Why India’s wealthy are quietly buying second residencies abroad

India’s wealthy built their fortunes around businesses, real estate and investments within the country for years. However, a new asset is quietly entering the portfolios of promoters, family offices and ultra-high-net-worth individuals (UHNIs): a second residency abroad.

The idea is not necessarily to leave India. Instead, wealthy families are increasingly buying a “Plan B” — a backup option that provides global mobility, better educational opportunities for their children, access to international business hubs and protection against…