In today's interconnected world, the concept of global citizenship and residence planning has taken center stage, especially for India's affluent 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 sheds light on the evolving landscape of residence, citizenship, and education planning for India's wealthy, offering a unique perspective on the challenges and opportunities that come with international mobility and wealth management.
The Evolution of Indian Wealth and Mobility
Indian wealth has undergone a remarkable transformation, becoming increasingly globalized. Indian families now operate across borders, with children pursuing education and careers overseas, family businesses expanding internationally, and assets spread across different jurisdictions. This evolution has shifted the focus of wealth management discussions, incorporating residence, mobility, and education planning alongside traditional investment, tax, and estate planning strategies.
Optionality and Flexibility: Key Client Objectives
Many high net worth (HNW) Indian families are seeking additional residence rights and mobility options without necessarily planning to leave India. The desire for optionality and flexibility is driven by a range of factors, including the need for improved mobility, contingency planning in case of geopolitical or policy changes, and the desire to provide their children with educational opportunities abroad.
European Residence Programs: A Practical Solution
European residence programs have gained popularity among Indian nationals, offering easier access to the Schengen Area and other benefits. Programs in countries like Portugal, Greece, Italy, Latvia, and Malta provide residence permits that facilitate short-stay travel within the Schengen Zone. These programs offer a practical solution for Indian families seeking enhanced mobility and flexibility without the commitment of relocating permanently.
Contingency Planning: A Proactive Approach
Geopolitical uncertainty and policy changes have prompted some Indian families to establish alternative residence options as a contingency measure. Volek highlights the activity in Henley & Partners' Dubai office amid tensions in the Middle East, where clients are securing alternatives rather than preparing for an immediate move. This proactive approach allows families to maintain control over their decisions and avoid the risks associated with concentration in a single country or jurisdiction.
Education and Career Planning: A Long-Term Perspective
Education is a significant driver of demand from India, particularly when it comes to planning for studies in the US. However, Volek emphasizes the importance of looking beyond the admissions process. While a student visa may allow a child to complete a degree, families should also consider the child's ability to gain work experience and establish a career in the same market post-graduation. Henley & Partners' education advisory team works with families to explore immigration routes alongside education planning, ensuring a more comprehensive and long-term approach.
Tax, Lifestyle, and Legacy Considerations
Tax considerations primarily come into play when clients are open to physically relocating. Jurisdictions like the United Arab Emirates (UAE), Singapore, and Hong Kong are attractive to wealthy international families, offering residence rights and potential tax benefits. However, the tax outcome depends on the individual's actual relocation and the residence rules applicable to their circumstances. Lifestyle factors, such as climate, air quality, healthcare, and retirement plans, also influence where families choose to establish their base.
Finding the Right Program: A Client-Centric Approach
Henley & Partners takes a program-agnostic approach, focusing on understanding the client's situation and their specific goals for additional residence or citizenship. This client-centric approach ensures that the chosen program aligns with the family's priorities, whether it's easier travel within the Schengen Area or long-term planning for a child's future in the US. The presentation highlights the importance of avoiding a one-size-fits-all approach and instead tailoring the solution to the client's unique needs.
The Role of Advisers: Complementing the Wealth Management Relationship
Henley & Partners works closely with advisers through referrals, joint mandates, and meetings where its specialists collaborate with the client's existing advisory team. The presentation emphasizes that Henley & Partners aims to complement the adviser's role rather than replace it. Some advisers prefer to introduce the client and leave the specialist work to Henley & Partners, while others remain closely involved, integrating residence planning with tax, wealth structuring, or succession planning.
A Practical Approach to Global Citizenship and Residence Planning
Residence, citizenship, and education planning are becoming increasingly practical considerations for Indian families with international businesses, children, and assets. While not relevant to every family, those with a global footprint are recognizing the value of these strategies in planning for the future. As Volek concludes, ignoring these discussions doesn't make them go away; instead, it opens the door for other advisers to step in. By embracing a proactive and client-centric approach, wealth managers can stay ahead of the curve and provide comprehensive solutions for their clients' evolving needs.
