More wealthy Indians are buying residence abroad

Over the years more and more wealthy Indians have started buying residencies outside India and many are moving out.

Henley & Partners, a consultancy which claims to be the biggest in offering relocation services to high net worth individuals (HNWIs) claimed that 2020 saw a jump of a whopping 63 per cent in the number of Indians who showed interest in buying residency or citizenship of another country.

Henley opened its first office in India last year in New Delhi during the rise of the COVID-19 pandemic when the national lockdown was imposed.

Paddy Blewer, Henley’s PR head was quoted by TRT World, saying, “Our Indian clients come to us for the same reason the vast majority of our clients come to us in that they have reached a level of wealth where they have a more global mindset. They want to travel wherever and whenever they want.”

However Blewer also emphasized that rich Indians are not spending money to permanently move out of the country. “This is about taking advantage of global opportunities. They are not leaving their country. It’s not like they are selling their companies and everything and moving somewhere else,” he said. 

India is home to more than 330,000 HNWIs and thousands more are joining the ranks every year.

According to TRT World, even though Henley keeps the information of their clients confidential, Blewer said rich Indians has preferred places like UAE in the past.

Many Indians are also moving abroad permanently. A 2018 study by Morgan Stanley investment management found that between 23,000 dollar millionaires left India between 2014 and 2018.