INDIA HAS MANY BILLIONAIRES – BUT THEY ARE LIVING INDIA. WHERE TO?.

INDIA HAS MANY BILLIONAIRES – BUT THEY ARE LIVING INDIA. WHERE TO?.

India tops the World Population figure this year. This means a lot for India as being one of the countries with the most billionaires in the world. But it is said that nothing comes without its ups and downs; look most of the Billionaires want to leave India like those in China and where to is the question we are going to examine in this blog.

According to the most recent wealth migration report, it is said that around 7,500 Indian HNWI (with investable wealth of $1 million or more) were looking to emigrate in 2023. This report ranks India as the second country worldwide with the highest number of HNWI and millionaires aiming to relocate, after China.

Political stability, low taxation, and personal freedom are the top three metrics for India’s millionaires when it comes to deciding where to live. About 6,500 Indian high-net-worth individuals are expected to move out of the country in 2023, according to the Private Wealth Migration Report

Why are Indian millionaires moving, and where?

The report from Henley forecasts large outflows of HNWIs in China, India, the U.K., and the Russian Federation due to “low or uncertain growth prospects because of unstable economic or geopolitical conditions.”

These motivations would include “prohibitive tax legislation coupled with convoluted, complex rules relating to outbound remittances that are open to misinterpretation and abuse,” said Sunita Singh-Dalal, partner at Hourani & Partners’ Private Wealth & Family Offices in the UAE, in the report.

Meanwhile, Poorvi Chothani, immigration attorney and managing partner at LawQuest in Mumbai, says that this outflow is for both personal and financial reasons like better lifestyle, business opportunities, access to better healthcare, and ease of travel.

After the pandemic, these reasons continue to drive the market, but people are also considering remote work options, the economic recovery of the host country, health and safety, and the country’s approach to environmental issues

INDIAN HNWIs interested in Dubai, Singapore, and U.S.

Dubai, UAEand Singapore are expected to remain the preferred closest destinations for Indian HNWIs, according to the report. Meanwhile, the United States would remain the first option when looking West. Most Billionaires are still looking towards the American Dream, hence the reason why the US EB5program remains one of the most explored immigration programs in India.

India’s income tax system is one reason why traders are leaving India and shifting to Dubai. In India income above 10 lacs is taxed at a flat rate of 30%, yeah there is depreciation and deduction of tax but still you have to pay 30% tax.

That’s why Dubai remains an attractive place of abode for Indians HNWIs. The main reason being its low tax rate and high level of health care. Along with Bermuda and Monaco, the UAE has the most competitive tax rates in the world. First-class healthcare system — the UAE has a top-class healthcare system, and many foreigners opt to be treated there. Luxury hub — the Emirates offers top-class shopping and restaurants.

Chothani says mature or elderly Indian HNWI prefer Europe, the UAE, and Singapore.

“The younger investors, often backed by funding from parents, and those who have lived long term in the U.S., prefer the US EB5 program” she adds.

According to Rohit Turkhud, of counsel at CSG Law, migrating to the U.S. is attractive for Indian nationals due to a combination of factors, which would “outmatch” most investor visa options in other countries.

“Some of which are education, opportunities in business, jobs, life in general, and stability – despite ‘passing’ challenges. As we know, several residency programs have been introduced globally, but I think that the U.S.’ has survived the longest and the best amongst Indian Billionaires. Other countries that have ‘come and gone’ may include Portugal, Grenada, Canada, and the U.K.,” he says. For tax optimization and wealth protection, Indian Billionaires are looking to Dominica as this country don’t tax its economic citizens; no taxation on income generated out of Dominica.

The report states that the Portuguese Golden Visa was a favourite of Indian HNWIs for years until the country approved legislation in 2023 that is expected to end the real estate investment option. The European Golden Visa and Citizenship programs has seriously trunked in recent time

INDIAN HNIWs IN SINGAPORE.

In earlier days, India businessmen moved in drones to Singapore. There are thousands of India Billionaires living in Singapore today. They also came to Singapore partly because of the unrest and instability the Indians experienced in their homeland which caused them to come to Singapore to seek peace. There were wars and famines going on at that time. Why Singapore? Singapore, the south-eastern lion city, is amongst the list of best countries for tourism, luxury, education, job opportunities, and lush green landscapes. Despite its dense population, Singapore has earned recognition worldwide. Costs of living is not as high as popular belief. Summary of cost of living in Singapore, Singapore: A family of four estimated monthly costs are 4,156.3$ (5,612.2S$) without rent. A single person estimated monthly costs are 1,150.0$ (1,552.9S$) without rent. Singapore is 14.4% less expensive than New York (without rent), very attractive for India HNWIs. For your migration advisory services contact WhinChester Corporate & Immigration Services Powerhouse today.