HNI: Wealthy Indians Giving Up Citizenship, Moving Abroad; Reports Reveals Why
Over 2.25 lakh Indians gave up their Indian citizenship in the year 2022. According to the Ministry of External Affairs, this is the highest number since 2011. Here's a look at the countries and visas in demand.
New Delhi, February 20: High net-worth Indians have been leaving India rapidly in recent years. According to the 'International Migration 2020 Highlights' by the Population Division of the UN Department of Economic and Social Affairs (UN DESA), the UAE, the US and Saudi Arabia host the most significant number of migrants from India. Other countries include Australia, Canada, Kuwait, Oman, Pakistan, Qatar, and the United Kingdom.
According to media reports, over 2.25 lakh Indians gave up their Indian citizenship in exchange for some other nationality. The number is the highest since 2011, according to the data shared by the Ministry of External Affairs.
Indians Moving Abroad
Mostly High Net-Worth (HNIs) are moving abroad. These Indians have a wealth of over $1 million or Rs 8.2 crores. They come from nine cities in India, including - Mumbai, Delhi, Kolkata, Bengaluru, Hyderabad, Pune, Chennai, Gurugram, and Ahmedabad. According to Henley Global Citizen Report, there were 3.47 lakh HNIs in India in December 2021. Of these, 1.49 lakh HNIs were found in these nine cities.
There are several reasons why people are looking for opportunities abroad. Glaring factors may include better opportunities, healthcare, quality of living, and education. Indian Citizenship Renounced by 2.25 Lakh People in 2022, Says Government Data.
Types Of Visas In Demand
There is high demand for visas like the US - EB-5 visa, Portugal Golden Visa, Australian Global Talent Independent Visa, Malta Permanent Residency Programme, and Greece Residence by Investment Programme. US Visa Rules 2023: Indians Can Get Visa Appointments At American Embassies Abroad, Check Details Here.
Citizenship visas have grabbed the limelight lately; however, student visas have always been in demand by Indians. Nevertheless, it also shows a growing trend along with the other options. According to the Bureau of Immigration, 7,50,365 Indian students went abroad for studies in the year 2022.
(The above story first appeared on LatestLY on Feb 20, 2023 12:28 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).