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    India facing exodus of millionaires; here's why

    economy | IST

    India facing exodus of millionaires; here's why

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    Even as international borders remained largely shut in 2020 and now in 2021 as the result of the Covid-19 pandemic, Henley & Partners saw a record 62 percent increase in enquiries for investment-based immigration from Indian clients in 2020, and 30 percent higher in the first five months of 2021.

    For wealthy and well-travelled Indians, one home base is just not enough. According to leading global investment-by-residence firm Henley & Partners, high net-worth Indians are now more interested in obtaining residence in another country than ever before, and they’re doing so through the investment route.
    Even as international borders remained largely shut in 2020 and now in 2021 as the result of the Covid-19 pandemic, Henley & Partners saw a record 62 percent increase in enquiries for investment-based immigration from Indian clients in 2020, and 30 percent higher in the first five months of 2021
    “Families are now becoming aware that for 250k Euros you can buy a house in Greece or in Lisbon or Portugal, and at the same time get a Schengen residency along with it which gives you complete visa-free access to 26 Schengen states. So now people are considering, should I buy my next house in my home city like Bangalore, Chennai, Delhi, Mumbai or should I be buying my second home in a place in Europe and get a residency along with it?" Nirbhay Handa, Managing Partner, Private Individuals and South-Asia business at Henley & Partners told CNBC-TV18.
    He points out that the trend to obtain alternative residencies is also a way to mitigate sovereign risk for clients, by diversifying their investments into different geographies.
    While this “transnational thought process” is not new, the fact that high net worth families and professionals have had the time to plan their lives and businesses with their families has certainly accelerated the trend.
    While HNI professionals look Westward for a better standard of living and lifestyles, for business families, investment visas are also ways to expand their presence in other markets.
    The Global Wealth Migration Report of 2020 (for 2019) data said that 2 percent or 7,000 of India’s HNI pool left the country in 2019 for greener pastures. This wealth migration list is topped by China with 16,000 millionaire exits, followed by India at 7,000 and Russia at 5,500 HNI exits.
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