Why NRIs giving up Indian citizenship?

The news that over six lakh expatriate Indians have renounced their citizenship in the last five years alone has recently gone viral. The government itself has announced this. With this, the questions are started as to why the original NRIs were giving up their citizenship. However, analysts say there are several reasons why migrants may relinquish their Indian citizenship. We learn about Dadabhai Naoroji's 'drain of wealth' theory popularly known as Brain drain which was written in 1867. This is happening now in India.

Lack of dual citizenship facility

Those seeking foreign citizenship must definitely renounce Indian citizenship. India does not allow dual citizenship. As a result, many people seeking foreign citizenship had to give up their citizenship. However, all such persons are likely to be recognized as Overseas Citizens of India. OCI allows expatriates to invest, reside and operate the business in India. A recent study by the Global Wealth Migration Review revealed a number of sensational issues. According to the report, by 2020, about 7,000 wealthy Indians will have moved abroad. However, China is ahead of everyone in this regard. By 2020, 16,000 rich people will have left the communist country for other countries. In addition, there is information that Indians are the first among those who want to get citizenship by investing abroad.

Interest on Golden Visa

It is a scheme introduced by some countries in order to attract investments in the country. The government of that country will grant citizenship or permanent residency through this scheme to the super-rich who invest heavily in their country. Indian HNIs are interested in Golden Visas issued by European countries such as Malta, Greece, and Portugal. Currently only nine countries issue such visas.

Restrictions on Indian Passport

The rank of Indian passports compared to other countries in the world is 85. With this passport 58, foreign destinations can be traveled without any visa requirement. But when compared to other countries, it has a slightly lower opinion. With a US-like passport, you can reach over 100 foreign destinations without a visa. You can get a visa there. Analysts say this is also one of the reasons why the rich are moving abroad.

 Government should take necessary steps to stop NRIs from thinking of giving up citizenship. BJP has promised of reprieve on dual citizenship in the 2014 elections which were not been implemented till now.