Increasing tax concerns cause High Net Worth Indians to look abroad
Following a survey into wealthy individuals looking for tax advice, Indian respondents ranked first our of 24 countries, with 98% of those respondents describing their demands as "quite" to "very high".
This has led to concerns that the lack of sound tax advice being provided by domestic wealth advisers as having the potential to drive Indian clients to channeling their assets abroad.
As taxes for High Net Worth individuals in India become more severe, the requirement to provide sound advice on the legal reduction of the tax liabilities facing wealthy individuals in India is being regarded as increasingly vital. Otherwise, domestic wealth managers face the prospect of foreign alternatives poaching high net worth clients.