Vanuatu is attracting attention as a potential haven for individuals like Lalit Modi, who are facing legal issues in their home country. Following his citizenship acquisition, the Indian government remains vigilant through ongoing legal actions. Vanuatu’s citizenship by investment scheme offers quick and affordable access, significantly contributing to the nation’s economy, while also raising security concerns amidst growing interest from Indians and NRIs.
Vanuatu is gaining attention as a potential refuge for individuals facing legal difficulties, notably Lalit Modi, the former IPL chairman. His recent acquisition of Vanuatu citizenship has prompted the Indian Ministry of External Affairs to confirm that he has applied to surrender his Indian passport. Spokesperson Randhir Jaiswal stated that the government is pursuing ongoing legal proceedings against Modi, signalling a strong response to his actions.
Modi, formerly associated with the Board of Control for Cricket in India, faces serious allegations of financial misconduct, including money laundering and bid-rigging. He fled India in 2010 amidst investigations involving unauthorized transfers, adding to the scrutiny surrounding his current citizenship choice.
The ‘golden passport’ scheme in Vanuatu, which allows citizenship through a financial contribution of USD 150,000, is considered one of the most accessible options worldwide. This process grants citizenship in as little as a month, without residency requirements. Vanuatu’s passport offers visa-free access to 113 countries, ranked 51st globally for passport strength, although it lost EU entry privileges in 2023 due to security issues.
Vanuatu’s economy heavily relies on its Citizenship by Investment program, which constitutes nearly 40% of national revenue. The country’s per capita GDP is relatively low, making the revenue from passport sales critical for economic stability. Increased demand during the pandemic even led to a budget surplus in 2021, underscoring the importance of this scheme for the nation.
Interest in Vanuatu citizenship is notably rising among Indians and NRIs, especially those looking to evade potential legal ramifications in India. Over the last two years, at least 30 Indians have gained Vanuatu passports. The citizenship extends to entire families, making it particularly appealing for expatriates.
The recent developments regarding Lalit Modi and Vanuatu’s citizenship programme highlight the growing trend of individuals seeking refuge through such schemes, driven by economic benefits and legal concerns. Vanuatu’s golden passport scheme, while economically significant, poses security risks due to allegations of misuse and lax background checks. Continued scrutiny is essential to address these challenges as the scheme evolves, reflecting global perspectives on migration and citizenship.
Original Source: english.mathrubhumi.com
