Ignore bringing black money into the country. The number of indigenous people moving abroad is steadily increasing. As per the latest report that inquiries by the wealthiest Indians to establish permanent residence or obtain citizenship in that country increased by 54 percent last year compared to 2020 by investing in another country. The report expects further growth in the year 2021. By the year 2020, 2% of Indian millionaires will have moved abroad. The company specializes in overseas residency and citizenship planning. India, the United States, and Britain are among the world's richest people seeking to settle abroad. According to the Indian Ministry of External Affairs, over 6 lakh people have renounced their citizenship in the last five years.
About 40 percent of them immigrated to the United States. Of these six million, some have settled in Portugal, Malta, Cyprus, etc. on a Golden Visa. Portugal tops the list of countries where the richest Indians are most likely to emigrate through investment. Australia, the USA, Malta, and Greece are in the top five nations. At first, the Indians were increasingly inclined to establish alternative residences in the United States and Canada. However, over the past few years, more and more of India's affluent people have been attracted to European countries as they offer faster residency visas for less investment with an easier process.
Indian high net worth individuals and start-ups are keen to set up a holiday home in Europe. We read about Dadabhai Naoroji’s 'drain of wealth' theory in 1867 where he assumed the British were completely draining India’s wealth. The situation has changed completely now. Indians themselves are ready to give up their citizenship with their motherland. The trend has increased since 2017. In 2021, more than 1 lakh people renounced their citizenship in India. There are many reasons that forced them to take such a harsh decision. Why people are looking to launch their start-ups outside India? What’s wrong with the Indian government’s much-publicized “Make-In-India? The government of India should look into the issue. As per initial observation, the Indian government's economic and immigration policies haven’t convinced rich people.
Comments