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Why India’s millionaires are ditching Indian citizenship


Raasko

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Why India’s millionaires are ditching Indian citizenship

  • The latest to join the bandwagon or rather jump ship is real estate tycoon Surendra Hiranandani, co-founder of the Hiranandani Group
  • Hiranandani is among the richest 100 Indians with a net worth of $1.29 billion, according to Forbes

 

NEW DELHI: As many as 23,000 wealthy Indians have given up their citizenship since 2014, according to a report by investment and financial services firm Morgan Stanley. In fact, 7,000 of them left the country in 2017 alone.

Alarmed at this migratory trend, the Central Board of Direct Taxes (CBDT) formed a five-member committee in March to gauge the impact on the economy, the exit of high net worth individuals from the Indian tax bracket can have.

The CBDT, in an internal memo, said: “In recent times, there has been a trend of high net worth individuals migrating to other countries. Such migration is a substantial tax risk since they may treat themselves as non-residents for taxation purposes even though they may have strong personal and economic ties with India.”

The latest to join the bandwagon or rather jump ship is real estate tycoon Surendra Hiranandani, co-founder of the Hiranandani Group. The 63-year old gave up his Indian passport to become a citizen of Cyprus, an island nation in Eastern Mediterranean.

“The primary reason is difficulty in getting work visas on Indian passport. I have absolutely no issues with tax rates and other such things. My son Harsh continues to be an Indian citizen and he looks after our company’s interests in India,” Hiranandani told Mumbai Mirror.

Taxation was, however, the last thing on his mind when he took the decision, the real estate mogul added. Hiranandani who along with his elder brother Niranjan turned their company into one of India’s largest real estate companies, joins a growing list of Indian dollar millionaires (those worth at least Rs 6.5 crore) who are ditching Indian citizenship for tax havens in Europe and the Caribbean islands. 

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sampaadinche vaalla meeedha padi andharu 10ngi thintunte evadu maatram em chesthaadu baa, intha tax katti malli govt employees kaallu pattukovaali ye pani jaragaalanna, mana batukulu manake asahyam esthaayi

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10 minutes ago, kingcasanova said:

sampaadinche vaalla meeedha padi andharu 10ngi thintunte evadu maatram em chesthaadu baa, intha tax katti malli govt employees kaallu pattukovaali ye pani jaragaalanna, mana batukulu manake asahyam esthaayi

adi mana range vallaki baa....ee ultra rich gaallaki....annee intlo koosuney ayipotayi.....

veellu subramgaa mottam system ni naakesi....Cyprus shitizenship anta ....endraa antey India PP meeda work visa raavatledu anta commedy gaa

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26 minutes ago, Raasko said:

adi mana range vallaki baa....ee ultra rich gaallaki....annee intlo koosuney ayipotayi.....

veellu subramgaa mottam system ni naakesi....Cyprus shitizenship anta ....endraa antey India PP meeda work visa raavatledu anta commedy gaa

Its fine nothing wrong dani valla india ki vache nastam emi ledu

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36 minutes ago, Raasko said:

adi mana range vallaki baa....ee ultra rich gaallaki....annee intlo koosuney ayipotayi.....

veellu subramgaa mottam system ni naakesi....Cyprus shitizenship anta ....endraa antey India PP meeda work visa raavatledu anta commedy gaa

Anni countries lo rich ilaage chestaru baa...vall advantage enti ante they can afford a team of top notch advisors...vallu tax lo 10% taggincha galgithe adhe millions lo untadhi emo...

Balsinolla point of view lo alochiste...vallu antha mandhi ki udyogal icchi, entha tax kattina vallani oka section of society dongalla chustadhi....andukane small tax liberal countries ki chekkestaru...

Nannu adigithe Dubai best...

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10 minutes ago, alpachinao said:

Its fine nothing wrong dani valla india ki vache nastam emi ledu

Denivalla vayya? Ultra rich maamulgaa migrate ayipotey parledu....Ikkada system ni exploit chesukoni....daaniki cyrpus lanti tax havens ni addampaettukoni...indian laws lo prosecute cheyyakundaa citizenships teesukuni....Human rights, extradition traties ani kahaaneelu septaa....enduku undadu loss?

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3 minutes ago, papampasivadu said:

Anni countries lo rich ilaage chestaru baa...vall advantage enti ante they can afford a team of top notch advisors...vallu tax lo 10% taggincha galgithe adhe millions lo untadhi emo...

Balsinolla point of view lo alochiste...vallu antha mandhi ki udyogal icchi, entha tax kattina vallani oka section of society dongalla chustadhi....andukane small tax liberal countries ki chekkestaru...

Nannu adigithe Dubai best...

Avunu ..manollu ippudu ippudey starting.....Europe lo, west lo....age old practise....

Konnni companies turnovers, more than these small island nations GDP. So literally they dictate the govt terms and tax policies over there..

Vallani mallee extradite chesi prosecute cheyyalantey.....sukkal choopistaaru lawyers

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6 minutes ago, Raasko said:

Avunu ..manollu ippudu ippudey starting.....Europe lo, west lo....age old practise....

Konnni companies turnovers, more than these small island nations GDP. So literally they dictate the govt terms and tax policies over there..

Vallani mallee extradite chesi prosecute cheyyalantey.....sukkal choopistaaru lawyers

Most of them legal gaane chestaru...ippudu ee real estate gani case undhi...mottham pakka legal documentation toh ne cheskuni untadhi....extradition and case ayye cinema ee undadu assala....

Oka vela crime chesinodu aythe manaki extradition treaty leni country chuskuni mari jump avthadu @3$%

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10 minutes ago, papampasivadu said:

Most of them legal gaane chestaru...ippudu ee real estate gani case undhi...mottham pakka legal documentation toh ne cheskuni untadhi....extradition and case ayye cinema ee undadu assala....

Oka vela crime chesinodu aythe manaki extradition treaty leni country chuskuni mari jump avthadu @3$%

Ippudu legal bro inkaa emee investigations levu kaabatti....moonati daakaa Nirav modi gadu koodaa legal. Forigen nationality teesukunnaka inka eeka kooda peekaleru. Europe lo koodaa idey lolli...andukey gaa Brexit lu...etc. UK di  koodaa  oka news undi, Top shop owner Philip Green, billionaire, janaaldi pension pot dabbulu mottam 10gesi Cyprus citizenship annadanta. Parliament 10gitey oka £500m venakki istaa annadanta....adee danger

 

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