Surendra Hiranandani, co-founder of the Hiranandani Group has become a citizen of Cyprus giving up his Indian citizenship. The real estate tycoon has said that the primary reason for doing this is the difficulty in getting work visas on an Indian passport.  Hiranandani told Mumbai Mirror that his son Harsh continues to be an Indian citizen and looks after their company’s interests in India.  

According to Forbes, the tycoon’s net wealth is 1.29 billion dollars, and he is among the 100 richest Indians.

Indian dollar millionaires have, in the past, left India for tax havens in Europe and the Caribbean Islands, Hiranandani says that tax is not his reason to embrace Cyprus.