A new survey predicts that up to 8,000 high-net-worth individuals will leave India in 2022.
According to the 2018 Henley Global Citizens Report, which tracks global private wealth and investment movement trends, strict tax restrictions and reporting requirements in India, as well as the need for better passports, remain the top causes pushing migration.
According to the report, many young entrepreneurs are exploring worldwide business and investment prospects.
The number of millionaires and billionaires in India will expand by 80% during the next ten years, compared to 20% in the US and 10% in France, Germany, Italy, and the UK.
“India’s general wealth projections are very optimistic. We anticipate that the HNWI (high net worth individuals) population will increase by 80 percent by 2031, making India one of the world’s fastest expanding wealth markets. This will be driven mainly through significant development in the local financial services, healthcare, and technology sectors, “Andrew Amoils, Head of Research at New World Wealth, remarked.
Why Are India’s Wealthiest Citizens Fleeing The Country?
While the traditional industrialist base persists, a new generation of tech entrepreneurs is joining them, seeking to diversify a portion of their wealth in nations that offer the majority of benefits and low tax rates.
The appeal of a higher level of living, including improved educational and health facilities for the family, remains a significant incentive, maybe even more so in the aftermath of Covid.
“Increasingly stringent tax residency rules, there is no relief in individual taxation rates for HNWIs, combined with a desire for visa-free travel inspires to choose alternative residence and citizenship,” said Bijal Ajinky, Partner of Khaitan and Co.
Where Are They Migrating?
European Union countries and long-time favourites Dubai and Singapore are becoming increasingly popular among Indians.
While Singapore is a popular choice for digital entrepreneurs due to its solid legal system and access to world-class financial advisors, the Dubai Golden Visa has emerged as a winner in some circles due to its ease of purchase and variety of possibilities.
According to predicted 2022 net inflows and outflows of US dollar millionaires, India would lose 8,000 millionaires this year. India produces considerably more millionaires than it loses through migration. As India’s standard of living improves, we expect more wealthy people to return.
According to the Henley Private Wealth Migration Dashboard, the UAE will have an enormous influx of HNWIs in 2022. (At least 4,000).To know more about starting a business and the process for Business Immigration, you can sign up for free counselling. You can call us at 8595338595 or [email protected]. To know more about Immigration visit www.abhinav.com.