Wednesday
April 14
2021

Analysis: COVID Accelerates India’s Millionaire Exodus

By Nikhil Inamdar

India’s wealthy have topped a list of people seeking to relocate abroad through visa programs that offer citizenship or right of residence in other countries in return for investments.

There was very little Rahul (name changed) didn’t have going for him, when he made the tough call to leave India six years ago. He is the second generation scion of a well-heeled Delhi-based family. They have a flourishing exports business with a monopoly in what’s typically called a ‘sunrise sector’- an industry that has great future prospects.

But he left it all behind and moved to Dubai in 2015, to look after the company’s overseas expansion. He also got a citizenship by investment in one of the Caribbean nations. Harassment by tax authorities in India’s Enforcement Directorate was a key reason, he says.

“I could see it becoming a problem for someone who had businesses spread across the world,” he told the BBC. “With a foreign passport, the red-tape has reduced substantially. I am less worried about being slapped with a random tax demand.”

Photo courtesy of Martin Jernberg.

Source: BBC News (link opens in a new window)

Categories
Coronavirus, Investing
Tags
business, coronavirus, emerging markets, immigration, investment