In today's interconnected world, the concept of residence, citizenship, and education planning has taken on a new dimension, especially for India's global 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.
The Evolution of Indian Wealth and Mobility
Indian wealth has undergone a remarkable transformation, becoming increasingly international. This shift is evident in the lives of Indian families, with children pursuing education and careers abroad, family businesses expanding globally, and assets spread across various jurisdictions. As a result, discussions around residence, mobility, and education have become integral to wealth management strategies, often taking precedence over traditional investment and tax planning.
Optionality: A Key Driver for High Net Worth Families
Many affluent Indian families are seeking additional residence rights or enhanced mobility, not necessarily with the immediate intention of leaving India. This desire for optionality reflects a proactive approach to wealth management, ensuring flexibility and contingency planning.
Mobility and Practical Considerations
European residence programs offer a unique advantage to Indian nationals, providing easier access to the Schengen Area. Programs in countries like Portugal, Greece, Italy, Latvia, and Malta can facilitate short-stay travel within the Schengen Zone, offering a valuable mobility benefit. However, it's essential to distinguish between residence and citizenship, as India does not permit dual citizenship.
Geopolitical Uncertainty and Contingency Planning
Geopolitical tensions and policy uncertainties have prompted some families to establish alternative residences proactively. By securing options early, families can avoid making rushed decisions and maintain control over their mobility choices. This approach is particularly relevant in regions like the Middle East, where Henley & Partners has witnessed increased activity through its Dubai office.
Education: Beyond Admissions
Education is a significant driver of demand, especially for families considering the US. However, Volek emphasizes the importance of looking beyond the admissions process. Student visas may facilitate degree completion, but families often aspire for their children to gain work experience and establish careers in the same market. Programs like the US EB-5 immigrant investor program can offer a pathway to permanent residence, providing an immigration route alongside education.
Tax, Lifestyle, and Legacy Considerations
Tax considerations come into play when clients are open to physical relocation. Jurisdictions like the United Arab Emirates, Singapore, and Hong Kong can be attractive to wealthy international families. Acquiring residence grants the right to move, but the tax outcome depends on the individual's circumstances and the residence rules of the respective jurisdiction. Lifestyle factors, such as climate, air quality, healthcare, and retirement plans, also influence residence decisions.
Finding the Right Program: A Client-Centric Approach
Henley & Partners takes a program-agnostic approach, focusing on understanding the client's unique situation and goals. The firm works across more than 60 residence and citizenship options, ensuring a tailored solution. Volek advises against starting with the most well-known program and instead recommends identifying the client's needs first. This client-centric approach ensures that the chosen program aligns with the family's specific objectives.
The Role of Advisers: A Collaborative Effort
Henley & Partners collaborates with advisers through referrals, joint mandates, and meetings, emphasizing that its role is complementary to the adviser's existing relationship with the client. Some advisers prefer to introduce the client and let Henley & Partners handle the specialist work, while others remain closely involved, integrating residence decisions with tax, wealth structuring, and succession planning.
A Practical Planning Tool for Global Families
Residence, citizenship, and education planning are not relevant to every Indian family. However, for those with international businesses, children studying abroad, and assets spread across borders, these considerations have become integral to their wealth management strategies. It is a practical approach to planning for the future, ensuring flexibility, mobility, and a well-rounded education for the next generation.
In conclusion, the insights shared by Dominic Volek highlight the evolving nature of wealth management for India's global families. By embracing residence and citizenship planning, these families are not only securing their financial futures but also creating opportunities for their children and ensuring a seamless transition across generations.
