Who are the Indian Nationals leaving India?
For many years, the number of Indians leaving India has been increasing. The super-rich, primarily seeking a less stringent tax regime, led this in the past. But increasingly senior corporate executives and affluent professionals are joining the exodus.
Why are Indian Nationals leaving India?
There are some key drivers to this trend. First is the belief that investment and other financial opportunities may be greater outside India than within it. While economic growth in India is prevalent, there are still a number of issues for investors.
A related matter is the level of taxation, which is far higher, especially at the upper levels, than in some of the overseas destinations.
Family is a key consideration as well. Many see that quite a few foreign countries are physically safer, have better health and education systems, better infrastructure, less pollution, and in general offer a much better lifestyle for their loved ones.
What is the best country for Indian nationals to live in?
The traditional countries that Indian nationals immigrated to in the past were the United Kingdom, Canada, Australia, the United States, and similar developed, first-world nations, with high living standards. That being the case in the past many countries are now increasing the barriers to migration, as well as frequently raised the price tag.
What are the popular destinations for Indian nationals leaving in 2023?
Instead, two other groups of nations have risen to the top.
First is a group of five Caribbean states: Dominica, St. Lucia, St. Kitts & Nevis, Grenada and Antigua & Barbuda. Collectively, they offer the least expensive Citizenship-by-Investment programs in the world, most ranging in cost from USD 100,000 to something over USD 200,000.
What are the requirements of the Caribbean Citizenship-by-Investment Programs?
They generally have no language, education, or management experience requirements. These programs can cover a spouse, dependent children, parents, and even grandparents and dependent siblings.
Benefits of the A Caribbean passport?
All five have some of the best-accepted passports in the world, with 140 or more countries allowing visa-free or visa on arrival entry. That is more than double the mobility of an Indian national passport. This is invaluable for those business executives and professionals who travel a great deal.
What is the tax regime in the Caribbean countries?
These countries have some of the friendliest tax regimes in the world – often with no capital gains tax, no wealth tax, no gift, or inheritance taxes. In general, they even have low or no personal income tax on money earnt off-shore.
How to apply for Caribbean Citizenship?
The commitment of funds is the key requirement. All countries have a donation option whereas only a few have a real estate option, eventually you can regain the real estate investment.
What are the European countries offering affordable Residency-by-Investment?
The second area that has dramatically increased in popularity among Indians leaving the country are several European destinations. These include Cyprus, Greece, Portugal, and Malta. Each of these nations (and several others) offers Residency-by-Investment programs.
Are the European Residency-by-Investment Programs expensive?
In general, they require EUR 250,000 to 300,000 although Malta can be less than half that amount. The other drawback is that they do not grant citizenship, although after a period of legal residency, usually around 5 to 7 years, the applicant and their family can apply for citizenship.
Do you get travel access to the Schengen countries and Europe?
Residency in one of these jurisdictions does however give visa free travel within the Schengen countries and that is very attractive to both businessmen and professionals.
About Harvey Law Group (HLG)
Harvey Law Group (HLG) has 30 years’ experience in Immigration Law. They operate worldwide, with more than 20 offices, including one in India.
If you need more information on residency and citizenship-by-investment or their other services in the immigration area, you can visit https://harveylawcorporation.com/citizenship-and-residency-programmes/ . If you would like to schedule an appointment for a consultation, please feel free to email the HLG Mumbai office at [email protected].