More wealthy Indians are interested in buying citizenship abroad

Mehul Choksi, the billionaire jeweller bought citizenship of Antigua in November 2017. Ever since then, more wealthy Indians are interested in buying citizenship abroad. Rich Russian and Chinese have been among the top buyers of foreign citizenship in recent years.

Enquiries from Indians regarding foreign citizenship have doubled in recent years. This has been claimed by some firms which set up citizenship and residence via investment programs. They also claim that global inquiries have surged by 320% with a sizeable chunk from India.

Why are Indians so interested in settling abroad? There are a number of factors which push Indians to settle abroad. Quality education, lifestyle, cleanliness, and healthcare are some of the few reasons.

However, many wealthy Indians like to have an alternate option. 80 to 90% of the Indians do not leave India but like to maintain residency in another country. They use it as a backup option. Many countries do not require you to live in the country to maintain residency. You only need to spend 7 days in a year in Portugal to retain its Golden Visa.

India does not allow dual citizenship. Hence, many Indians prefer residence via investment instead of citizenship. They can thus send their kids to school in another country. They also have another safe place to park their money.

7,000 high- net-worth Indians left India in 2017, as per the Global Wealth Migration Review. There are 30 to 40 countries across the globe that grants citizenship or residency to Indians. This is apart from the US, Canada, and Australia which happen to be the most popular destinations, as per The Times of India.

How do rich Indians buy citizenship?

• Make the required investment. For citizenship in Dominica or St. Lucia, you need to pay around $100,000. This amount can go up to 2 million Euros in case you wish to settle in a country like Cyprus.
• Many countries accept the payment as a donation into their sovereign fund. In some countries, you would need to invest in real estate.
• The Immigration Agent would check your background for any criminal offences
• The host country would also do thorough research on your credentials. It will also check if you fulfill their criteria for citizenship by investment.
• Only after your application is approved, your funds are cleared
• The host country would issue your naturalization certificate or passport within 3 to 14 months

Y-Axis offers a wide range of visa and immigration services as well as products to the aspiring overseas immigrants including Y-International Resume 0-5 yrs, Y-International Resume (Senior Level) 5+ yrs, Y Jobs, Y-Path, Resume Marketing Services One State and One Country.

If you are looking to Study, Work, Visit, Invest or Migrate Overseas, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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