Lalit Modi Acquires Vanuatu Citizenship Amid Controversy

Lalit Modi, former IPL chairman, has obtained Vanuatu citizenship amidst legal issues, including money laundering and tax evasion. The Vanuatu golden passport program is attractive due to its low cost and minimal documentation. However, scrutiny exists over its potential misuse by criminals, as uncovered by investigations.

Lalit Modi, the former chairperson of the Indian Premier League (IPL), has recently acquired citizenship from Vanuatu, as confirmed by the Ministry of External Affairs (MEA). This development arises 15 years after he fled to the UK amidst charges of money laundering and tax evasion. Modi has applied to surrender his Indian passport at the High Commission in London, which the MEA will assess based on existing laws and procedures.

Vanuatu’s citizenship-by-investment program offers a golden passport at a mere USD 150,000 (approximately Rs 1.3 crore), requiring minimal documentation and allowing online submission. The application process takes about one month, enabling individuals to receive a passport without needing to visit the country. Vanuatu’s program is touted as one of the most expedited, affordable, and lenient in the world.

The revenue from passport sales represents nearly 40% of Vanuatu’s income, making it crucial for the economy of this struggling nation. Despite the global pandemic’s financial toll, Vanuatu reported a budget surplus in 2021, attributing success to the demand for its citizenship. A Vanuatu passport offers visa-free travel to 120 nations, including the UK and various European countries, and the region operates as a tax haven without income, corporate, or wealth taxes.

In recent years, the golden passport scheme has attracted numerous Indian citizens and Non-Resident Indians (NRIs), with at least 30 individuals obtaining citizenship since the last two years. However, this program has faced scrutiny for being a potential loophole for global criminals, facilitating a gateway into the EU and UK. Investigative reports indicate that many applicants have links to offshore enterprises, revealing serious concerns regarding the integrity of the program.

In summary, Lalit Modi’s acquisition of Vanuatu citizenship highlights the perks of the nation’s golden passport program, which offers quick and low-cost citizenship, appealing particularly to individuals facing legal challenges. While providing a lucrative economic boost for Vanuatu, this scheme raises significant concerns regarding potential misuse by individuals with dubious backgrounds. The continued scrutiny of such programs is essential to mitigate risks associated with global criminal syndicates.

Original Source: www.indiatoday.in