Former IPL chairman Lalit Modi has applied to surrender his Indian passport at the Indian High Commission in London. According to reports, he has acquired citizenship of Vanuatu, an island country located in the Pacific Ocean. This country is known for its “citizenship-by-investment” (CBI) program.
Lalit Modi left India in 2010 and settled in London. On Friday, India’s Ministry of External Affairs (MEA) confirmed that the IPL founder has applied to give up his Indian citizenship. Vanuatu is an island country located in the South Pacific Ocean. It is a group of 83 islands, 65 of which are inhabited.
This country is located between Australia and Fiji, east of Australia and north of New Zealand. Its capital and largest city is “Port Vila”, located on the island of Efate. The official languages ​​in Vanuatu are Bislama (a creole language), English, and French. Bislama is considered the national language of the country.
The economy here is mainly dependent on agriculture, tourism, fishing and foreign financial services. Apart from this, a special drink called “Kava” is also exported in large quantities. Vanuatu has no income tax, capital gains tax, inheritance tax or currency exchange controls. The country’s main sources of income are VAT (value added tax), tourism and export of agricultural products.
According to VisaIndex, Vanuatu passport holders can travel visa-free to 56 countries. This is why its citizenship-by-investment scheme is attractive to investors.