Why the millionaires are leaving India for the Caribbean?

Why the millionaires are leaving India for the Caribbean?

India’s recent changes to the taxation legislation stimulated its millionaire exodus. The new tax regulations only affect non-resident Indians (NRIs) and not individuals of Indian origin who live abroad but hold foreign passports.

A Global Wealth Migration Review research report revealed that around 2% of the total number of high net-worth individuals left India in 2020 alone. Nearly 5,000 wealthy Indian families used the opportunity to obtain second citizenship.

The number of high-net-worth Indian clients who approached global citizenship consultancies has risen significantly in recent months. Concerns are growing among high net-worth individuals about the pandemic and the potential increase of the tax bill from domestic authorities.

Instead, you can invest $250,000, pay fees of $30,000 – 60,000 and become a citizen of Grenada in 2 to 6 months. Family members will have to pay an additional modest fee to obtain their citizenship. There is no residency requirement.

Investors use this second citizenship opportunity to live and work in the United States via the E-2 visa programme. In addition, a Grenadian passport brings many visa-free travel advantages. It offers access to more than 130 countries, including the UK, Schengen states, Russia and China.

Few countries like Portugal still offer a ‘golden visa’ programme. So along with the states like Malta or even Montenegro, such countries are quickly becoming preferred destinations for India’s wealthy individuals.

Investors are looking to protect themselves and their families from the many uncertainties of the world. The COVID pandemic certainly changed the game. It is making the wealthy think about migration more holistically. It is no longer just about travel or getting more comprehensive and convenient access to global markets, but about better healthcare and education for family members to protect them against the unpredictable changes brought about by the pandemic.

Top 5 countries from which HNWIs are leaving

Country Net outflow of HNWis in 2019 % of HNWis lost
China 16000 2%
India 7000 2%
Russia 5500 6%
Hong Kong 4200 3%
Turkey 2100 8%

Source: Global Wealth Migration Review

Yulya Andresyuk Head of Legal Oracle Capital Group

“Specialists of Oracle Capital Group will help you assess your position to make the most from the second passport opportunity and relocate your family to any of 10 prestigious locations of the world. ”

Yuliya Andresyuk,
Head of Legal Oracle Capital Group

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