No Income Tax, Paradise For Crypto Enthusiasts: All About Vanuatu As Lalit Modi's Citizenship Ignites Curiosity
Lalit Modi Acquires Vanuatu Citizenship: The country's population is less than half of Noida, when compared to their government data released in 2020 and India's data of 2011.
Vanuatu, an archipelagic nation that was unknown to most Indians, has suddenly become a topic of discussion with citizens searching up the internet to know more about this picturesque country made up of roughly 80 islands. The curiosity was ignited by a former IPL chief, who had taken up Vanuatu’s citizenship.
Lalit Modi is wanted by Indian law enforcement agencies in connection with allegations that he was involved in embezzlement of crores of rupees during his stint as the top boss of the IPL.
related stories
The former IPL chief had filed an application with the Indian high commission in London to surrender his Indian passport, the Ministry of External Affairs (MEA) confirmed on Friday. He had left India in 2010 and is learnt to have been living in London.
However, in the latest development, Vanuatu Prime Minister Jotham Napat has directed the Citizenship Commission to cancel the passport issued to Lalit Modi, saying that the fugitive was attempting to avoid his extradition.
Interesting Things To Know About Vanuatu
• Why did Lalit Modi choose Vanuatu? Besides trying to evade Indian law enforcement agencies, one of the possible reasons could be Vanuatu’s “golden passport" program. The country has a popular citizenship by investment (CBI) or “golden passport" program, which allows wealthy people to purchase its passport.
Zlata Erlach, the head of the Austrian office of Immigrant Invest, in a blog explained the lucrative citizenship benefits of Vanuatu:
a) She explains that Vanuatu does not impose any personal tax on its citizens. This means that any income you earn, whether locally or internationally, is entirely free from taxation by the Vanuatu government.
b) Vanuatu does not have capital gains either. This may be beneficial for investors who deal in stocks, real estate, or other appreciating assets.
c) The country neither has inheritance tax nor corporate tax. This means that if an individual’s business is registered in Vanuatu but generate income from outside the country, he/she won’t be subject to corporate taxes on those earnings.
d) Other tax exemptions include no withholding tax, no gift tax and no estate tax.
e) Erlach further claims that Vanuatu is emerging as as significant crypto-hub with Satoshi island, a 32-million-square-foot area owned by Satoshi Island Holdings Limited, poised to become a global centre for cryptocurrency professionals and enthusiasts.
• What currency is used in Vanuantu? The vatu (ISO code: VUV) is the currency of Vanuatu. The term vatu, used in all three official languages of Vanuatu (English, French, and Bislama), was borrowed from the word for “stone" in some indigenous languages. At the current exchange rate, 1 INR is equal to 1.40651 VUV.
• And for those wondering, how life would be in Vanuantu, the 2024 Happy Planet Index gives you that surety. According to the index, Vanuantu claimed the top spot as the happiest country out of 150 nations, a title it first earned when the index debuted in 2006.
• How to reach Vanuatu? One can easily reach Vanuatu from popular international locations. For example, from Australia’s Sydney, it’s a short three-hour direct flight to Vanuatu’s main airport, Bauerfield International Airport (Port Vila). Flights are also available from New Zealand, Fiji and other parts of the Pacific.
• What Does Vanuatu Mean? It translates to ‘Our land forever’ in many of the 139 indigenous languages spoken by the ni-Vanuatu.
• Interestingly, Vanuatu’s population is less than half of Noida. According to its 2020 census, Vanuatu’s population five years ago was 300,019 — less than half the population of Noida (637,272) in 2011 (the last time India held its census exercise).
• Vanuatu was a once an Anglo-French condominium. Reports suggest that the islands were first inhabited some 3,000 years ago by people belonging to the Lapita culture of northern Philippines. Over time, however, the Lapita people lost their cultural unity, as communities evolved locally, separated by hundreds of kilometres of sea.
Portuguese explorer Pedro Fernandes de Queirós in 1606 became the first European to arrive at Vanuatu’s shores. The islands were extensively explored by British explorer James Cook in 1764, who called them New Hebrides, a name that stuck until 1980.
In 1906, France and the UK agreed to administer the islands jointly. The colonial era lasted till 1980, when New Hebrides became independent and was officially named Vanuatu.
- Location :
- First Published: