Europe’s Golden Visa Programs preferred by Indian Millionaires
Posted on July 10, 2021
An increasing number of millionaires from India are exploring residence and citizenship by investment programs worldwide. It is indeed interesting to note where these millionaires are headed and why.
As per a recent report by Henley & Partners, “Until a few years ago, the investment migration industry in India was predominantly centered on Australia, Canada, the UAE, the UK, and the USA, but there is now a growing interest in residence-by-investment (RBI) programs in Europe.”
Henley & Partners is a global leader in residence and citizenship planning. Each year, Henley & Partners also comes out with the list for the Most Powerful Passports in the World.
By a ‘millionaire’ is implied an individual that has a net worth – the overall valuation of all real estate and financial assets after the deduction of debts, if any – in excess of USD 1 million.
High net worth individuals, also referred to as HNWIs, are those with a net worth of minimum USD 1 million in liquid assets.
An ultra-HNWI, on the other hand, is someone with over USD 30 million in liquid assets.
|Why does a millionaire migrate?|
|Diverse reasons can lead to the wealthy migrating overseas.
Generally, the motivating factor for a HNWI might be different from that of a UHNWI.
However, most millionaires have been driven by certain common factors which include –
· Better business opportunities,
· A more favorable tax environment,
· Access to world-class healthcare,
· Safety and security for their families,
· Desire for better education, and
· A higher standard of living.
Wealth migration has been found to have accelerated steadily in the lead-up to 2020.
The outbreak of the COVID-19 pandemic and the related lockdowns and travel restrictions have led to another key factor coming to the fore. The pandemic preparedness and disaster management capability of the intended host country has come to be an additional pull factor in recent times.
Investment migration is indeed on the rise globally. Many affluent citizens of different countries have displayed an increase in interest in alternative residence and citizenship options.
Prior to 2020, the steady departure of HNWIs from countries such as India and China was not deemed to be of much concern, despite the high numbers leaving their home country.
India and China generated more HNWIs than they lost. The percentage of the HNWI population lost was also quite low. Additionally, the expectation was that many HNWIs would return eventually.
However, 2020 changed all that.
|At the end of 2019, India was home to 263,000 HNWIs.
As per Henley & Partners, “There was a 63% increase in interest in investment migration shown by Indian nationals between December 2019 and December 2020.”
Here, it must be noted that many wealth individuals, though acquiring the citizenship of another country, never relocate.
Programs that come under citizenship-by-investment [CIB] gives families the privilege of acquiring another citizenship thereby allowing them to travel freely to a greater number of global destinations.
Wealthy Indian citizens have realized that the Golden Visa Program of certain European countries might get them residence through investment.
|Globally, Australia was the country that gained the most millionaires for the 5th consecutive year in 2019.
Other popular options for millionaires exploring residence and citizenship by investment are –
· New Zealand
· The UAE
In Europe, popular destinations for foreign investors include Greece and Portugal.
Attracting and retaining millionaires can play a key role in the economy and property market of a country.
While relocating their families to another country, millionaires also take along with them their businesses, influence, skills, and qualifications as well.
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