From rising taxes to global ambitions, here’s why a second passport and residency turning from a luxury to a necessity
India’s high-net-worth population is one of the fastest-growing in the world. Thriving entrepreneurs, global business leaders, and a rapidly expanding investor class have driven significant wealth creation in recent years. But with success comes complexity. Rising taxation, volatile markets, and restricted global mobility are pushing many of India’s wealthy to seek solutions beyond their borders.
India’s diaspora of 35.42 million people as of May 2024 is the largest expatriate population in the world, spread across more than 200 countries. While India’s 1.46 billion citizens account for 17.8% of the world’s population, its global diaspora exerts influence far beyond its size, shaping labour markets, remittance flows, and even geopolitics.
According to Knight Frank, India is home to 85,698 individuals with assets exceeding USD 10 million. That equates to 3.7% of the global population at that level of wealth, more than the UK’s 2.4%, but less than China’s 20.1%. A survey found that one in five ultra-high-net-worth individuals plan to emigrate from India while retaining their citizenship. The drivers are pressing. India’s high-income earners face some of the steepest tax rates in Asia, alongside proposals for wealth and inheritance taxes. The Private Wealth Migration Report 2025 estimates that 3,500 Indian millionaires are expected to leave the country this year, taking USD 26.2 billion in wealth with them. Between 2014 and 2024, the number of millionaires in India surged by 72%, but the outflow of wealth shows no signs of slowing. This is largely because in 2025, residency and citizenship by investment (RCBI) has shifted from a luxury option to a practical necessity for India’s elite.
What’s Driving the Outflow
Financial concerns sit at the heart of this trend. India’s progressive tax structure sees those earning around 1.2 million rupees taxed at 15%, with rates increasing sharply by bracket, while long-term capital gains face a 12.5% levy. Combined with regulatory uncertainty in wealth and legacy planning, and compounded by social challenges such as traffic congestion, pollution, and infrastructure gaps, these pressures are motivating many to diversify their options abroad.
Global mobility is another challenge. India’s passport ranks 76th on the Henley Passport Index, with visa-free access to just 58 destinations. By contrast, U.S. passport holders can travel to 193 countries, Singaporeans to 192, and Canadians to 186. In 2024 alone, more than 206,000 Indians renounced their citizenship, many of them HNW individuals. Between 2018 and 2023, more than 320,000 Indians moved to the United States, 160,000 to Canada, and 130,000 to Australia. Beyond the traditional destinations, hubs like Dubai, Singapore, Portugal, and Malta are also attracting India’s wealthy through golden visa and citizenship programmes.
Popular Destinations for Indian HNWIs
Since 2014, an estimated 23,000 dollar millionaires have left India. A tenth of all global golden visas are purchased by Indian nationals, underscoring how central the country has become to the investment migration market. For India’s wealthy, second residency and citizenship programmes are no longer lifestyle perks; they are strategic tools for access, stability, and long-term security.
Access to Global Markets
European residencies provide seamless entry into the EU for the whole family. Spouses, children under 18, financially dependent adult children, and dependent parents of the main applicant can all be included in a single application, with visa-free access to 33 European countries including the Schengen Zone. Caribbean citizenships, on the other hand, unlock visa-free travel to more than 140 countries, including the Schengen Zone, the UK, Singapore, China, and Hong Kong, along with unique advantages such as eligibility for the U.S. E-2 Investor Visa through Grenada.
The Greek Golden Visa Programme, launched in 2013, grants non-EU citizens and their families renewable five-year residency through real estate investment. Applications are processed within three to six months, with a minimum investment of €250,000 depending on the property’s location.
The Portugal Golden Visa Programme is also a popular option over the years. The programme allows non-EU investors to obtain an EU residence permit through qualified investment in Portugal. What makes this program unique is that holders are eligible to apply for Portuguese citizenship after 5 years without the requirement to reside in the country. With a processing time of 8–10 months, successful applicants enjoy visa-free travel across 33 European countries including the Schengen Area. The program requires a minimum capital transfer of €200,000.
Grenada’s Citizenship by Investment Program, introduced in 2013, offers irrevocable citizenship and a passport without requiring residency or renunciation of existing nationality. Grenada is the only Caribbean nation that unlocks residency in the United States through its treaty with the U.S., enabling citizens to apply for the E-2 Investor Visa and gain the right to live and conduct business in America. Applications are typically processed in six months, with costs from USD 235,000. Eligibility extends to spouses, children under 30, parents over 55, and siblings over 18, with passports valid for five years.
Education Opportunities
Education remains a powerful motivator for Indian families. Second citizenship provides access to leading schools and universities abroad, often at lower local tuition rates. A popular programme is the Cyprus Golden Visa, introduced in 2013, which offers non-EU nationals permanent residency of unlimited duration. Separate from the now-discontinued citizenship-by-investment scheme, it allows investors to secure residency within three months. Options include real estate, shares of Cypriot companies, or investment funds, with a minimum threshold of EUR 300,000 plus VAT of 5% to 19%. The programme covers spouses and children under 18, with eligibility extended to children aged 18 to 25 if financially dependent and studying abroad.
Wealth Preservation
The protection of family wealth is another central driver. Jurisdictions such as St. Kitts & Nevis and Vanuatu offer environments without inheritance or wealth taxes, easing the transfer of assets across generations. The Vanuatu Citizenship by Investment Program, known as the Development Support Program (DSP), was launched in 2017. It enables families to obtain citizenship in as little as two months with a non-refundable donation of USD 130,000. Successful applicants gain visa-free access to 97 countries, including Bosnia, Singapore, and Hong Kong, with eligibility extended to spouses, children under 26, and parents over 50. Passports are issued with full validity.
The UAE, and Dubai in particular, has long been a preferred destination for wealthy Indians, not only for its attractive tax framework but also for its high standard of living and large Indian expat community. While citizenship remains difficult to obtain, the government has introduced inclusive frameworks such as the UAE Golden Visa, a long-term residence program that allows foreign talent to live, work, or study in the country while enjoying exclusive benefits. These include renewable 10-year residence visas, the ability to remain outside the UAE for extended periods without losing residency status, and the option to sponsor family members, including spouses and children of any age with an investment of at least AED 2 Million.
India at the Forefront of a Global Trend
For India’s elite, second citizenship is no longer about prestige, it is about resilience, flexibility, and a reliable Plan B, following the same trajectory of the wealthy in the UK and China. Today, India consistently ranks among the top three countries for millionaire migration, redefining what it means to protect and grow wealth. Residency and citizenship by investment have evolved from symbols of luxury into essential instruments for safeguarding freedom, diversifying assets, and securing legacy.
At Citizenship Invest, we specialise in guiding Indian investors through this complex landscape with tailored solutions aligned with both financial strategies and family goals. The future may be uncertain, but with the right plan, freedom and opportunity remain within reach. Reach out to one of our experts today.
