Indians are ‘Buying’ Foreign Residency for Visa-Free Travel
The Henley Passport Index has ranked the Indian passport the 85th place, based on the criteria of visa-free access to foreign countries. Indonesia, Colombia, and South Africa have ranked higher than India. Although Indians have emerged as leaders in telecom, IT, and pharmaceuticals over the past two decades, the wealthiest people in the country still do not have the luxury of traveling overseas without visa restrictions.
According to available information, the year 2020 saw a 63% rise in the number of Indians interested in attaining foreign residency and citizenship by investment. Many of these people are high-net-worth individuals, who have assets amounting to $1 million or more – and are keen to travel whenever they want, to any destination of their choice, for leisure or business reasons.
Most applicants choose residency by investment programs, as they still want to maintain their Indian citizenship – and India does not permit dual citizenship. This means that the applicant makes an investment in real estate, business operations, government funds, or bonds in a foreign country to gain permanent resident status in that country and enjoy the same visa-free travel privileges as foreign citizens without renouncing Indian citizenship.
Many wealthy Indians cannot permanently relocate abroad because they have to oversee their business operations in India. So, by attaining foreign residency, they can take advantage of opportunities overseas while still spending most of their time within India. Several countries within the European Union, island nations like Cyprus and Malta, and the Mediterranean and Caribbean countries offer affordable pathways to residency, with visa-free travel to 100+ countries. In addition, Canada and Portugal have residence by investment programs that Indians highly prefer.
Another advantage of these pathways is that individuals can also obtain foreign residency or citizenship for their families, allowing their families to enjoy the benefits and enable children to access a high quality of education in these countries. It also helps to diversify their investment portfolio and secure inter-generational wealth.
Morgan Stanley conducted a survey in 2018, which found that between 2014 and 2018, 23,000 millionaires (dollars) left India. India’s outward remittances also rose from $5.4 billion during 2009-2014 to $45 billion during 2014-2019. As a result, there are at least 330,000 high-net-worth individuals in India, with many more joining the ranks every year.
Investment immigration is a long-term solution for the volatility that has ensued from the pandemic. It protects investors from political and economic risks in their home country and safeguards against corporate assets and wealth devaluation. To identify viable foreign residency and citizenship pathways to suit your profile, contact India’s most reliable immigration consultants at 8595338595 or visit https://www.businessimmigrationvisas.com/ or write to [email protected]