Indian passport weakens: Why the rich are in a rush to move out of India

Indian passport weakens: Why the rich are in a rush to move out of India

Indians have suffered a dip in their global mobility this year, with India dropping from 80th to 82nd place on the Henley Passport Index between January and July, implying that Indian citizens have visa-free access to only 58 destinations. India is also projected to lose 4,300 millionaires in 2024, down from 5,100 in the previous year.

"The reality of having visa-free access to just 58 destinations is just one of the reasons driving the significant increase in awareness of and demand for global investment migration opportunities among Indian high-net-worth families...In addition to having a contingency plan in place and enhancing their visa-free travel, among the key reasons Indian families consider alternative residence and/or citizenship is ease of access to excellent higher education institutions for their children. India’s affluent are not just looking to protect their wealth — they are strategically investing in countries that offer a robust educational infrastructure. For this reason, the programs attracting the most attention in terms of enquiries are those offered by Australia, Austria, Canada, Portugal, and the USA," said Rohit Bhardwaj, Director Private Clients and Country Head India at Henley & Partners.

The ability to travel visa-free to a wide array of destinations is no longer merely a convenience — it’s a powerful economic tool that can drive growth, foster international cooperation, and attract foreign investment, as per Dr. Juerg Steffen, FIMC, is the Chief Executive Officer of Henley & Partners.

Indian students constitute the biggest share of those studying internationally in the world after China — with an estimated 1.5 million studying elsewhere. Countries with renowned educational institutions, such as Australia, Canada, the UK, and the USA are particularly attractive, and these education hotspots also offer investment migration programmes.

As per recent market statistics, the USA is the country that attracts the highest number of Indian students globally. Likewise, the US EB-5 Immigration Investor Program is a popular choice among Indian investors, who rank 3rd globally (after China and Vietnam) in terms of the number of visas issued to date in 2024. A significant underlying motivator for wealthy Indian parents whose children aspire to attend prestigious universities is to secure a future without visa complexities after they graduate.

"Consider an Indian high-net-worth investor securing their child access to an Ivy League US college. The four-year degree could cost $250,000. But graduating with permanent residence rights in the USA multiplies career upside, given that America’s median salaries are 32 times higher than India’s, and tech sector equity compensation potential is exponentially greater in Silicon Valley," said Bhardwaj.