The Covid may have put international travel plans on the backburner but it has not stopped high net-worth individuals (HNWIs) from shopping for new countries to set up base in — either as long-term residents or citizens.
In 2020, wealthy Indians again topped the list of those making enquiries for ‘residence-by-investment’ or ‘citizenship-by-investment’ programmes. The number of enquiries rose from 2019, said a facilitating agency. Since India does not permit dual citizenship, opting for ‘citizenship by-investment’ means giving up one’s Indian passport.
The combination of Covid and political turmoil saw the US, in sixth place in 2019, shoot up to the second slot. The third, fourth and fifth spots in terms of enquiries made were taken up by Pakistanis, South Africans and Nigerians, respectively. These details were shared with TOI by Henley & Partners, a global firm engaged in residence and citizenship planning.
The interests of wealthy individuals in India and NRIs differ — the latter is more inclined to opt for ‘citizenshipby-investment’ programmes. The former, with overseas business interests, typically look at European ‘residenceby-investment’ options. The Portugal Golden Residence Permit Program, which requires a minimum investment of Euro 3,50,000 in real estate, is Europe’s most popular programme. NRIs tend to opt for European citizenship programmes.
International finance centres like Dubai, Hong Kong and Singapore have a large population of professional NRIs. If they are unable to get permanent residency or citizenship in these countries, they keep their options open.
