Making the decision to leave India and settle in another country is a difficult one that demands a serious assessment of both the advantages and downsides. Indians have given up their citizenship to immigrate to 135 countries worldwide, including Antigua and Barbuda, Brazil, Iceland, and the Vatican, as well as the United States, United Kingdom, France, and Germany.

By the end of 2023, more than 5 lakh Indians will have surrendered their Indian citizenship since the Covid-19 pandemic. According to the Ministry of External Affairs (MEA), 1.75 million (10.75 lakh) Indians voluntarily renounced their passports between 2011 and the end of June 2023. Most Indians surrendered their Indian passports in 2022 when 2,25,620 Indians took up foreign citizenship.

Those thinking about leaving India to live in another country should be aware of the immigration process.

To immigrate abroad, choose a nation and the visa type. Different countries have different requirements, so study the immigration process for your chosen nation before making decisions.

A passport, evidence of financial stability, a resume, a letter of support from family or friends, and additional papers may be required depending on the country. Many countries have updated their immigration procedures and made the application process more efficient.

Thereafter, submit a visa application through the embassy or consulate of your intended destination, completing formalities after paying the visa fee.

After obtaining a visa, you must proceed with obtaining a work permit, planning your travels to the destination country, and potentially applying for a residence permit, depending on your visa type.

Developed countries offer various visa options for business professionals, including startup, investment, entrepreneur, golden, and self-employed visas, catering to a larger population segment.

A golden visa is an immigration program that grants affluent individuals residence permits or citizenship status in exchange for significant investment or property acquisition, offering visa-free travel, tax breaks, access to quality education and healthcare, and security. Many governments offer golden visas to investors who start or invest in firms that create jobs, stimulate innovation, or address social or environmental issues.

Property investment is a popular and traditional way to obtain a golden visa. Many countries provide golden visa programs to investors who buy real estate worth more than a certain sum. Another common method for obtaining a golden visa is through company investment. The US EB-5 Immigrant Investor Visa Program continues to be the most popular option for Indians seeking permanent residency in the United States.

According to the Henley Private Wealth Migration Report 2023, which examines wealth and investment migration trends worldwide, India is expected to see a net outflow of 6,500 high-net-worth people (HNWIs) in 2023.

Investors seeking alternative residence or citizenship as a means of hedging sovereign risk, according to Henley & Partners, are a big driver of this trend. While India is a vibrant area for business and commercial expansion, with high-yielding investments, it is less so for wealth preservation.