Former BCCI President and IPL founder, Lalit Modi, has officially acquired Vanuatu citizenship and has applied to surrender his Indian passport at the Indian High Commission in London.
The Indian Ministry of External Affairs has confirmed this development, which could make efforts to bring him back to India more challenging.
Why Did Lalit Modi Choose Vanuatu?
Vanuatu is an island nation known as a tax haven, offering easy citizenship processes.
According to Modi’s legal advisor, Mehboob Abdi, the process of surrendering his Indian passport is complete, further complicating India’s attempts to extradite him.
How Did Lalit Modi Get Vanuatu Citizenship?
Vanuatu is one of the few countries that allows dual citizenship. However, since India does not permit dual citizenship, Lalit Modi had to renounce his Indian nationality.
Tax Benefits in Vanuatu
One of the biggest reasons people opt for Vanuatu citizenship is its tax-free policy. Here’s what makes it attractive:
No personal income tax – Individuals do not have to pay taxes on their earnings.
No capital gains tax – Profits from investments are not taxed.
No inheritance tax – Heirs do not have to pay taxes on inherited wealth.
This means that Lalit Modi will not have to pay any tax on his global earnings, allowing him to retain 100% of his income without deductions.
Vanuatu’s citizenship-by-investment program makes it easy for wealthy individuals to acquire citizenship in exchange for financial contributions, making it a popular choice for those seeking tax benefits.
