Global citizenship is plan B for Ultra HNIs, says Himanshu Kohli of Client Associates

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MintGenie, Himanshu Kohli, Co-Founder of Client Associates, talks about global citizenship, private equity and debt, among others. Click here to read the first part. Many families in India are also thinking about having a plan B, which means if tomorrow something goes wrong in India, they have a backup outside India, which is where their plan B comes into the picture.

This could be either in the form of residency permits or citizenship of another country. For instance, in China, we saw that the government became very harsh with the wealthy Chinese, and they ultimately had to move out of China. Hence, many UHNIs are also thinking that if tomorrow the government becomes tough with the wealthy Indians and comes out with policies to tax the rich, then they need a plan B in place, and that's where global citizenship comes into the picture.

Firstly, we draw their financial plans. We understand their needs, the breakdown of those needs, what percentage will be in India, what percentage will be beyond India, and even beyond India, which geographies they would like to consider. Now, we help them to diversify as per those geographies.

If a child is going to study in the US, a portfolio is created to hedge against currency fluctuations. We will also look at the allocation between asset classes in those geographies. We also provide a service on the immigration side, and we have a tie-up with Global North and Henley & Partners, where we help our clients if they want to settle or have a house or base beyond India.

We take support from these firms to assist our clients with their immigration issues. We also work with various tax advisors on structuring our clients' wealth to be tax-compliant. We also ensure that we are compliant from