HENLEY GLOBAL CITIZENS REPORT

ChinmayaIAS Academy - Current Affairs February 20, 2023 Bilateral Relations, GS2 Leave a comment 202 Views

The primary reason to move was professional, but after coming here, we realised that our daughter was at a stage in her life that we could not change her education system too often, so we applied for permanent residency and got it
In 2022, over 2.25 lakh Indians renounced Indian citizenship, the highest since 2011, according to data from the Ministry of External Affairs
The data reflect how Indians, especially high net-worth individuals (HNIs), are moving westward in search of better opportunities, healthcare, quality of life, and education, among other factors.
HNIs are those who have wealth of over $1 million or ₹8.2 crore. According to the Henley Global Citizens Report, there were3.47 lakh HNIs in India in December 2021.Of these, 1.49 lakh HNIs were found in just nine cities: Mumbai, Delhi, Kolkata, Bengaluru, Hyderabad, Pune, Chennai, Gurugram, and Ahmedabad.
Industry representatives say there has been a surge in requests for residence-through-investment programmes, especially the U.S. EB-5 visa, Portugal Golden Visa, Australian Global Talent Independent Visa, Malta Permanent Residency Programme, and Greece Residence by Investment Programme.
According to the report, India ranked fourth in the world in terms of privately-held wealth, after the U.S., China, and Japan.
India is really rising in the ranks among successful applicants for the Portugal Golden Visa, climbing to fourth place [globally] in 2022, from fifth place in 2021, and ninth in 2020.”
The Portuguese scheme benefits individuals and families, providing them with the right to live, work, study, or retire in Portugal and the rest of European Union.
Since the programme’s creation, more than 130 visas have been issued to Indian nationals.
Among the qualifying requirements, purchasing property worth Euro 500,000 (₹4.4 crore) in a high-density area and creating at least 10 jobs for Portuguese nationals, are mandatory.
Five years after the investment, the individual can obtain a Portuguese passport, making them eligible to visit over 150 countries without a visa. Portugal last week decided to end its Golden Visa Scheme, as per a Reuters report.
The EB-5 visa programme of the U.S., which requires a minimum investment amount of $800,000 (around ₹6.6 crore) over a period of 5 to 7 years and the creation of 10 permanent jobs for U.S. citizens, is also much sought after. The visa makes an individual eligible for American citizenship after five years.
For the EB-5 programme, funds are collected in an escrow account and are given out as loans for development and construction projects.
As soon as the project is complete, the borrower refinances this loan with a long-term debt from the bank and repays this in about five years.
Most projects, including residential development in the Bay area (San Francisco and adjoining areas) and commercial towers in New York
Today, wealthy families want better healthcare, open and flexible business environments, and access to better academic and professional opportunities. Alternative residency programmes provide them these options.