Indians on the move
Lured by multiple benefits, Indians are investing in another citizenship or residency in countries around the world in ever larger numbers
Indians, at least many wealthy ones, are looking to invest abroad as never before. As the nation’s economy grows, the number of high net worth individuals (HNWI) is increasing rapidly. Figures indicate their tribe has grown by 166 per cent in the last decade, as has their desire to invest.
Many of these HNWIs are seeking better returns for their wealth, and investing in mature, stable economies is often a way out. India has 3,30,400 HNWIs (individuals with US$ 1 million or more in net assets), including 20,730 multi-millionaires, according to a report by South Africa based global market research group New World Wealth. The Second Citizenship Survey 2017 by research firm CS Global Partners found that 89 per cent of those polled would like to own a second passport, and over 34 per cent said they had explored getting citizenship or residency of another country. According to the report by New World Wealth, 7,000 Indians shifted overseas in 2017. For 2016, the corresponding figure was 6,000, while in 2015 it was 4,000.
The lure of major first world nations such as the US, UK, Canada and Australia is still a top draw for most Indians. The AfrAsia Bank Global Wealth Migration Review concurs, adding other major nations Indians are headed to include UAE, Switzerland, New Zealand, Singapore as well as Caribbean island havens such as St Kitts and Nevis, St Bart’s, Virgin Islands, St Lucia, Antigua and Barbuda, Cayman Islands and Grenada among others.
As the paths to citizenship or residency are clearly laid out by each nation, often the process is fairly simple, which often comes as a surprise to many, who assume the process might be an arduous one.
What are the benefits
Chief amongst the benefits are possible citizenship or residency of another country. Many countries around the world offer these in lieu of a sizable investment in property. Portugal offers residency on purchase real estate worth €500,000, while Cyprus offers it for €300,000 – both of which allow access to the European Union. The US, UK, Canada, Australia, UAE and many other nations have similar offers.
Other chief benefits of getting a residency or citizenship include unlimited right to stay in that nation, and enjoy the rights that a citizen of the host nation has (minus voting rights usually), and visa-free or visa on arrival access for many countries. Compare India’s access to 59 such countries to holders of the Singaporean or German passports, who can travel to 166 countries visa free – immensely easing global travel. Lower tax benefits, ease of doing business, superior quality of life benefits is in education for children, earning in international currencies and the status of being a Non-Resident Indian (NRI) are just some of the other benefits.
There is opportunity to meet the potential Indian investors willing to migrate and a scope to appoint Indian representatives to market their programmes at the IREX Residency and Citizenship Conclave, to be held in New Delhi on November 17-18 at Hotel Ashoka. To know more about the show, visit https://www.citizenshipconclave.com
In Partnership with GMN India