(Our Bureau, May 18) The Caribbean Islands are a popular choice among Indian billionaires looking to invest abroad. Reason: The islands open doors to visa-free travel to 156 destinations and business opportunities in the US and UK. “For the wealthy, second citizenship from a Caribbean country like St Kitts and Nevis can provide a future with more international business, travel and education opportunities. It’s the perfect Plan B,” said Paul Singh, director of citizenship advisory firm CS Global Partners. Another reason for the exodus is the Indian government’s shift to a citizenship-based tax system from a residence-based tax system. The new rules have pushed the rich to diversify their wealth more effectively. For all businesses, stability of the dollar is key for any investment and the Caribbean islands provide that opportunity. For its education, medical facilities and visa rules, the Financial Times Professional Wealth Management magazine ranked the Dominica CBI programme as the world’s best citizenship programme for four consecutive years. A Global Wealth Migration Review report said India had witnessed the exodus of nearly 5,000 millionaires in 2020.
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