CONTEXT: Indian Premier League (IPL) founder Lalit Modi, currently facing allegations of money laundering and tax evasion, has submitted a request to the Indian High Commission in London to relinquish his Indian passport. He is reported to have obtained citizenship in Vanuatu.
Geography and Location
- Vanuatu is an island nation consisting of approximately 80 islands.
- It is situated in Oceania, within the South Pacific Ocean.
- The capital city is Port Vila.
Natural Hazards
- Positioned along the Pacific Ring of Fire.
- Susceptible to earthquakes, tsunamis, and volcanic eruptions.
Terrain and Climate
- The terrain is predominantly mountainous.
- The islands are enveloped by tropical rainforests.
Population
- A significant portion of the islands is populated.
- The estimated population is around 300,000 residents.
Historical Background
- Vanuatu was historically governed as an Anglo-French condominium.
- The country achieved independence in 1980.
Government
- Vanuatu operates under a parliamentary democracy.
Why is Vanuatu so lucrative?
Golden Passport Program
- Vanuatu offers a golden passport program for affluent individuals.
- Citizenship and a passport can be acquired with a financial contribution of USD 150,000 (approximately Rs 1.3 crore).
- The process is efficient, taking only one month.
- Applicants can complete the process remotely.
Tax Haven
- Vanuatu is recognized as a tax haven.
- The country does not levy personal taxes on its citizens.
- All forms of income (stocks, real estate, etc.) are exempt from taxation both domestically and internationally.
- Vanuatu does not impose inheritance or corporate taxes.
Global Rankings
- The Vanuatu passport ranks 51st globally among 199 countries according to the Henley Passport Index.
- Vanuatu is ranked as the happiest nation out of 150 countries on the 2024 Happy Planet Index.