As per the latest OECD report India ranks second in the world in terms of migration to the OECD countries. An estimated 330,000 Indians migrated to these countries in 2018. A significant chunk of the total number of Indians migrating abroad are the people who migrates by way of investment in another country. As per the report of Global Wealth Migration Review, an estimated 7,000 high-net worth Indians left the country in 2017.
COVID 19 and the need for a second citizenship
Healthcare, lifestyle, clean air, education, stable investment opportunities, visa-free travel to various countries are some of the reasons for migration. The pandemic has made these reasons even more relevant. The anxiety brought by a floundering healthcare system, loss of jobs/income and the uncertain education system, in many countries, has made the need for evaluation of a second citizenship/residency even stronger. The number of citizenship enquiries, to various firms across the globe, from India and other countries, has risen significantly, indicating the strong evaluation of the migration programs of various countries.
Current challenges and new beginnings
Any citizen wishing to migrate to a new country would generally want to travel to the destination country at least once before making his/her life changing decision. The immediate reaction to the COVID 19 pandemic has been the suspension of scheduled air transport. With visa services on hold, it has become impossible for clients to have a firsthand experience of the destination country. In such cases the decision making is taking longer and in cases where the clients already know the country they wish to migrate, most of the migration procedures have gone online. With residency consultations happening online, it is the best time to prepare the necessary documentation and finances, for the big move, till international movement begins.
Will more countries join the citizenship/residency by investment program?
World economies and especially the European Union has been severely affected by COVID19. Just when the economies were recovering, the second wave of the virus has brought in fresh nationwide restrictions. European Union’s economy is expected to shrink by 8.3% in 2020.
The need for foreign capital, through residency by investment/citizenship by investment, will be felt even more post the COVID19 as it is one of the easiest ways to bring in investment into the country. Countries like Bulgaria, Cyprus, Estonia, Greece, Ireland, Italy, Latvia, Malta, Portugal, Slovenia amongst few others, already have residency/citizenship programs in place. More countries are likely to follow soon. For the potential immigrants it will be a whole lot of countries and programs that they can choose from basis their financial and personal goals and eligibility.
In conclusion, I see, in a post COVID19 world, there would be more long-term movement of citizens across countries. Like always, the customer would be the king; they would get to choose from a list of countries. One key factor that would influence the client is the state of health care system in the destination country.
With the changing times and the need for better healthcare and education many Indians are emigrating out of the country for better lives. For more information on #residencybyinvestment and investment opportunities in the #EuropeanUnion and #slovenia in particular, please visit www.mrkintercon.com or mail us on firstname.lastname@example.org. #crbi #investmentmigration