In 2023, more than 216,000 Indians renounced their citizenship, according to a report presented to the Rajya Sabha on Thursday.
Kirti Vardhan Singh, Minister of State for External Affairs, provided these figures in a written response, detailing the number of Indians who have given up their citizenship over the past five years, along with data from 2011 to 2018.
The report revealed that 216,219 Indians renounced their citizenship in 2023, slightly down from 225,620 in 2022.
The numbers for the previous years were 163,370 in 2021, 85,256 in 2020, and 144,017 in 2019.
Raghav Chadha, a member of the Aam Aadmi Party (AAP), raised concerns about the high number of citizenship renunciations and the low acceptance of Indian citizenship.
He inquired whether the government had investigated the reasons behind this trend and assessed the potential "financial and intellectual drainage" resulting from the loss of citizens.
In response, Minister Singh stated that the decision to renounce or acquire citizenship is a personal choice.
He emphasized that the government recognizes the opportunities presented by the global workforce in today’s knowledge economy and has adapted its engagement with the Indian diaspora accordingly.
Singh highlighted that a "successful, prosperous, and influential diaspora" is considered an asset for India. He underscored the importance of leveraging diaspora networks and utilizing the soft power associated with a thriving expatriate community.
The government's initiatives aim to fully harness this potential by promoting the sharing of knowledge and expertise.
India to see millionaire exodus in 2024?
The Henley Private Wealth Migration Report 2024, released in June, revealed that India is set to witness a significant net loss of 4,300 millionaires this year.
Although this marks a decrease from the 5,100 who left in 2023, India continues to be among the top countries for high-net-worth individual (HNWI) departures globally.
This trend is part of a broader pattern of wealth migration influenced by geopolitical tensions, economic uncertainty, and social upheaval.
The United Arab Emirates (UAE) remains a favored destination for Indian millionaires, expected to attract a record net inflow of 6,700 wealthy migrants in 2024.
The UAE's appeal is driven by its zero income tax policy, golden visa programs, luxurious lifestyle, and strategic location.
Indian nationals are among the top applicants for residence and citizenship by investment programs.
Popular options include Portugal’s Golden Residence Permit Program, Greece’s Golden Visa Program, Spain’s Residence by Investment Program, and Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment.
In the Caribbean, Antigua and Barbuda’s Citizenship by Investment Program and Grenada’s Citizenship by Investment Program continue to attract affluent Indians and their families.
Source : https://economictimes.indiatimes.com/nri/latest-updates/over-2-lakh-indians-gave-up-their-citizenship-and-moved-abroad-in-2023/articleshow/112216142.cms
