The trend of Indians renouncing their citizenship continues to surge, with a record 3.2 lakh individuals giving up their Indian passports by October 2024. This marks a sharp increase compared to previous years- 2.25 lakh in 2022 and 2.16 lakh in 2023.
Key reasons driving this shift include access to better education and healthcare systems abroad, concerns about personal safety and opportunities to reunite with family members already settled overseas.
The Indian passport, ranked 70th globally, also plays a role, as it requires visas for travel to 125 countries limiting its mobility benefits.
Additionally political uncertainties and favorable tax regimes in other nations attract individuals seeking financial and personal stability.
The alarming thing is that 30% of those who are renouncing citizenship, are the individuals who were reportedly clean income taxpayers until they renounced their citizenship.
Many also attribute this exodus of wealthy Indians to the poor infrastructure facilities in India, including inadequate roads and overcrowding, as well as the appealing environmental beauty of some developed foreign countries they choose to relocate to.