HW Exclusive

Exclusive: Why Are Indians Giving Up Citizenship and Investing In Other Countries

“Earlier this year, a statistics report revealed that a record number of Indians applied to give up their Indian citizenship last year. Over 1,60,000 Indian nationals renounced their Indian citizenship in 2021. Needless to say, these are all high-net-worth individuals who can afford citizenship abroad. India doesn’t have the provision of dual citizenship, so if they want a citizenship of another country, these rich Indians tend to give up their Indian citizenship. Since 2017, over 9 Lakh Indians have renounced their citizenship. If we talk about the 2021 data then, maximum number of people have taken up US citizenships, followed by Australia, Canada and UK. What this data tells us is that increasing number of Indians are willing to give up their citizenship and definitely there seems to be a trend of it. But how does one renounce their citizenship and obtain that of another country? What is the process? Why may they do so? Many questions that we have and to answer those, we have with us Mr Birender Singh, Managing Director of Quantis Consultancy which facilitates citizenship services.

#Citizenship #Residency #Investment #HWNews #exclusive

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