From Gurugram to Grenada, India’s new rich are turning to passports as tools of global freedom
Second passports are typically acquired through government programs that require investment in real estate, national development funds, or approved business projects
- Jul 23, 2025,
- Updated Jul 23, 2025 7:23 PM IST
As India’s affluent class expands at an unprecedented pace, so does their ambition to secure global mobility, financial freedom, and generational legacy.
In an exclusive interview with Business Today, Andri Boiko, CEO of the investment migration firm Garant In, explains why India has become the next big frontier for residency and citizenship-by-investment programmes, and how the “business of passports” is quietly reshaping the aspirations of Indian HNIs.
“When you become wealthy, you want the option to live and travel without waiting on visas. We offer that.”
Boiko, who has been operating in India’s investment migration space, says interest is rising sharply from metro hubs like Delhi, Mumbai, and Gurugram, but the trend is increasingly fuelled by new wealth from Tier 2 cities. “They come here to work, make money, and then want global access. That’s what this is about,” he said.
Wealth, taxes, and legacy
For many, the appeal lies in tax planning and asset protection. “If you don’t spend more than 183 days in India and have income abroad, you can reduce your tax exposure,” Boiko explained. “That’s a key driver—alongside global mobility and family legacy.”
Second passports are typically acquired through government programs that require investment in real estate, national development funds, or approved business projects. Countries such as Grenada, Portugal, and Italy offer residency or citizenship in exchange for investments ranging from €250,000 to €500,000.
“Most of our clients aren’t looking to migrate. They want the ability to travel, access better education for their children, and protect their wealth,” Boiko said. “One-time investment, and your family benefits for generations.”
Europe, not America
The United States, once a top aspiration, is now less attractive to Indian HNIs due to its global tax obligations. “We don’t recommend the U.S. to investors,” Boiko said. “Even with a green card or tourist visa, spending over 183 days makes you liable for global income tax.”
Instead, European countries with structured Golden Visa programs, like Italy’s “Dolce Visa”—are gaining traction. These schemes allow investors to secure residency without mandatory relocation or tax residency, offering a practical route to citizenship over time.
A shift in mindset
The trend marks a significant shift from past decades, when emigration was associated with job-seeking or permanent relocation. “Today’s Indian HNI sees a second passport as a strategic asset,” said Boiko. “It’s about options—not escape.”
Even previously held concerns about surrendering Indian citizenship have begun to ease, thanks to increased awareness about the Overseas Citizen of India (OCI) framework, which grants most rights of residency and economic participation.
The long view
While most of the demand remains concentrated in urban India, the demographic is widening. “From Jaipur to Goa, we’re seeing people ask the same question: how do I secure my future abroad without uprooting my present?” Boiko said.
For India’s new elite, a passport is no longer just a travel document. It’s insurance, leverage, and legacy—all rolled into one.
As India’s affluent class expands at an unprecedented pace, so does their ambition to secure global mobility, financial freedom, and generational legacy.
In an exclusive interview with Business Today, Andri Boiko, CEO of the investment migration firm Garant In, explains why India has become the next big frontier for residency and citizenship-by-investment programmes, and how the “business of passports” is quietly reshaping the aspirations of Indian HNIs.
“When you become wealthy, you want the option to live and travel without waiting on visas. We offer that.”
Boiko, who has been operating in India’s investment migration space, says interest is rising sharply from metro hubs like Delhi, Mumbai, and Gurugram, but the trend is increasingly fuelled by new wealth from Tier 2 cities. “They come here to work, make money, and then want global access. That’s what this is about,” he said.
Wealth, taxes, and legacy
For many, the appeal lies in tax planning and asset protection. “If you don’t spend more than 183 days in India and have income abroad, you can reduce your tax exposure,” Boiko explained. “That’s a key driver—alongside global mobility and family legacy.”
Second passports are typically acquired through government programs that require investment in real estate, national development funds, or approved business projects. Countries such as Grenada, Portugal, and Italy offer residency or citizenship in exchange for investments ranging from €250,000 to €500,000.
“Most of our clients aren’t looking to migrate. They want the ability to travel, access better education for their children, and protect their wealth,” Boiko said. “One-time investment, and your family benefits for generations.”
Europe, not America
The United States, once a top aspiration, is now less attractive to Indian HNIs due to its global tax obligations. “We don’t recommend the U.S. to investors,” Boiko said. “Even with a green card or tourist visa, spending over 183 days makes you liable for global income tax.”
Instead, European countries with structured Golden Visa programs, like Italy’s “Dolce Visa”—are gaining traction. These schemes allow investors to secure residency without mandatory relocation or tax residency, offering a practical route to citizenship over time.
A shift in mindset
The trend marks a significant shift from past decades, when emigration was associated with job-seeking or permanent relocation. “Today’s Indian HNI sees a second passport as a strategic asset,” said Boiko. “It’s about options—not escape.”
Even previously held concerns about surrendering Indian citizenship have begun to ease, thanks to increased awareness about the Overseas Citizen of India (OCI) framework, which grants most rights of residency and economic participation.
The long view
While most of the demand remains concentrated in urban India, the demographic is widening. “From Jaipur to Goa, we’re seeing people ask the same question: how do I secure my future abroad without uprooting my present?” Boiko said.
For India’s new elite, a passport is no longer just a travel document. It’s insurance, leverage, and legacy—all rolled into one.