What Makes Vanuatu Special?
Vanuatu, a small Pacific island nation consisting of around 80 islands, is now under the spotlight. The country's unique features and benefits are being widely discussed after IPL founder and former chairman Lalit Modi acquired its citizenship. Modi, who has faced allegations of misappropriating large sums of money during his tenure at the Indian Premier League, recently took this step.
Lalit Modi's Citizenship Move
Modi also recently submitted his application to give up his Indian passport at London's Indian High Commission. On doing so, he obtained citizenship of Vanuatu under the 'Golden Passport' scheme popular among affluent players. Modi was reportedly prompted into this move owing to the avoidance of legal probing in India.
Why Is Vanuatu So Appealing?
Following Zlata Erlach, who is the director of Austrian Immigrant Invest Office, Vanuatu has a number of fiscal advantages that make it a popular destination among high-net-worth individuals:
- No Income Tax - Residents do not have to pay taxes on local or foreign income.
- No Long-Term Capital Gains Tax - Investment gains from investments such as stocks and real estate are exempted.
- No Corporate or Inheritance Tax - Companies that are registered in Vanuatu are not taxed if profits are earned abroad.
- No Gift or Estate Taxes - Transfers of wealth, including gifts, are exempt from taxes.
- A Crypto Hub in Development - Vanuatu is developing as a hub for cryptocurrency investors and businesses.
- Number One in the Happy Planet Index - In 2024, it was ranked number one in this global well-being index.
Why Are Rich People Flocking to Vanuatu?
Voted for its pleasurable tax regimens, business-friendly laws, and economic benefits, Vanuatu has indeed become a paradise for the rich and wealthy. Growing international demand is what makes it a rising global financial power, with its main strengths being the cryptocurrency and the offshore of businesses.
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