As per the report of Global Wealth Migration Review, 7,000 high-net-worth Indians left the country in 2017. While America, Canada and Australia are the most ideal destinations, there are 30-40 other countries that open more doors than an Indian passport. “An Indian passport does not rank highly in terms of mobility,” said Volek. “Portugal, Greece and Malta are very popular as you get the Schengen visa without needing a second passport.”
In India Choksi’s move has created responsiveness about these options.Ever since billionaire jeweller Mehul Choksi bought citizenship in Antigua, in November 2017, interest among wealthy Indians in schemes that offer citizenship or residence rights in return for investment has mounted. Even Lawyers and tax advisors have started recommending rich clients to global companies that advise on where and how to settle.
In Global figure,wealthy Chinese and Russians have been among the top buyers of foreign citizenship in recent years, but recent reviews shows how Indians are also queuing up to settle abroad. Some basic factors are there that becomes the reason for Indians—same as for Chinese and Russians—are lifestyle, education, transport, clean air and healthcare,” said Dominic Volek, SE Asia head at Henley & Partners.
“Often, it is about having a plan B. About 80-90% of our clients don’t leave home, but have a second citizenship or residence in readiness. You only have to spend seven days a year if you get the golden visa to Portugal,” Volek explained.
As India does not allow dual citizenship, many Indians opt for residence-by-investment schemes. “People want right of entry to the EU single market. They want to send their kids to school in another country, or have somewhere safe to park their money — they want political stability. They employ all kinds of methods and strategies to protect their wealth,” said Knightsbridge Capital Partners director Luke Hexter.
Some UK-based firms that arrange foreign citizenship claim they have seen enquiries from Indians more than double since then. Henley & Partners, headquartered in Jersey, not only advises but also sets up citizenship and residence-by-investment programmes. It saw global enquiries rise by 320%, and a ‘significant increase’ from India in the past year. Knightsbridge Capital Partners, a London-based company which sells second citizenship to high-net-worth individuals, claims a “70-80% year-on-year increase in enquiries from Indians.”
Source:TOI
