Has disgraced diamond czar, Nirav Modi moved to St. Kitts? A report claims that Nirav Modi and his family moved to a new hideout at Sylvan St Kitts located in the eastern Caribbean.
Mumbai Mirror while quoting sources said that Modi has also bought a villa at St. Kitts which is helping him acquire citizenship of the island nation. He has been planning this for a while now. In fact, he visited the island nation a week back, the report also stated while quoting sources.
St. Kitts would be an ideal place for him since India does not have an extradition treaty with the country despite it being part of the Commonwealth.
Applicants can get citizenship through an investment programme, according to the website of the St Kitts and Nevis government. Applicants may qualify for citizenship through a contribution to the Sugar Industry Diversification Foundation (SIDF). For a single applicant, a non-refundable contribution of Rs 1.6 crore (USD 250,000) is required.
Applicants may also qualify for citizenship through an investment in a pre-approved real estate project, which may include hotel shares, villas, and condominium units. The minimum real estate investment required by law is Rs 2.6 crore (USD 400,000) for each main applicant.
"Now that his passport has been revoked by the MEA, he will set up another diamond trading unit in either Singapore or Hong Kong," another source said.
"He can do this and continue to evade Indian authorities because neither of these countries will extradite him since he will be an St Kitts citizen soon," the source also added.