Are more and more Indians leaving India for settling abroad? Since the Covid-19 pandemic epidemic, more than 5 lakh Indian individuals will have renounced their Indian citizenship by the end of 2023.
According to the Ministry of External Affairs (MEA) figures spanning from 2011 to the end of June 2023, a total of 1.75 million ( 10.75 lakh) Indians have voluntarily surrendered their passports. The highest number of Indians surrendering their Indian passports was witnessed in 2022 when 2,25,620 Indians adopted foreign citizenship. Because India does not allow dual citizenship, those who obtain citizenship in another country must forfeit their Indian passport.
The data shows that in 2019, 1,44,017 Indians renounced their citizenship while the number grew to a record high of 2,25,620 in 2022 and till June 2023, nearly 87,026 have surrendered their Indian passport.
Currently, there are around 13 million ( 1.3 core) Indians living abroad as per the information shared by the MEA with the parliament.
From Antigua & Barbuda, Brazil, Iceland, Vatican to the US, UK, France and Germany, Indians have given up their citizenship to immigrate to 135 countries worldwide.
Till June 2023, 87026 Indians have left Indian shores of which the top 3 nations where Indians have settled are – Australia (16125), Canada (17993) and the USA (28230)
The number of Indians who departed to foreign countries for the purpose of employment was 8,33,880 (in 2021) and 23,44,860 (in 2022).
The number of Indians who renounced their Indian citizenship:
1,22,819 (in 2011)
1,20,923 (in 2012)
1,31,405 (in 2013)
1,29,328 (in 2014)
1,31,489 (in 2015)
1,41,603 (in 2016)
1,33,049 (in 2017)
1,34,561 (in 2018)
1,44,017 (in 2019)
85,256 (in 2020)
1,63,370 (in 2021)
2,25,620 (in 2022)
87,026 (till June 2023)
At the end of 2019, India was home to 263,000 HNWIs, ranking it 12th in the world. There was a 63% increase in interest in investment migration shown by Indian nationals between December 2019 and December 2020. Until a few years ago, the investment migration industry in India was predominantly centered on Australia, Canada, the UAE, the UK, and the USA, but there is now a growing interest in residence-by-investment (RBI) programs in Europe.
According to Henley & Partners, a significant driver of this trend is those investors seeking alternative residence or citizenship as a means of hedging sovereign risk. While India is a dynamic place for business activities and commercial growth, with high-yielding investments, it is less so from a wealth preservation perspective.
The number of Indian nationals exploring the global workplace has been significant in the last two decades. According to the government, many of them have chosen to take up foreign citizenship for reasons of personal convenience.