Over the last year, India’s wealthy population has migrated out of the country searching for greener pastures due to several concerns exacerbated by the pandemic.
According to the Global Wealth Migration Review Report, roughly 2% of India’s millionaires – or approximately 5,000 high net-worth individuals – flocked overseas in 2020 alone.
Advertisement
As the country grapples with another deadlier wave of COVID-19, along with stronger taxation laws that’ll require Indians to be taxed on their worldwide income, high net-worth individuals have begun to reconsider their options when it comes to protecting their family, wealth and future. These growing concerns have left many to seek out a Plan B in the case of further unpredictability.
Acquiring second citizenship, particularly in the Caribbean, has quickly become a popular option for mitigating risks.
Established in 1993, Dominica’s Citizenship by Investment Programme has welcomed Indian investors to its shores for several decades.
The programme enables foreign investors and their families to become citizens once making an economic contribution to either a government fund or purchasing a selected real estate option. Once undergoing the necessary due diligence checks, applicants can gain receipt of citizenship within three months and can thus apply for their second passport. Indians who hold a foreign passport are also exempt from paying tax under the latest regulations in India.
Applicants who choose to invest in Dominica’s government fund contribute to the island’s national development in areas including education and tourism.
The nation has also channelled millions into its healthcare sector, funding the construction of a state-of-the-art hospital, multiple health centres along with providing overseas medical treatment for several children.
Alternatively, those who choose to invest in real estate have the option of buying into internationally renowned brands, including Hilton, Marriott and Kempinski or the choice of unique boutique resorts like Jungle Bay and Secret Bay. Not only does this allow investors to diversify their assets and build their wealth portfolio, but it can also operate as a second home in times of crisis – something that Indians have become all too familiar with.
Aside from attractive investment options, the benefits that come with Dominican citizenship are immeasurable. Most notably, Indian investors can access around 75% of the world with visa-free or visa-on-arrival travel to over 140 countries and territories. This is a vital component for accessing global markets, particularly when looking to keep business competitive.
In comparison, the Indian passport grants its holders entry to roughly 61 destinations. Additionally, Dominica’s proximity to the United States also presents an economic advantage to investors, especially as the island’s currency is pegged to the US dollar.
“As governments become more insular and impose stricter visa controls, the opportunity to travel and be global and do business internationally is considerably hampered. That why Citizenship by Investment is a wonderful way to reverse that as it gives the Indian national better access to travel and business opportunities” says Micha Emmett, CEO of CS Global Partners, a London-headquartered legal advisory specialising in providing citizenship solutions.
As one of the oldest citizenship by investment programmes on the market, Dominica has consistently ranked as the world’s best offering for second citizenship by the annual CBI Index published by the Financial Times’ PWM magazine. The report cites the programme’s affordability, family-friendly structure and streamlined processing as some of the reasons for its popularity.
With India witnessing an exodus of its millionaire class, it has become increasingly clear that having an insurance policy in the COVID-era is crucial for globally-minded individuals. Whether seeking increased financial freedom, bypassing travel restrictions or accessing better services, second citizenship provides the ultimate safety net in today’s uncertain climate.
