Why Indian Millionaires are shifting to foreign countries

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There are nearly 23,000 Millionaires left in India in period between 2014 to 2018. India ranks in Top 5 countries to have billionaires but numbers of Millionaires in India are very less compared to it. 
The major reason of lower numbers of Millionaires is Shifting to foreign countries. The new tax system in India charges about $20,000 more than previous tax system.

India is home of 4,00,000 dollar millionaire Households as per report of Hurun India Wealth Report. The report also stated that millionaires are leaving India and Shifting to foreign countries and this number has seen growth year.
The report of GWMR states that nearly 23,000 millionaires in India have left the country while in 2018 while in the year 2020, about 5000 people have left country. 

Why Millionaires are shifting to foreign countries


The major reason is Tax system that collects more tax after new tax system was taken in account. Last tax system was Resident-based tax system while newly adopted tax system is Citizenship-based tax system. 
This current tax system, Indian citizens who are not eligible to pay taxes to other countries due to domicile or residential or any other reasons had to pay the tax to Indian Government irrespective to their physical presence in India. The tax is exceeding about $20,000 or rs15 Lacks India rupees.

The International tax benefits

The number of enquiries for second countries citizenship increase to nearly 63% in 2019 as per report by Henley and Partners. Expert says that this may be beneficial to citizens to save tax. 
To get away from tax without paying it or paying it in lower amount to other foreign governments is also main cause.

Golden Visa

Many Indian Millionaires are seeking to relocate the visa programme of other countries in return to get investment. This includes foreign visa or residence of that country or citizenship to live. 
A report says about 254 Indian Millionaires have been shifted to UK since 2008 using Golden visa

Some other reasons

There are some others reason why Millionaires are shifting to other countries. Some have to shift due to business while some shift in order to gain quality education and lifestyle of living. Better mobility is also provided by others Countries that attracts Indian people. 
A report says overall that Australia visa gives permission to travel to 189 destination while India visa allows only 58 destination only.

The demand of place in foreign countries also matters a lot. There are some countries that are suitable for business or citizenship like Australia, Malta and Turkey while some people Prefer to residue at countries like Canada, America or Portugal.
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