Indians go West, take up ‘residence by investment’

In 2022, over 225,000 Indians renounced their Indian citizenship to move to Western countries. Most were high-net-worth individuals taking advantage of immigrant investor programs in the United States, Greece, Portugal, Australia, and Malta to get access to better opportunities, health care, quality of life, and education. The article quotes Shilpa Menon of LCR Capital Partners and other experts, who cite the number of Indians who have applied for and been approved for the American EB-5 visa and the Portugal Golden Visa. (As of 2021, Indians rose to the number three spot in successful applicants approved for the EB-5 visa and in 2022 to the number four spot among successful applicants for the Portugal Golden Visa.) Menon mentions that nowadays family wealth among Indian investors is counted in more than just dollars; it also includes health, quality of life, a flexible business environment, and access to better educational and professional opportunities, all of which are available through these alternative residency programs.

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