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5 affordable countries offering citizenship programs for Indians

Synopsis

An estimated 6,500 high net worth individuals (HNWIs) are projected to leave India in 2023, according to the Henley Private Wealth Migration Dashboard.

Every year, thousands of wealthy Indians move abroad to buy citizenship or permanent residency in other countries.

A report from Morgan Stanley indicates that in the 5 years from 2014 to 2018 more than 23,000 Indian millionaires took advantage of an alternative citizenship program.

An estimated 6,500 high net worth individuals (HNWIs) are projected to leave India in 2023, according to the Henley Private Wealth Migration Dashboard.

However, since the Constitution of India does not allow the holding of Indian citizenship with that of a foreign country simultaneously, Indians have to forfeit their Indian citizenship before they can apply elsewhere.

Here are the top five affordable countries where Indians can buy citizenship, along with their associated costs and perks.

1. Dominica – ₹76,46,000

Dominica, a picturesque Caribbean island, offers a compelling citizenship program. Benefits include visa-free travel to over 140 countries, including the US, Canada, and the UK. Moreover, citizens are entitled to free health insurance for life, and there are no capital gains or inheritance taxes.

2. St. Lucia – ₹76,46,000

St. Lucia, another captivating Caribbean destination, provides visa-free travel to over 140 countries. Business owners can benefit from tax breaks, including a 10-year exemption from corporate income tax and property tax. Citizens also enjoy free education for their children up to the age of 18, and preferential treatment for work visas.

3. Grenada – ₹114,69,000

Grenada, known for its rich history and natural beauty, offers visa-free travel to over 130 countries. Citizens can own land without paying property taxes and enjoy preferential treatment for residency visas in other countries. Additionally, Grenadian citizenship provides access to the E-2 Investor Visa Program, facilitating living and working in the US.

4. Antigua and Barbuda – ₹76,46,000

The beautiful islands of Antigua and Barbuda grant visa-free travel to over 130 countries. Citizens can apply for the Tier 1 Investor Visa Program, enabling them to live and work in the UK. Preferential treatment for education at the University of the West Indies and participation in the Caribbean Single Market and Economy (CSME) are additional advantages.

5. Vanuatu – ₹91,05,000

Vanuatu, an idyllic South Pacific nation, offers visa-free travel to over 120 countries, including Australia, New Zealand, and Singapore. Vanuatuan citizenship grants free university tuition at the University of the South Pacific, preferential treatment for business visas, and eligibility to participate in the Melanesian Spearhead Group (MSG).

The countries listed above offer relatively affordable citizenship programs, and can provide individuals and their families with increased security, business prospects, and the freedom to explore new horizons. However, it is crucial to conduct thorough research and consult professionals before committing to any investment.

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