New Delhi: Indian Premier League (IPL) founder and fugitive businessman Lalit Modi has filed an application with the Indian high commission in London to surrender his Indian passport. According to reports, the Ministry of External Affairs in India has confirmed such claims. Modi is learnt to have acquired citizenship of Vanuatu, an island nation in the Pacific Ocean. This island nation is known for its Citizenship-by-Investment (CBI) programme.
Lalit Modi left India in 2010. He has since been living in London.
Here are some interesting facts about Vanuatu:
- Vanuatu is an island country located in the South Pacific Ocean.
- It is an archipelago comprising 83 islands. Out of these, 65 islands are inhabited.
- Vanuatu is located at the east of Australia and the north of New Zealand. It is midway between Australia and Fiji.
- Its capital and largest city is Port Vila on Efate Island.
- The national language of the Republic of Vanuatu is Bislama (a Creole language).
- The official languages are Bislama, English, and French.
- The economy is based on agriculture, tourism, fishing, and offshore financial services. In this island nation, kava exports play a significant role.
- Vanuatu does not have income tax, withholding tax, capital gains tax, inheritance tax, or exchange control.
- VAT, tourismNe, and agricultural export contribute to the national income.
- Vanuatu offers a citizenship-by-investment programme. Thus, foreigners are allowed to obtain citizenship in exchange for a financial contribution. According to reports, the citizenship can be acquired by paying around $1,50,000 USD. Passports provide a major source of government revenues, claims BBC.
