Lalit Modi surrenders Indian passport, acquires Vanuatu's citizenship| Know key features

PTC News Desk: Former Indian Premier League (IPL) founder Lalit Modi has surrendered his Indian passport and has taken up Vanuatu’s citizenship. The move has also ignited curiosity in amongst Indians as to why did Modi opt for the citizenship of an archipelagic nation which became a topic of discussion with citizens surfing through the internet to know more about the destination. 

The Ministry of External Affairs (MEA) confirmed this development on Friday.

Modi is known to have acquired citizenship of Vanuatu, a South Pacific Island nation. He left India in 2010 and is learnt to have been living in London.

Why did Lalit Modi choose Vanuatu?

The former IPL chief 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.

Zlata Erlach, the head of the Austrian office of Immigrant Invest, in a blog explained the lucrative citizenship benefits of Vanuatu:

• She states that Vanuatu does not levy any personal taxes on its citizens, allowing individuals to keep all their earnings, whether generated domestically or internationally, without government taxation.
• Vanuatu also lacks a capital gains tax, making it an attractive option for investors involved in stocks, real estate, or other appreciating assets.
• The country imposes neither inheritance tax nor corporate tax. As a result, businesses registered in Vanuatu that earn income from abroad are not subject to corporate taxation.
• Additional tax exemptions include the absence of withholding tax, gift tax, and estate tax.

- PTC NEWS

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