According to the new report released by Central Government, a total of 8,81,254 Indians have renounced their Indian Passport in the last 7 years till Sept 30, 2021. In this year alone, more than one lakh Indians surrendered their citizenship according to the Ministry of External Affairs (MEA). The majority of people were the high net-worth individuals who left India and sought citizenship abroad. Government is not able to give a concrete explanation of this mass ‘exodus’ that happened in recent years.
As per Morgan Stanley’s ‘Exodus in the World’ list, India stands at the top spot. Around 35,000 Indian entrepreneurs and high-net-worth individuals have left India between 2014 and 2020. Moreover, India is only behind China in the world, whose high-net-worth individuals leave the country for second or new citizenship according to the Global Wealth Migration Review report.
There are many reasons that entrepreneurs, business owners, high net-worth individuals, skilled professionals, and students are migrating abroad and renouncing their Indian citizenship. But, one common factor is the presence of Citizenship and residency immigration programs that offers superlative benefits such as better opportunity, higher standard of living, free education & healthcare, and other social benefits.
Since India does not allow dual citizenship provision, these migrating individuals must renounce their Indian Citizenship once they attain foreign citizenship. And, majority of the Indian business professionals prefer not to undertake the complex route of business establishment and subsequent permanent residency, when they can simply attain residency / Citizenship by investing and various privileges attached to it. Many countries offer residency and citizenship by investment such as European and Caribbean countries with low investment and minimal requirements.
To understand in-depth about residency and citizenship by investment process and requirements, you can visit our branch or enroll for free telephonic counseling and guidance. Call us at 8595338595 or mail us at [email protected]