some time.

You can become a citizen of Vanuatu by spending about one crore rupees. You can become a citizen of Vanuatu with your family for Rs 1.5 crore. This country is known for its fast-track citizenship process. Under the investment program, it grants citizenship within seven weeks of depositing money. 55 countries provide visa-free access on Vanuatu passports, while 34 countries provide visa-on-arrival facilities. If a person has lived continuously in Vanuatu for 10 years, then that person can apply for citizenship there. If a person is legally married to a boy or girl in Vanuatu or has been living together for the last 2 years, then he can also apply for citizenship. But, 'Citizenship by Investment' is the easiest way to become a citizen of Vanuatu.

Residence is not necessary.

It is not necessary to live in this country to acquire Vanuatu citizenship. Applicants in Vanuatu are not required to live in the country before, during, or after obtaining citizenship. This flexibility is especially beneficial for global citizens who prefer to maintain their primary residence in another country. Also, Vanuatu provides a dual citizenship facility. That is, if an Indian wants Vanuatu citizenship, he does not need to give up Indian citizenship.

No income tax required

Vanuatu does not impose any personal income tax on its citizens. This means that its citizens are not obliged to pay tax on any income, whether local or international. Apart from this, this country also does not levy taxes on capital gains. This means that the citizens here can keep 100% of the profit earned from selling stocks, real estate, or other assets in their pockets. Apart from this, Vanuatu does not levy inheritance or property tax.

Tax haven country

Vanuatu is known as a tax haven country. Till 2008, it did not share the financial information of its citizens with other countries at all. Later, under international pressure, it agreed to share this information. But, being a tax-free country, obtaining financial information related to its citizens is still a challenge.

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