THE COVID-19 PANDEMIC has forced a reshuffling of the wealthy Indian diaspora, with traditional Indian family-run businesses making way for the new gilded age of start-up entrepreneurs and technology-driven business models. The pandemic nudged many Indian families to rejig their personal investments and portfolios to tap into newer investment avenues offshore. This has led to a noteworthy rise in India Inc.'s aspirations to move beyond Indian shores, and create a global footprint. As a result, migrating to an offshore jurisdiction or having a foreign passport has become a trend across the spectrum. Many Indians have also sought to move a portion of their wealth overseas, or deploy such funds via their family offices (FOS).
In India, the rise of the FO phenomenon continues unabated, which is creating a rival pool of capital in the ecosystem compared to the more traditional private equity and venture capital funds.
The Indian government does not allow an Indian citizen to acquire dual citizenship, which impedes the desire of wealthy Indian residents, businesspersons and new-age entrepreneurs to have a global footprint and easy access to foreign shores. This desire was sharpened during the pandemic for a number of reasons, such as access to better healthcare overseas, lifestyle upgrades, diversification of assets globally, and so on.
Unsurprisingly, many Indian business families and entrepreneurs have chosen to become "global Indians" by surrendering their Indian passports to obtain citizenship in offshore jurisdictions. According to a recent survey, as many as 8,000 high-net-worth individuals (HNIS) are expected to leave India by the end of 2022. A staggering 390,000 Indians have renounced their citizenship in the past three years. This exodus amongst the ultra-wealthy has caught the eye of the government as well.
Esta historia es de la edición September 18, 2022 de Business Today India.
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