A news has come out about former IPL chairman Lalit Modi. Lalit Modi has surrendered his Indian passport at the Indian High Commission in London. After this, he has taken the citizenship of a small country Vanuatu.
This has also been confirmed by the Ministry of External Affairs. It has been said in this news that Lalit Modi has also obtained the Golden Passport of Vanuatu by making a big investment there, after which he will be able to enter about 113 countries visa-free.
Now the question is that you must have heard about various types of passports, but what is this Golden Passport? How can it be obtained? What are its features? We will know this in this article.
A way to sell citizenship
Many countries in the world have rules for obtaining citizenship, but there are also some countries that sell their citizenship. Anyone can obtain citizenship by investing in these countries or by buying property. In this way, these countries promote economic development through investment. There are about 20 countries like Vanuatu that are running programs like ‘Citizenship by Investment’ (CBI) or ‘Golden Passport’. In these countries, citizenship can be obtained through investment.
Golden passport is available for this much crores
Lalit Modi has taken the citizenship of Vanuatu, after which he has invested crores of rupees in this country. According to information, the cost of buying citizenship in Vanuatu is from Rs 1.18 crore to Rs 1.35 crore. Apart from this, there are some other countries which sell citizenship by running such programs.
There is no investment threshold in Austria. Becoming a citizen of this country gives visa-free entry to 180 countries. While in Malta, citizenship is granted by investing Rs 5.4 crore. In Dominica and Central Lucia, it is Rs 83 lakh, while Turkey is also included in this, where an investment of Rs 3.3 crore is required for citizenship.
Why buy a Golden Passport?
Countries whose passports are selling citizenship through such programs are very powerful. In such a situation, after becoming a citizen of that country, one gets visa-free entry to many countries. Most businessmen do this, which helps them expand their business. Many countries with ‘citizenship by investment’ programs are tax havens; there is no tax to be paid on doing business there.
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