According to the data, 1,44,017 people gave up their Indian citizenship in 2019, which is the highest in the last five years. The lowest was 85,248 in 2020, and this is probably due to the COVID-19 pandemic. 11,287 2021 saw the sharpest increase in Indians giving up their citizenship as travel and external restrictions began to be eased around the world. This year’s data is available only till September 2021.
No dual citizenship:
India does not offer dual citizenship, so people seeking citizenship in other countries should leave their Indian Passport according to the law. Indians who renounce their Indian citizenship cam still apply for an Overseas Citizen of India (OCI) card, which enables them to enjoy the benefits of living, working or running a business in India. According to the MHA, a total of 191,609 foreigners registered OCI Cardholders in 2020.
This also means that Indians looking for ‘citizenship by investment’ will have to give up their India passport.
7,000 Indian millionaires exited India in 2019
Statistics from the Global Wealth Migration Review show that 2% of India’s millionaires have already moved abroad in 2020. While China tops the migration list with a total of 16,000 high net worth individuals, India came second on 7,000 exits and Russia with 5,500 exits.
In fact, Indians have also topped the list compiled by London-headquartered global citizenship and residency consultant Henley & Partners (H&P) seeking citizenship or residency in other countries in exchange for monetary investment. countries like Portugal which a’golden visaThe program as well as countries like Malta and Cyprus are the preferred destinations for India’s good heels according to H&P.
Compared to 2019, there was a 63% increase in the number of queries by Indians on the ‘Citizenship by Investment’ category, with the top investment-linked residency programs led by Portugal, Canada and Austria.
What is Golden Visa and why is it so popular among Indians?
A golden visa is a citizenship-by-investment or residence-by-investment program intended to attract wealthy foreign nationals who wish to obtain residence in a certain country by investing a substantial amount of money or by purchasing property.
Currently, only nine countries offer a direct route to citizenship-by-investment. Over the years, European residence-by-investment migration programs such as Malta, Portugal, Greece and other European Golden Visas gained traction.
According to Henley & Partners, families are now becoming aware that for 250k euros, you can buy a house in Greece or Lisbon or Portugal, and at the same time get a Schengen residency through which they can get up to 26 Schengen visa- You can also get free access. Zone Country.
Henley & Partners saw 62% more inquiries from Indian citizens for investment migration programs in 2020. In the first half of 2021, inquiries increased by 30%. Worldwide, about 30 countries offer residency and/or citizenship in investment-by-investment programs and Indian citizens and non-resident Indians (NRIs) are exploring all available avenues.
bad passport score
According to the Henley Passport Index, Indian passport Currently ranked 85th, providing visa-free/visa-on-arrival access to only 58 destinations. In the last 10 years, India has only improved its visa-free score (countries where you can travel without a visa or get a visa on arrival if you have an Indian passport) to only five (in 2011 53) has improved. But the Greece or Portugal Residency Card can provide Indians with visa-free travel to Schengen countries, effectively raising their visa-free score to 84.
The higher the Passport Index ranking, the better access to visa-free travel in many countries. They are also exempted from bureaucratic delay in immigration process which is beneficial for businessmen and businessmen.
“The unforeseen events of 2020, together with increased push factors such as political and economic instability, and stability, security, and access to education and healthcare, are becoming more of a concern than ever before,” said Dr. Jürg Stephen, CEO said. NS Henley & Partners, in the report.
He said that in terms of inquiries about golden visas, India remains on top in 2020, but the combination of Covid-19 and continued political turmoil saw the US, which was ranked 6th last year, second place. But (as it dropped the Henley Passport Index rankings), it is followed by Pakistan, Nigeria and South Africa.
A renewed focus on safety, sustainability and healthcare
For many countries with low-ranking passports on the Henley Passport Index, rising barriers to entry are hindering progress, even as many close their borders in desperate bids to restart economic growth. are reopening.
Errol Yabok, Senior Fellow of the International Security Program and Director of the Project on Fragility and Mobility at the Center for Strategic and International Studies (CSIS) in Washington, DC, explains that the pandemic’s continued impact on global human mobility means that there may be more challenges to navigate. For never become a post-pandemic world. “Covid-19 is as much an economic crisis as it is a public health one, although in both cases the migration adversely affects countries of origin. The increased pressure to move to survive will be met with pandemic-related hurdles that are likely to halt, both because the virus itself is lingering and because increased controls on migration will be difficult for some leaders to relinquish. ,
“AstraZeneca’s non-replicating viral vector vaccination is currently number one, approved by more than 120 countries. Pfizer-BioNtech’s vaccination is currently in 98 countries, Russia’s Sputnik in 71 countries and Moderna in the world. has been approved in 69 countries around the world. Your health or vaccination status – sometimes in combination with additional passports – may now be even more important to your global access rights than your primary passport,” says SIP Medical Family The Office’s Kevin Burchler says.
In fact this is when investment migration programs can provide stability. “For the countries that these programs are able to offer, the protection they provide serves as a safeguard against the economic instability that is wreaking havoc around the world. For more and more people, It is clear that obtaining a second citizenship or alternative residency, or both, is a fundamental building block for a secure and stable future,” said Henley & Partners CEO Dr. Juerg Steffen.
In this regard, Canada has emerged as the top performing investment migration country in terms of health management and risk preparedness, with New Zealand in second place, and Australia in third place. Four European countries are in the top 10, with Switzerland in fourth place, Austria in 5th, Italy at 9th, and the UK in 10th, according to data from Henley & Partners.
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