Former IPL chairperson and fugitive Lalit Modi has once again made headlines, this time for acquiring citizenship of Vanuatu, a small Pacific island nation. The Ministry of External Affairs (MEA) confirmed this development during its weekly media briefing. MEA spokesperson Randhir Jaiswal stated that Modi has applied to surrender his Indian passport at the High Commission in London. Jaiswal added that the Indian government continues to pursue legal proceedings against him.
Modi, who has been facing allegations of money laundering and tax evasion, fled to the UK 15 years ago. Despite India’s repeated attempts to extradite him, little progress has been made. With his new citizenship in Vanuatu, which has no extradition treaty with India, his case takes a new turn.
The name “Vanuatu” holds deep cultural significance, translating to “Our Land Forever” in many of the indigenous languages spoken across the islands. With 139 native languages, Vanuatu is one of the most linguistically diverse places in the world, reflecting its rich cultural heritage. Vanuatu is a small island nation with a modest population.
As per the 2020 census, the country had approximately 300,019 residents—less than half the population of Noida, which had 637,272 people in the 2011 census.
Why did Lalit Modi choose Vanuatu?
Vanuatu’s golden passport scheme– Vanuatu offers a lucrative citizenship-by-investment program, allowing wealthy individuals to obtain a passport by paying $150,000 (Rs 1.3 crore). The process is fast, requiring minimal documentation and taking only about a month. The program has attracted individuals worldwide due to its ease and benefits, including tax exemptions and visa-free travel to over 120 countries.
Vanuatu- A growing tax haven– Reports suggest that Vanuatu is emerging as a tax haven with no income, corporate, or wealth taxes. Due to its popularity, the country recorded a budget surplus in 2021. Vanuatu imposes no inheritance or corporate taxes. This allows businesses registered in the country to operate tax-free on income earned abroad, making it an attractive destination for entrepreneurs seeking financial advantages.
Vanuatu also lacks a capital gains tax, making it an appealing option for investors involved in stocks, real estate, and other appreciating assets.
Emerging crypto hub- Vanuatu is gaining recognition as a rising hub for cryptocurrency, with Satoshi Island—a sprawling 32-million-square-foot property owned by Satoshi Island Holdings Limited—set to transform into a premier destination for blockchain experts and digital asset enthusiasts worldwide.
How to travel to Vanuatu
Reaching Vanuatu is convenient from several international destinations. Travelers from Sydney, Australia, can take a direct flight of approximately three hours to Bauerfield International Airport, located in Port Vila, the capital of Vanuatu. Additionally, direct flights are available from New Zealand, Fiji, and various Pacific island nations, making access relatively straightforward for visitors from the region.
Vanuatu currency
Vanuatu’s currency is the vatu (ISO code: VUV), derived from the word for “stone” in some indigenous languages. It is used in the country’s three official languages—English, French, and Bislama. As per the current exchange rate, 1 Indian Rupee (INR) equals approximately 1.40651 VUV.
Over the past two years, at least 30 Indians, including NRIs, have obtained Vanuatu citizenship. However, the program has drawn criticism for allegedly being exploited by criminal networks to gain backdoor entry into the EU and UK.