Indian millionaires invest in second citizenship and move abroad
LONDON, April 16, 2021 / PRNewswire / – The affluent class of India moves abroad through large investments in exchange for citizenship or residency in another country, depending on CS Global Partners, a London– citizenship consultancy firm headquartered in. In 2018, a Morgan Stanley Bank report on Wall Street indicated that 23,000 Indian millionaires had left the country since 2014. More recently, a report from the Global Wealth Migration Review found that nearly 5,000 millionaires, or 2% of all are worth individuals in India, moved abroad in 2020 alone.
Currently, India is home to 6,884 very wealthy people and 113 billionaires. During the pandemic, around 40 Indians entered the billionaire club to bring the number on the coveted list to 177 people.
Director of CS Global Partners, Paul singh, said that although interest in citizenship through investment has always been high India, it has “increased significantly” during the pandemic and is expected to increase in the years to come. He attributes this exodus of the rich in part to India move from a tax system based on residence to a tax system based on citizenship, similar to the one United States, in March 2020. “For the rich, second citizenship of a Caribbean countries like St Kitts and Nevis can offer a future with more international business, travel and education opportunities. It’s the perfect Plan B, ”Singh added.
Mohit Lal, an Indian entrepreneur, mentionned he chose St Kitts and Nevis’ Citizenship by Investment Program (CBI) compared to others in the market due to its short processing time and visa-free travel options. “It has helped me a lot in the conduct of my business. I no longer have to apply for a visa and wait for a response for weeks. St Kitts and Nevis has been overwhelmingly positive. The people are friendly with great energy and there is always activity to work on. It is a beautiful place to live. “
Of all the CBI programs, Saint Kitts and Nevis remains a popular choice for investors seeking a second citizenship. Its longevity in the field of investment migration has become the “Platinum Standard” of the industry. Applicants who pass the necessary security checks unlock access to visa-free and arrival travel to 156 destinations, the right to live, work and study in the country, and to build a legacy by transmitting citizenship for generations to come. Economic citizens also have access to quality health care education.
As part of an extended offer, families of up to four can contribute $ 150,000 instead of $ 195,000 to the Sustainable Growth Fund and become economic citizens.
SOURCE CS Global Partners