Stringent tax rules and reporting requirements in India along with the desire for stronger passports remain the biggest drivers for the migration, said the latest Henley Global Citizens Report, which tracks private wealth and investment migration trends worldwide.

The report said that young tech entrepreneurs are becoming increasingly transnational as they remain aspirational about accessing global business and investment opportunities, displaying ever increasing risk appetite.

Separately, the report revealed that the number of US dollar millionaires and billionaires in India will grow by 80% over the next 10 years compared to just 20% in US and 10% in France, Germany, Italy, and UK.

For 

Indians

, EU countries and old favorites Dubai and Singapore are emerging as the top choices.

While Singapore is a preferred destination for tech entrepreneurs and also for setting up family offices because of its strong legal system and availability of world-class financial advisors, the Dubai Golden Visa has emerged as a winner in several circles for its ease of procurement and the multiple opportunities it offers.

Others turned to Europe, and especially Mediterranean countries such as Portugal, Malta, and Greece since they provide a gateway to the EU, an aspirational standard of living and, typically, a low physical residence requirement — which is important to those who continue to prioritize their families or business interests in India.

What are the challenges?

“Challenges for Indians include stringent exchange controls for making remittances, inheritance taxes for overseas assets, and Indian residency rules targeting statelessness. Indians are progressively turning to legal and financial advisors for nuanced advice on navigating these obstacles through the use of private trusts, holding entities, separate wills for different jurisdictions, and so on. Individuals are advised to start planning well before they intend moving any capital to avoid any unpleasant surprises,” said Ajinky

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