A familiar trend today is that many Indian having a huge net worth (wealth of $1 million) as well as persons with particularly high net worth (wealth of and beyond $50 million), are keen to become citizens of many foreign countries.
A Desire to Reach Foreign Nations
Their number is growing every year. Indians are seeking residence in the past two years to Greece, Canada, Portugal, Malta, Antigua, Hong Kong, Cyprus, Barbuda, Grenada and Thailand. It is also anticipated that the overall demand among wealthy persons is likely rise in 2019, for acquiring the second passport.
The countries with the biggest outflow of wealthy persons in 2017 were India, Turkey, China, and the U.K. Additionally; the factors that drive them abroad are financial stability, political or religious tensions, Safety, and high taxes.
In the past the USA, Canada and the UK were a favorite destination for rich Indians, but now Cyprus, Portugal, Malta, Greece, and some other European countries offer the Golden Visas and are gaining interest and popularity.
Benefitting from Citizenship Investment Programs
Citizenship investment programs are run by Saint Kitts and Nevis, Saint Lucia, Dominica, Antigua and Barbuda, and Grenada, but there is a limit on the demand because the law of the India does not allow dual citizenship.
In 2019, there was an increase of 33% in nationals from India who applied for residence programs in comparison to the entire year of 2018. Also these Indian nationals applied for programs from all corners of the world especially from Singapore, Switzerland, the UK, and the UAE.
A Report suggests that India has 3,43,000 HNIs as well as 3,400 UHNIs. There was a growth in India of U.S. dollar millionaires by nine times from 39,000 for 2000 to 343,000 in 2019. The Total wealth in India had an increase of five-folds in the years starting from 2000 and ending at 2018, at $6 trillion for the year 2018.
India has an Impressive Growth
Additionally, India is among the top ten in fastest growth of top net worth nations, along with Bangladesh, Vietnam, the Philippines and China.
Indian HNIS from investing in the properties of London, Kuala Lumpur, Singapore, Dubai and New York. Many investors opt for the U.S. by using the EB-5 visas to obtain green cards. The data for fiscal 2016 by U.S. Citizenship and Immigration Services, states that Indian direct investment was $177 million behind China and Vietnam.
As per the Henley Passport Index, the Indian passport has less strength to play a full role in seeking an alternative citizenship. In the recent Index in annual ranking, furthermore, the Indian passport had the 86th rank allowing visa-free or visa-on-arrival right of entry to 58 countries among the 227 destinations for travel. This is way behind Korea, Singapore, Malaysia, Thailand and Brunei. Many of HNIs and UHNIs desire travel freedom and opt for passports providing visa-free access to the countries.