At least 8000 super rich Indians are expected to migrate from the country this year, according to a recent Times of India article (dated 14th June 2022). Read more HERE.
This June, BLS Global Director Sam Hussain was back on the road, visiting cities in India such as Delhi, Mumbai and Ahmedabad to understand the current investor appetite and what their current key motivations and concerns are in the wake of the COVID Pandemic.
It’s apparent that Immigration Agents on the ground have a strong influence on investors and families. In certain states, like Gujarat, people would generally prefer to deal with locals with the same language and culture as themselves. Local agents who are familiar with the international citizenship and residency space tend to be well positioned to cater for this need.
Below are some key insights to the growing migration industry in India.
Popular programmes
The US EB-5 and L1, the Grenada, Portugal, and other Business Migration schemes, are always very popular programmes for Indian HNWIs. More and more super rich Indians have been accessing information online and have made visits to local agents’ offices to get a better understanding of the various programmes on offer. Serious investors will usually want follow up with a site visit, now that international travel restrictions have eased.
Understanding local culture
Indians understand that there is risk involved in investing, including investing overseas. Moving forward with an international Citizenship/Residency Programme, investors and families prefer to process their files via a local reputable agent so they can hold them accountable. Having that person local and face-to-face, or with a local office presence, makes a big difference.
Credibility
It’s imperative that companies seeking to capture the Indian market should make frequent visits. 50% of the work can be done online – the remaining 50% is that intangible personal touch. We at BLS hear from companies who are promoting citizenship or residency by investment programmes. They occasionally at first have positive, productive conversations with Indian investors, who then suddenly go quiet. Often investors have every intention to follow through, but move forward and seal the deal with another company which has a local representative.
Agents
Good agents play a pivotal role with investors. India is a giant market for immigration companies and there is no single agent to date that has achieved full national coverage. Good agents will focus on their local territories. Bad agents will promise you the world, but fail to deliver even the basics. BLS, being the first company to open up the Indian market, have carried out years of due diligence and have a great insight to which agents perform well for their clients and new entrants that go that extra mile to promote programmes correctly.
When friends can be best business partners
Indians are very welcoming and hospitable and they expect to be treated the same when it comes to business. When meeting investors, agents see them as friends rather than talking just business and gradually friendship will lead to business partnership.
Knowledge is power
To seal a deal with Indian HNWIs you need to be confident and knowledgeable in explaining the process, including the tax advantages and the education system their children will have the opportunity to experience in the country they seek to reside. Education and taxation are two of the major driving forces for family migration. If you have an existing client that can testify that they had a successful, smooth process in the their dealings with your company then this is the greatest reference any company can have.
For more information contact BLS Global Ltd on:
Sam Hussain
sam@blsglobal.org
Kousthubha Palachanda
office@blsmedia.co.uk
WhatsApp: https://wa.me/447485317851
