Firstly, they see the country's tax regime as severe, and the laws / regulations / enforcement related to India's (largely Failed) Banking sector as impossible and discouraging. Secondly, they seek overseas passports with greater travel mobility. Third is the higher standard of living in some countries, including better education and health care, more reliable infrastructure, cleaner air, and a better all-round lifestyle.

It is important to note that while some millionaires may choose to leave India, it does not mean that all millionaires are leaving or that there is a mass exodus of wealthy individuals from the country. India ranked 3^rd in millionaire outmigration in 2022, but was still churning out more millionaires than it's losing: Henley & Partners -- "In 2022, so far 8,000 high-networth individuals (HNI) have moved out of India (2022-Nov-28)".

People's decisions to move or leave a country can be influenced by various factors, and it is crucial to consider the broader context. There could be several reasons why some millionaires choose to relocate from India, including:

1. Business opportunities: Some millionaires might be seeking better business prospects or investment opportunities in other countries. They might perceive more favorable economic and regulatory conditions, access to global markets, or a more conducive environment for their specific industries elsewhere.

2. Taxation and financial considerations: High-net-worth individuals often consider taxation policies when deciding where to reside. Changes in tax laws, including wealth taxes, capital gains taxes, or inheritance taxes, could impact their decisions. They might seek countries with more favorable tax regimes to optimize their wealth and minimize tax liabilities.

3. Political stability: Political stability is an essential factor for individuals, especially those with significant wealth. Political uncertainties, policy changes, or concerns about governance and political unrest in a country can lead some individuals to explore other options for their own security and stability.

4. Education and lifestyle choices: Wealthy individuals often prioritize access to quality education for themselves and their families. They may choose to move to countries with renowned educational institutions or a lifestyle that aligns better with their preferences or cultural values.

5. Global mobility and diversification: Some millionaires may opt for international mobility to diversify their assets, expand their networks, or gain exposure to different markets. By having residences or citizenship in multiple countries, they can enjoy benefits such as visa-free travel, asset protection, and greater investment opportunities.

Articles:

Review the following, to get some perspective on this subject.

1. Rich Indians turn Secessionist, giving up Indian Citizenship
   -- ThePrint.

2. India's Richie Rich are buying one-way tickets Out
   -- The Economic Times.
     
3. 8,000 HNIs leaving India this year
   -- The Economic Times.
     
4. Why do people give up Indian citizenship
   -- Indian Express.
     
5. Why Indian entrepreneurs are using the golden visa to move base
   -- The Times of India.
     
6. Note placement of India on the below chart:
       
7. Why are Wealthy Indians leaving their country?
   -- Google Search.
    

How can Indian Citizens
LEGALLY
enjoy the benefits of
Offshore / Foreign Citizenship
while retaining their
Indian Assets?

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