Nirav Modi, India's most-wanted man, found a safe house in UK using a 'golden visa', a tier-1 (investor) visa issued by the British government to investors outside the European Union on a commitment to invest £2 million in bonds or shares of a company.
The easy access to Modi puts investment-linked residency and citizenship programmes offered by various countries under the scanner.
Ruchir Sharma, head of emerging markets and chief global strategist at Morgan Stanley Investment Management, had in a report pointed out that the highest number of millionaires leaving their country of origin was from India. His comment was based on a survey carried out by the NW Wealth that claimed since 2014, 23,000 millionaires have left India. In 2017, it was 7,000.
High net worth Indians often look for opportunities across the globe for which they avail themselves of investment linked immigration schemes. “However, there is significant rise in the number of clients with “clean” records using these programmes,” Mark I Davies, global chairman of Davies & Associates, a global law firm, told ET in a 2018 report.
While licenced law firms do not accept clients with criminal records, unlicensed agents help with tweaks. Davies claims agents in India are allowed to operate passports by investment programmes. In other countries, only properly licensed professionals are allowed to do so.
Countries that run investor immigration programmes carry out a thorough background check on applicants including a search of global criminal databases, which makes Modi's case a bit puzzling. While sleuths figure out how Modi may have managed to get entry to UK, here are some of the programmes that HNIs from India use to leave the country.
Caribbean
Antigua & Barbuda Citizenship by Investment
An applicant has to contribute $200,000 to the National Development Fund (NDF); or invest at least $400,000 in an approved real estate project with a 5-year lock-in or invest $1,500,000 directly into an eligible business as a sole investor.
The process is governed by strict background checks before the applicant and their families are granted citizenship.
Grenada citizenship by investment
By investing $2 million in the country’s economy or a real estate development, applicant can acquire citizenship with the right to live and work. Under direct investment route, applicants may immediately apply for citizenship without first applying for permanent residence.
Besides the opportunity to live and work in Grenada, this provides a route to the US E2 investment visa programme which is closed to Indian citizens.
Belize retirement
This Caribbean nation has a retirement programme with an average annual income requirement for retirees of $24,000, which is not too high by north American standards. The other advantages are no taxes on worldwide income and the possibility of operating businesses out of Belize, ideal for senior citizens from US and Canada, including those of Indian origin.
St Kitts & Nevis citizenship programme
Buying property worth $400,000 in St Kitts and Nevis entitles buyers to automatically qualify for residency. This also provides visa-free travel to more than 100 countries, including the Schengen zone, Canada, the UK, Hong Kong and Singapore.
A contribution to public charity the Sugar Industry Diversification Foundation of $250,000 (for a single applicant), or a non-refundable contribution to the Sustainable Growth Fund (SGF) of $150,000 also qualifies for acquisition of citizenship
Europe
Cyprus residential investment scheme
With an investment of €2 million in real estate (locked in for 3 years) a fast-track citizenship application that covers whole family. Open to all nationalities, the process takes 6 months.
There is no residency requirement and this is the fastest and most direct route to European Union citizenship.
Malta individual investment programme: It provides an European Commission recognised route for citizenship in an European nation for global high net worth individuals and their families. Benefits include visa free travel in 160 countries including the US