Prashant Ajmera is a reputed Indian lawyer and Canadian citizen with more than twenty-five years of experience in the field of corporate and migration law and international trade. His law practice is based on the solid foundation of providing honest and accurate legal advice to his diversified clientele who wish to obtain Residency and Citizenship through Investment.
In this interview with Prashant Ajmera, he shares with us his thoughts
- How would you describe the state of the investment immigration industry today?
India is perhaps one of the last countries in the world where HNIs and UHNIs have yet to take full advantage of benefits offered by RCI programs by different countries of the world. But in the past 4 to 5 years, thanks to interest generated by the EB-5 investor program of USA, these wealthy individuals are now seriously looking at various immigration by investment options.
However, the total number of people that actually invest in these programs does not really justify the size of our great nation and the economic growth that we have seen in the recent past. I believe that this is mostly due to lack of knowledge and trust amongst Indian HNIs and UHNIs and the professionals who service them. Once we fill this lacuna, I strongly believe that the Indian market holds great potential for RCI programs.
- What do you think the wealth mobility demands of HNWIs in Mumbai?
As I mentioned in one of the most popular articles written by me, namely, ‘10 reasons why Indian HNIs should consider RCI by investment’, almost every Indian HNI is considering RCI programs to fulfil one of those reasons. Last year, remittance by Indian HNIs out of India was $14 billion US for a variety of purposes. I am sure this year it will be more than that.
Indian HNWIs must start being bolder and take bigger risks. They should look outside of India for investment if they want to become true citizens of the world. They must establish their presence in the global markets because now they have the resources and necessary compliance from government agencies in form of liberalized fiscal policies and regulations. We all need to work together to assist the RCI market to mature in India.
- How do you see the industry evolving over the next 5 years?
I see great potential for the industry in India. Indians are not inherently risk takers but I see the trend changing. We are realising the importance of becoming global players be it business or leisure.
Our law firm contributed significantly in maturing the RCI market in India by educating stakeholders and showing them how HNIs in India can use RCI to achieve a number of financial and non-financial goals.
The mantra we give to Indian HNIs is: Money cannot buy everything but RCI can assist you to buy almost everything.
Fortunately the response has been overwhelming and this indicates that the Indian investment immigration market will definitely evolve and grow in the next few years.
Prashant AjmeraDirector, Globe Detective Agency Pte Ltd
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