Are you ready to explore the world and establish roots in a new country? Citizenship by Investment (CBI) programs can be your perfect solution! Thousands of Indian citizens are relocating abroad for better opportunities, quality of life, and the freedom of a more open society. But how to move abroad from India? Where do you even begin when planning such a life-changing move?
Don’t worry, because we’ve got you covered. In this article, we’ll look into the reasons why so many Indians are moving abroad, and we’ll guide you through the various citizenship and residency by investment options available.
We’ll also touch upon the challenges and legal aspects of moving to another country, and how to prepare yourself for a smooth and successful transition.
So, sit back, and allow us to help you navigate the exciting world of CBI and moving abroad from India. Trust us, once you read through this comprehensive guide, you’ll feel more confident and prepared than ever for the adventure that lies ahead.
Reasons Behind Indians’ Growing Interest in Relocating Abroad
Improved job opportunities and higher salaries
You might be wondering why so many Indians are interested in relocating abroad. One of the main reasons is the prospect of improved job opportunities and higher salaries. In fact, a Morgan Stanley report showed that between 2014 and 2018, over 23,000 Indian millionaires utilized alternative citizenship programs.
In 2020 alone, nearly 5,000 Indian millionaires, or 2% of the country’s high-net-worth individuals, relocated abroad. These numbers highlight the strong motivation for Indians to pursue better career prospects and financial stability in foreign countries.
Better quality of life and access to cutting-edge technology
But it’s not just about the money. Indians are also attracted by the promise of a better quality of life and access to cutting-edge technology in developed nations. A survey found that 75% of Indian respondents wished to move abroad, with the United States being the top choice, followed by Europe and the United Kingdom.
The allure of living in countries with advanced infrastructure, top-notch healthcare, and a high standard of living is a powerful motivator for people like you who are considering a move.
Additionally, access to the latest technology and gadgets is another driving factor. Many Indians recognize that relocating to technologically-advanced countries can provide them with opportunities to work with cutting-edge tools and resources, leading to personal and professional growth.
Access to World-Class Education and Healthcare
The temptation of world-class education and healthcare is yet another factor nudging Indians to contemplate relocating overseas. Countries offering Golden Visas, such as Portugal, Greece, and Spain, are renowned for their exceptional educational institutions and healthcare systems.
European investment Visas, like Portugal’s Residency program or Greece’s Residency program, sweeten the deal with visa-free travel in the Schengen area, making them even more irresistible for Indian nationals like yourself.
Citizenship by Investment Programs for Indians Moving Abroad
Overview of Investment Programs for Indians
Countries like Grenada, Antigua and Barbuda, Saint Kitts and Nevis, Vanuatu, and Saint Lucia are popular CBI program destinations for Indians, thanks to their visa-free access to more than 140 countries. These programs typically boast swift approval times, with some taking as little as 2-3 months. Some of these programs do not even require the applicant to visit the country beforehand.
With the numerous benefits that they offer, investment programs are very popular for people looking to move abroad. By making a financial investment in a specific foreign country, you can become a resident there. Countries like Portugal, Spain, and Greece have some of the most successful Golden Visa programs in the world. In fact, Indian investors are among the top high-worth individuals inquiring about these programs.
Benefits for Indian Citizens
What’s in it for you? Well, Investment Visas offer various benefits for Indian citizens, such as easy international travel, enhanced educational opportunities, and living and working in a secure and safe country.
Decoding the Eligibility Criteria and Journey for Citizenship by Investment Programs
If you decide to take the investment program path, it’s essential to understand the eligibility requirements and the entire application process.
Let’s examine the core aspects of these programs to help you make an informed decision.
The Importance of Due Diligence and Background Checks
Before committing to any CBI program, remember that strict compliance measures are in place to prevent issues such as money laundering and tax evasion. Applicants must undergo thorough due diligence and background checks. This process ensures that only legitimate and law-abiding individuals can enjoy the benefits of these programs.
Investment Requirements and Diverse Options
CBI programs offer a variety of investment possibilities, including real estate, central government and fund donations, and government bonds. Programs in Saint Kitts and Nevis, Saint Lucia, Vanuatu, Dominica, and Grenada are among the most prominent.
Each program has its own requirements and unique investment requirements, so thorough research and comparison are essential before making a decision.
The Real Estate Investment Path
Real estate investment is a popular choice for many investors seeking citizenship. For example, Portugal, Ireland, Greece, Spain, and Italy provide Golden Visa Programs that grant immediate permanent residency in exchange for real estate investments.
These residency programs can lead to citizenship over time, depending on the specific program requirements.
The Government Fund Donation Option
Another common investment route is donating to government funds. For instance, Saint Lucia and Antigua offer some of the most affordable citizenship programs based on government fund donations.
This option may be more appealing to those who prefer not to manage real estate property or a business but still desire the advantages of a second citizenship.
Timeline and Costs of the Application Process
The application timeline for CBI programs can vary widely, with some offering quick approval periods of just 2-3 months. However, some programs, like Malta, impose residency requirements before citizenship can be granted.
The associated costs of these programs can also differ significantly. For instance, Saint Lucia provides the most budget-friendly program for single applicants, while Antigua offers the most economical option for families.
It’s important to weigh the costs and timelines against your goals and priorities when selecting a program that best aligns with your needs.
Understanding the eligibility criteria, investment options, and application process for CBI programs is a must when considering this option. By researching and comparing the various programs and their unique requirements, you can make an informed decision that aligns with your personal and financial goals.
Popular Investment Visa Destinations for Indians Moving Abroad
Portugal Residency By Investment Program (Golden Visa Program)
Portugal is a top choice for Indian nationals seeking global mobility. Why? It’s because of the high quality of life, affordable living costs, and family safety. The Portuguese Golden Visa Program grants you and your family the right to live, work, and study in Portugal. Plus, you can enjoy unrestricted travel within the 26 Schengen countries.
After holding a Portuguese residency permit for five years, your entire family becomes eligible to apply for Portuguese citizenship, which grants visa-free access to over 175 countries.
Saint Lucia Citizenship By Investment Program
Saint Lucia’s CBI Program offers Indian citizens attractive benefits, including visa-free travel to 146 destinations, no residency requirements, and the option to include family members.
With a variety of investment choices and a quick processing time of about four months, this program allows you to maintain your lifestyle while enjoying increased global mobility and access to new business opportunities in a stunning Caribbean paradise.
Grenada Citizenship byInvestment Program
Grenada’s citizenship-by-investment program is another popular choice among Indian nationals. With this program, you’ll get visa-free access to over 140 countries, including the United Kingdom, the Schengen Area, Russia, and China. English is Grenada’s official language, and its citizens have the opportunity to obtain residency in the US through the E-2 visa program.
Vanuatu Citizenship By Investment Program
Vanuatu is the only Pacific nation offering a citizenship by investment program. However, the EU has implemented a visa suspension for Vanuatu passport holders (acquired via CBI) entering the Schengen area until August 3, 2024. Despite this drawback, Vanuatu’s citizenship act and program offers a fast track to citizenship within the Pacific region.
Malta Permanent Residency Program
The Malta Permanent Residency Program (MPRP) is another option worth considering. It provides permanent residency status within approximately six months of submitting a completed application. Even better, qualifying family members spanning up to four generations can be included in a single registration application.
Each country has its own eligibility criteria and application processes for dual citizenship or OCI status. To ensure a successful outcome, applicants should contact us here at NGE, where we can help you every step of the way.
These investment programs offer Indians an excellent opportunity to obtain a second passport and enjoy the benefits of residing, working, and owning property in another nation. As the quest for global mobility and an enhanced lifestyle continues to grow, so too will the popularity of these programs.
Now let’s discuss what happens to your Indian citizenship if you choose to take this path.
Dual Citizenship and Overseas Citizenship of India (OCI)
Indian Constitution and dual citizenship
You might be wondering if you can hold both Indian citizenship and citizenship of another country. Unfortunately, the Indian constitution doesn’t allow dual or multiple citizenships. Instead, if you acquire a second passport from another country, you’ll have to give up your Indian citizenship.
Countries like Albania, Germany, Greece, Brazil, Australia, Canada, the United Kingdom, and the United States all allow dual citizenship to foreign nationals. However, since India doesn’t permit this, the Government of India came up with the Overseas Citizenship of India (OCI) in 2005 as an alternative.
Benefits of an OCI card and dual citizenship
While OCI cardholders can’t vote, be elected to political positions, or hold constitutional posts, they do enjoy several advantages.
Having dual citizenship or an OCI card means you have the freedom to live, work, and conduct business in both India and your chosen country indefinitely.
You’ll also have a multiple entry life-long tourist visa too, be able to own assets and property, and be treated on par with Non-Resident Indians (NRIs) in financial, economic, and educational fields.
Applying for an OCI card and Indian citizenship
The application process for dual citizenship varies by country, so it’s important to check eligibility parameters before applying. Top European CBI programs offer a variety of options for those seeking a second passport, and each country has specific requirements and benefits.
To apply for an OCI card, just visit the Online OCI Services website to:
- Register
- Check eligibility and documentation requirements
- Submit the application form
You’ll need to attach your required documents such as proof of present citizenship, a copy of your canceled Indian passport, and residential proof.
Navigating the complexities of both dual citizenship and OCI can be challenging, so it’s essential to carefully consider the benefits and requirements of each option before making a decision. Moreover, understanding whether residency or citizenship is the better long-term investment is also crucial in making an informed choice.
Preparing for the Move Abroad
Setting a moving budget and considering insurance
When planning your move, setting a budget is super important. Make sure to think about the cost of living in your new country and include expenses like visa fees, flights, accommodation, and local transportation.
Don’t forget about your health insurance and travel insurance! Healthcare costs can be pricey depending on the country you settle in. So, do some research and find the right insurance policies to cover you and your family during your relocation and any return trips.
Sorting taxes and opening bank accounts
Taxes are one of the lesser-fun parts about moving abroad.. Make sure you understand the tax implications in both your home country and your new country. Depending on your citizenship and residency status, you might need to file taxes in both places. It’s a good idea to consult a tax professional to help you navigate the process to pay taxes and stay compliant with all requirements.
Opening a bank account in your new country is also important. It’s usually easier to do this as a resident, so you might want to wait until you have a local address before opening a bank account online. Check out the different banking options and choose one that meets your needs, keeping in mind things like fees, online banking features, and ATM locations.
Packing essentials and important documents
As you get ready for your big move, create a list of essential items to pack. This should include clothing, personal belongings, and necessary electronics, as well as anything specific you might need for work or hobbies. Just remember that you may need to buy some items locally if they’re not available or compatible with your new country’s electrical standards.
And, of course, don’t forget your important documents! Make sure to have your passports, visas, birth certificates, marriage certificates, diplomas, and any other essential certifications organized and easily accessible. Keep both the original documents and digital copies in a secure place.
Last-Minute Checklist for a Smooth Transition
Medical checkup and shipping arrangements
Before you go, make sure you take care of any medical requirements, like getting necessary vaccinations and meeting the health criteria for your destination country.
And what about your belongings and pets? Make sure you’ve organized shipping arrangements for them too. Planning ahead will help minimize stress and ensure a smooth transition.
Mail forwarding and double-checking documents
In today’s digital age, it’s easy to forget about physical mail, right? However, setting up mail forwarding services is still important to ensure you keep receiving those essential documents like bank statements and tax information.
Also, double-check your citizenship and residency documents before moving. You wouldn’t want any discrepancies causing delays in your application process. With CBI programs typically approving applications within 2-3 months, it’s important to have everything in order for a seamless relocation.
Handling utilities, mobile phone, and security deposits
Last but not least, take care of any outstanding utility bills, mobile phone contracts, tax payments and security deposits before leaving your current residence.
This means canceling or transferring utilities to the new occupant, setting up or adjusting mobile phone plans to include international roaming (or getting a new phone and plan in your destination country), and ensuring that any security deposits are returned or settled as necessary.
Taking these steps in advance will help you avoid any potential financial implications down the road, allowing you to fully enjoy the benefits of your investment.
A Golden Future: Achieving Success by Investing in Global Citizenship
As more and more Indians look beyond their home country’s borders to explore new opportunities, citizenship and residency by investment programs are becoming increasingly attractive options. The growing interest in relocating abroad is driven by factors such as better job prospects, higher salaries, improved quality of life, access to cutting-edge technology, and less restrictive social norms.
CBI, and Golden Visa programs, in particular, open doors for Indian nationals to live, work, and travel in countries offering a higher standard of living and enhanced global mobility.
Portugal, Malta, and Grenada are just a few of the popular destinations for Indians seeking new citizenship or residency through investment.
While India doesn’t allow dual citizenship, the OCI card offers several benefits for those who want to maintain close connections to their homeland while enjoying the advantages of living in another country. It’s essential to weigh the pros and cons of each option, carefully consider the investment requirements, and consult with professionals when needed.
Preparing for the move abroad takes careful planning, budgeting, and attention to detail, such as sorting taxes, opening bank accounts, packing essentials, and making shipping arrangements for belongings and pets.
By following the steps outlined in this article, you can ensure a smooth transition and successfully embark on an exciting new chapter of your life, fueled by the power of investment and global citizenship.
