Super-rich NRIs seeking dual citizenship to increase: report

Global citizenship is becoming popular among the world’s ultra wealthy and an increasing number of super-rich from Asia’s two giants China and India are likely to trend this path in the coming years, says a Wealth-X report. China and India both already have some of the largest populations based abroad. Moreover, coupled with current residents of China and India, the two countries have a total UHNW  individuals (Ultra High Net Worth) of 26,925, accounting for one in every seven UHNW individuals in the world. “It is highly likely that we will see an increasing number of UHNW individuals from Asia’s two giants, China and India, seeking global citizenship in the coming years,” Wealth-X, said. With each country already having large non-resident populations, the precedent of moving abroad has already been made, and so as those countries’ UHNW populations grow, there is likely to be an increase in non-resident population as well, the report added. [caption id=“attachment_1450949” align=“alignleft” width=“380”] Representational Image. Reuters[/caption] Some of the noted Indian billionaires who have a second citizenship include Lakshmi Niwas Mittal, who is based in United Kingdom and Pallonji Mistry who holds an Irish citizenship. Measured solely in investment terms, the majority of investor immigration programmes are very attractive to UHNW individuals, costing as little as 0.5 percent of their liquid assets, or 0.1 percent of their net worth, and providing a host of positive benefits. Some of the reasons for seeking a second citizenship include, greater stability and security, tax efficiency, ease of travel, higher standard of living, increased options for children’s education, and investment opportunities. As awareness of global citizenship programmes increase, so too will the number of applications being made by UHNW individuals, Wealth-X said. With more and more wealth being created in Asia, yet demand for residence in European territories being so high, this trend of UHNW individuals seeking global citizenship will undoubtedly continue to grow, it added. PTI