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Indians Lead in Acquiring Foreign Citizenship

The Organization for Economic Cooperation and Development (OECD), a consortium of 38 high-income countries including the US, France, Germany, Italy, and Canada, is a popular destination for global migrants. In the past year, a record 2.8 million foreign nationals migrated to an OECD country. Among these migrants, Indians topped the list, not only in terms of migration but also in acquiring foreign citizenship.

Indians Lead in Acquiring Foreign Citizenship

Indian Migration to OECD Countries

Indians Lead in Acquiring Foreign CitizenshipDespite the diplomatic standoff between India and Canada, Indians continue to acquire Canadian citizenship in record numbers.Indians Lead in Acquiring Foreign Citizenship

In 2022, Canada added a record number of 375,000 new citizens, with Indians constituting the highest number at 60,000. This was a staggering jump of 174% from 2021.Indians Lead in Acquiring Foreign Citizenship

Indians were also at the forefront of migrating to OECD nations. They are not just migrating to these countries; they are also becoming its new citizens. In 2021, 133,000 Indians acquired the citizenship of an OECD country. America welcomed the most Indian citizens at 56,000, followed by Australia at 24,000 and Canada at 21,000.Indians Lead in Acquiring Foreign Citizenship

High Net Worth Individuals (HNWI) MigrationIndians Lead in Acquiring Foreign Citizenship

Many among those leaving India are high net worth individuals (HNWI). This year about 6,500 HNWI are likely to leave the country making India the second highest in terms of HNWI outflow after China which leads with a loss of 13,500 individuals.

Why Are Indians Renouncing Their Citizenship?

Indians Lead in Acquiring Foreign Citizenship

In the past decade, 1.5 million Indians have relinquished their citizenship

Indians Lead in Acquiring Foreign Citizenship

. The reasons for this are multifold. Socioeconomic factors play a role; some may be looking for a higher standard of living while others could be on the lookout for increased political stability or lower taxation. Personal freedom and environmental factors like pollution levels in India are also considerations.Indians Lead in Acquiring Foreign Citizenship

India ranks at the 80th position in terms of passport strength out of 199 countries. The stronger the passport, the more visa-free access to other countries it provides.Indians Lead in Acquiring Foreign Citizenship

Conclusion

Despite this outflow, India is poised to become one of the world’s fastest wealth markets by 2031. Only time will tell if that is appealing enough to those chasing OECD countries.

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