Plan B

THOUSANDS OF HIGH NET-WORTH INDIVIDUALS ARE INCREASINGLY DIPPING THEIR TOES IN FOREIGN WATERS TO DIVERSIFY THEIR WEALTH, SET UP ALTERNATIVE RESIDENCIES, CONDUCT BUSINESS OR JUST PURSUE A BETTER QUALITY OF LIFE. IT COULD BE A SIGN OF THINGS TO COME

- VIDYA S.

That seems to be the thought process across the spectrum of business owners, new-age entrepreneurs, corporate executives and skilled professionals, especially after the pandemic rudely awoke them to the risks of putting all their eggs in one basket. Those with the means to open up avenues abroad for themselves, be they for wealth diversification, expanding business operations, setting up alternative residencies, or just pursuing a better life, are gravitating towards a transnational existence. But this in no way means India is no longer an attractive destination. The country continues to be one, especially given the tag of being one of the fastest growing major economies in the world. However, scratch the surface and you’ll find that different sections have opened up channels for themselves to at least step out and be back in case of exigencies. Their reasons, routes and the destinations differ, but a backup plan sure doesn’t seem to hurt.

Investment visas or golden visas—where a couple of million dollars of investment in another country buys you a permanent residency—is increasingly the pick among high net-worth individuals (HNIs) and other wealthy Indians. “One of the biggest reasons for business people to go for it is to have a backup to feel secure. Tomorrow, if there’s another pandemic or anything else happens, they’d like to have a permanent residency overseas,” says Clint Khan, Director, Y-Axis Middle East DMCC, an immigration and visa consultant services company.