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Business News | A firm of citizenship experts explains what is behind the exodus of millionaires in India

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New Delhi [India], February 3 (ANI/NewsSee): In recent years, an increasing number of Indians have renounced their citizenship. Government officials said more than 100,000 Indians renounced their citizenship in the first nine months of 2021 and more than 600,000 Indians renounced their citizenship in the past five years.

Reports also indicate that many of those renouncing their Indian citizenship are wealthy individuals. Currently, India tops Morgan Stanley’s “Exodus in the World” list, reporting that around 35,000 wealthy Indian entrepreneurs left between 2014 and 2020.

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Although the reason why a large number of Indians renounce their citizenship has not been stated by the authorities, in 2018 the Ministry of Home Affairs revised for the first time the form of declaration of renunciation of citizenship in order to to include a column on “circumstances/reasons why the applicant intends to acquire foreign citizenship and renounce Indian citizenship”.

“Majority of Indians, especially those who wish to do business internationally, renounce their citizenship or leave their country because of the privileges they obtain by virtue of citizenship of other countries, especially those who have strong global mobility options that prioritize safety, security, cleanliness and a healthy environment,” says Paul Singh. in assisting second citizenship applicants with solutions through citizenship by investment.

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Whereas in the past citizenship was limited to countries with which individuals had a connection, it has become increasingly common to invest in a country’s economy in return for citizenship. These initiatives, known as citizenship-by-investment programs, are present in more than a dozen countries around the world and have become a trusted route to second citizenship.

“Canada, Australia, the United Arab Emirates and Singapore have long been hotspots for professional non-resident Indians (NRIs),” Singh said. “But these countries either have lengthy residency or citizenship processes or high investment thresholds that put limits on people who are short on time.”

One nation that is gaining popularity as a second citizenship option for Indians, Singh says, is the Federation of Saint Kitts and Nevis. The country is located in the Lesser Antilles in the Eastern Caribbean region and is a member of the British Commonwealth. Its stable political climate has allowed it to remain a member of various regional and international organizations, including the United Nations. Moreover, in terms of population and geographic extent, the Federation is the smallest sovereign state in the Americas.

Saint Kitts and Nevis’ Citizenship by Investment program was founded in 1984 and is the oldest in the world. It is globally recognized and respected and has its legal basis in the country’s Constitution. Through the second citizenship program of Saint Kitts and Nevis, the government is focused on facilitating smooth foreign direct investment in real estate projects and funds for national growth.

In 2021, the Financial Times’ PWM magazine named St. Kitts and Nevis as the best CBI programs in the world. The report points out: “Saint Kitts and Nevis is again at the top of the citizenship timeline pillar under its accelerated application process, which offers citizenship to qualified applicants within a maximum in certain circumstances, as little as 45 days. For applicants unwilling to pay a premium, the standard St. Kitts and Nevis route has an average processing time of three months.”

Those who pass the necessary due diligence checks can contribute to the country’s government fund and be exempted from bureaucratic delays at the borders of nearly 75% of the world, a highly beneficial feat for traders and entrepreneurs interested in growing their business in hubs. economies like Europe. , Asia and Africa. The Eastern Caribbean regional currency is also pegged to the US dollar, making St. Kitts and Nevis an attractive second citizenship option.

“Imagine having true global mobility where it’s jumping on a plane to a meeting in Germany, spending a romantic weekend in Paris and visiting your child at boarding school in London… The second citizenship is an indispensable tool,” Singh said.

Additionally, applicants are not required to take any language tests or even travel to St. Kitts and Nevis during or after their short citizenship process. The program also offers a global contribution for families, guaranteeing children more opportunities to choose the best international schools for a better future.

“Holding alternative citizenship, once considered a luxury, has become a necessity for those who want to look beyond the borders of their home country. This is especially true for wealthy Indians with a more global outlook, who know firsthand how citizenship can act as an obstacle to living the life you desire,” Singh added.

Additional benefits of Saint Kitts and Nevis citizenship include:

-Transferable citizenship with lifetime validity-Full residency status, including the right to live and work-Saint Kitts and Nevis citizenship program allows for a second passport without the need to renounce any existing citizenship-No residency requirement before or after second citizenship is granted-A stable and easy investment opportunity in a democratic country-Opportunities to work and live in various Caribbean countries-No need to travel or reside for whether your citizenship by investment application is pending or received-Asset management and protection by means of trusts and offshore companies-Excellent air connections to various major countries around the world-Lifestyle benefits include a pleasant climate and a preserved natural environment-Tropical climate characterized by refreshing trade winds

CS Global Partners specializes in citizenship solutions for high net worth individuals. Based in London, UK, the company is made up of a team of experts who have helped countless people and their families find their perfect second citizenship.

The firm offers personalized advice to clients and ensures that each step of the application process runs smoothly. CS Global Partners ensures that its clients receive effective and efficient service of the highest quality through one-on-one interactions with legal professionals. Their established professional working relationships with real estate developers, bankers and all relevant citizenship by investment units contribute to the exceptional quality of service they provide to their clientele.

Through second citizenship in countries like St. Kitts and Nevis, successful clients increase their wealth, gain security, and provide their children with a brighter future filled with unlimited opportunity.

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