Rich Indians rush overseas to open family offices as risks rise at home

Many are heading to Dubai and Singapore to hedge their portfolio against currency and geographical risks and for tax planning for the next generation

Billionaire Mukesh Ambani isn't alone in opening a family office in Singapore for investment overseas. A large number of wealthy Indians are opening their family offices in jurisdictions such as Dubai and Singapore to hedge their portfolios from currency and geographical risks and for tax planning for the next generation. Lower capital gains tax and ease of doing business overseas are cited as other reasons for the rush to foreign locales, say auditors and wealth managers.

Tax planners say once the quantum of wealth becomes substantial, there is a need to diversify into other asset classes (equity, debt, hybrid), manner