In today's interconnected world, the concept of global citizenship is taking on new dimensions, 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 how residence, citizenship, and education planning are becoming integral aspects of wealth management for these families.
The Evolution of Indian Wealth
Indian wealth has undergone a remarkable transformation, becoming increasingly international in nature. This shift is evident in various aspects of family life, from children pursuing education and careers abroad to family businesses operating across multiple markets. As a result, discussions around residence, mobility, and education are now intertwined with traditional wealth management topics like investments, tax planning, and trusts.
Optionality and Flexibility
For many high-net-worth (HNW) families, the primary objective is to secure optionality and flexibility. A second residence, for instance, can enhance mobility or provide a backup plan for unforeseen circumstances. Education decisions, too, are being made with an eye on the child's long-term career prospects. The key takeaway is that these decisions are driven by a desire for flexibility rather than an immediate plan to relocate.
Mobility and Practical Concerns
European residence programs offer unique advantages to Indian nationals. These programs can provide easier access to the Schengen Area, a significant benefit given the visa requirements often faced by Indian passport holders. Programs in countries like Portugal, Greece, Italy, Latvia, and Malta were highlighted as particularly relevant.
Contingency Planning
Geopolitical uncertainty and policy changes are prompting some families to establish alternative residences as a contingency measure. The idea is to have options available without necessarily planning an immediate move. This approach allows families to maintain control over their decisions and avoid being forced into quick choices during uncertain times.
Education: Beyond Admissions
Education is a significant driver of demand, especially when it comes to studying in the US. However, Volek emphasized the importance of looking beyond the admissions process. Families should consider the post-graduation prospects for their children, including work opportunities and career development in the same market. The goal is to ensure a seamless transition from student to professional, which may involve exploring immigration routes alongside education planning.
Tax, Lifestyle, and Legacy Considerations
Tax considerations 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 due to their tax structures. However, it's important to note that tax residence is determined by specific rules and exceptions, not solely by the number of days spent in a country.
Lifestyle factors, such as climate, air quality, healthcare, and retirement plans, also influence residence decisions. Some business owners choose to commute while relocating family members abroad, highlighting the complex nature of these choices.
Finding the Right Program
When it comes to residence and citizenship programs, there's no one-size-fits-all approach. The starting point should be the client's unique situation and their specific goals for the additional residence or citizenship. Well-known programs may dominate the conversation, but exploring a wider range of options can lead to more tailored solutions.
The Role of Advisers
Advisers, including private bankers, wealth managers, lawyers, and family offices, play a crucial role in initiating conversations around residence and citizenship planning. Henley & Partners positions itself as a complementary resource, working alongside existing advisory teams. The firm's expertise can strengthen the overall relationship and lead to further areas of advice, such as succession planning and wealth structuring.
Conclusion
Residence, citizenship, and education planning are becoming essential components of wealth management for India's global families. As their lives and businesses span multiple countries, these aspects of planning are increasingly practical and necessary. The insights shared by Dominic Volek provide a fascinating glimpse into this evolving landscape of global citizenship.
