In today's interconnected world, the concept of global citizenship and residence planning has taken on a new significance, especially for India's wealthy families. This article delves into the insights shared by Dominic Volek, Group Head of Private Clients at Henley & Partners, at the Hubbis India Wealth Management Forum 2026. Volek's presentation highlighted the evolving nature of wealth management, where residence and citizenship planning are now integral components of a family's broader wealth strategy.
The Changing Landscape of Indian Wealth
Indian wealth has undergone a remarkable transformation, becoming increasingly international in nature. Children are pursuing education and careers abroad, family businesses are expanding across borders, assets are diversified globally, and succession planning often involves multiple countries. This shift has brought residence, mobility, and education to the forefront of discussions that were once primarily focused on investments, tax, trusts, and estate planning.
Optionality and Flexibility
For many high net worth (HNW) families, the primary objective is to secure optionality and flexibility. A second residence can provide improved mobility or serve as a contingency plan, offering a potential relocation destination if circumstances change. Education decisions are also being made with an eye towards a child's long-term career prospects. The key consideration is understanding what the family aims to achieve, whether it's enhanced mobility, educational opportunities, or tax benefits.
Mobility and Practical Concerns
European residence programs offer unique advantages for Indian nationals, providing easier access to the Schengen Area. Other programs around the world offer different residence and citizenship benefits, catering to diverse family needs. The attraction for many Indian clients is the option to have a backup plan without committing to an immediate move. This approach allows families to maintain their flexibility and avoid the concentration risk of being limited to a single country or jurisdiction.
Education: A Long-Term Perspective
Education planning requires a long-term vision. While admission to an overseas university is a significant milestone, families must also consider the post-graduation prospects. Can the child remain in the country, gain work experience, and build a career? Volek cautions against the common mistake of sending children on student visas without a clear plan for their future. He suggests exploring immigration routes that can be aligned with education, such as the US EB-5 program, to provide a pathway to permanent residence and eventual citizenship.
Tax and Lifestyle Considerations
Tax implications come into play when clients are open to physical relocation. Jurisdictions like the United Arab Emirates (UAE), Singapore, and Hong Kong are attractive to wealthy international families. Acquiring residence grants the right to move, but the tax outcome depends on the individual's actions and the residence rules of the chosen jurisdiction. In India, tax residence is determined through a complex set of statutory tests and exceptions, rather than a simple 183-day rule.
Lifestyle factors also influence residence decisions. Climate, air quality, healthcare, community, and retirement plans can all impact where a family chooses to establish a base. Some business owners opt to commute while relocating family members abroad, ensuring the best of both worlds.
Legacy and Estate Planning
As families, businesses, and assets become dispersed across multiple countries, legacy and estate planning become crucial. Residence rights play a role in preparing for the family's long-term operation across generations. Volek suggests that while building diversification in the investment portfolio, families can also diversify their residence and potential citizenship options.
Finding the Right Program
While well-known programs often dominate the conversation, the options are vast. Henley & Partners works with over 60 residence and citizenship programs, taking a program-agnostic approach. The starting point is understanding the client's unique situation and their goals for the additional residence or citizenship. This tailored approach ensures that the chosen program aligns with the family's specific needs and priorities.
The Role of Advisers
Henley & Partners collaborates with advisers through referrals, joint mandates, and meetings where their specialists work alongside the client's existing advisory team. The goal is to complement the adviser's expertise rather than replace it. Some advisers prefer to introduce the client and let Henley & Partners handle the specialized work, while others remain closely involved, integrating residence planning with tax, wealth structuring, or succession planning.
Advisers have a commercial incentive to engage in these discussions, as they can strengthen trust, improve client retention, and lead to related areas of advice. Volek warns that wealthy clients often have relationships with multiple banks and advisers, so ignoring the topic may result in clients seeking advice elsewhere.
Conclusion
Residence, citizenship, and education planning are becoming practical considerations for Indian families with international aspirations. As businesses, children, and assets continue to expand globally, these aspects of wealth management will play an increasingly important role in shaping the future of these families.
Personally, I find it fascinating how the traditional concepts of wealth management are evolving to accommodate the complexities of modern, globalized families. It's a testament to the changing nature of wealth and the need for innovative solutions.
