New DelhiOne hour ago
- copy link
In the last 12 years i.e. from 2011 to 2022, 13.86 lakh people have renounced the citizenship of India. Out of these 7 lakhs settled in America. The special thing is that the number of millionaires among Indians leaving citizenship is only 2.5%. That is, among those who gave up citizenship, 97.5% are employed, who have gone abroad for better opportunities.
According to the Henley Private Wealth Migration Report 2023, the number of millionaires leaving India has not increased significantly. But, the competition among professionals to go abroad has almost doubled from before.
Figures from the Indian Ministry of External Affairs show that by 2010, renouncing citizenship was increasing at an annual rate of 7%. Now this rate has increased to 29%.
According to the data presented in the Parliament, in 2022 maximum 2 lakh 25 thousand 620 people left the citizenship of India. Whereas in the year 2021, 1.63 lakh people had given up their citizenship. In 2020, the least 85 thousand people settled abroad. This number was the lowest since 2010, because then the Corona period was going on.
Settling abroad for good salary and business tax exemption
India does not allow dual citizenship, so people who wish to settle in another country are required to give up their citizenship. America for professionals and Australia-Singapore for businessmen are the top destinations. There is a nominal tax in the initial years for taking citizenship to set up a new business here.