Indians surrendering Indian passports to get foreign citizenship: Government data

Post author:Ritesh Shah
Post published:August 26, 2023
Post category:Uncategorized
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The number of Indian nationals exploring the global workplace has been significant in the last two decades.

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.

Around 59% of Maltese people aged 18 to 34 live with their parents, according to research by the Foundation for Affordable Housing. Malta’s co-residence rate is one of the highest in Europe, however, since it allows younger people to save money, it also leads to a higher homeownership rate when compared to the rest of the continent. In 2022, Malta’s homeownership rate stood at 82.6% – compared to the European average of 64.1% and the Southern European average of 75.5%. The findings were published in Entryways to Homeownership by the Foundation for Affordable Housing, a social enterprise that aims to provide sustainable market solutions for today’s housing market. The publication emphasises the crucial role of the family in Malta’s housing system and explores how family networks adapt strategies to facilitate homeownership amid rising property prices. It notes that while some young people rely on their families for accommodation to save up: 10% of properties acquired between 2010 and 2020 were gifted by parents. The percentage of property acquisitions via gift or inheritance more than doubled from 10% in the 2000s to 21% in the last decade. Financial support from families, through cash transfers and loans, helps mitigate the challenges of rising property prices and provides prospective homeowners with higher purchasing power, according to the report. Beyond financial aid, families leverage social networks to connect prospective homeowners with skilled professionals in the housing industry. This access can lead to financial benefits, such as favourable loan terms or reduced fees, and supports new homeowners through the intergenerational transfer of skills and expertise. The report also highlights the historical context, noting that past initiatives led by the state and the Church significantly boosted homeownership in Malta by offering land at reduced prices and subsidising loans for home construction. However, due to the depletion of undeveloped land and reduced direct involvement from the state and Church, there is now a greater reliance on familial support, exacerbating wealth inequality in access to housing. Last year, a report by the accounting firm KPMG found that young, single people on an average income cannot afford 95% of properties on the market. Recognising the need to address these challenges, the Foundation for Affordable Housing introduced LoanUp, a program offering subsidised loan rates to improve housing affordability. This initiative aims to reduce barriers to accessing the housing market and provide innovative solutions to Malta’s housing affordability crisis.

August 7, 2024

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