More And More Indians Are Renouncing Citizenship

The Ministry of Foreign Affairs has released statistics showing that more than six million Indians have renounced their citizenship in the past five years. Most of them live in the USA, Australia, and Canada.

Indians renounce their citizenship, since becoming a citizen of another country they must renounce their Indian passport. However, they can apply for an Indian Foreign Citizen Card, which allows them to live, work and do business in India.

According to the TOI report, which cites data from the Global Wealth Migration Review, “7000 wealthy Indians leave which is the highest, in recent years and would count for 2 % of the high net worth individuals in the country" - writes The Economic Times.

Since 2017, the number of renunciation of citizenship began to grow strongly, and in 2019 reached the highest level: 1,44,017 people wrote requests for renunciation of citizenship.

What do Indians choose?

They often choose residency by investment programs and Golden Visas. For example, Portugal provides an opportunity to invest in real estate in exchange for a residence permit. And after a few years, investors have the opportunity to apply for citizenship.

For those who do not want to wait, there are citizenship by investment programs. Some of the most popular and proven ones are the Caribbean Citizenship by Investment programs.

Why Citizenship by Investment?

Freedom – this is what having a second citizenship and multiple passports is all about. It provides you with additional freedom that others simply do not have. You can hop on a plane at short notice under visa-free travel arrangements, whether for business, pleasure or an unforeseen emergency situation.

A Second Passport – every passport in the world has some travel restrictions, mainly driven by political considerations. To enter some countries you will have to obtain a visa and answer a lot of questions. With the right passport you can free yourself of these restrictions.

Real Estate Ownership – the best way to obtain a second citizenship is to purchase real estate in the destination country. Real estate purchase creates a solid connection with your new country. Besides providing enjoyment, it is a stable asset that you can leave to future generations - along with the privilege of citizenship.

Multiple Nationality - when you are a citizen of two or more countries you can benefit from the privileges that both countries provide. Maybe one has a better health care service than the other or even a better education system.

No Residency Commitment – in most cases you will not have to stay in the country of your second citizenship by investment if you do not want to do this. Your citizenship is for life and even passes to future generations. 

What is a Citizenship by Investment Program and what benefits does it provide to investors and their families? What are the pitfalls of this program? We have answered these and many other questions in our book!


Source: economictimes.indiatimes

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