Global portfolio diversification has always been ignored by most High-Net-Worth Individuals (HNWI) and Family Offices because it was riddled with discouraging factors such as remittance limitation, opaque regulation, high transaction and set-up costs, and complex taxation. Finding the right investment opportunity was just half the battle. Friction in investing always over-powered the intent of global diversification for these investors.

Popular global booking centers such as Singapore, Dubai and Hong Kong enjoyed majority of interest from family offices because, unlike India, where LRS and ODI rules are difficult to navigate, these geographies offered business-friendly incentives, lower tax regimes, progressive regulation, and unrestricted access to global markets. However, that is set to change as India emboldens its stride to become a global financial hub.

The Indian government now allows the setting up of family offices in GIFT City, India's first International Financial Servi…