The number of Indians getting US citizenship has significantly increased in recent years. In the fiscal year 2022 almost 66,000 Indians have obtained US citizenship. This puts India right behind Mexico as the second-largest nation of origin for new American citizens. But concurrent with this development an increasing number of Indians are making the decision to renounce their Indian citizenship and go overseas.
The High Demand for US Opportunities
The significant number of Indians who are awaiting employment-based green cards is evidence of the professionals’ strong desire to establish a future in the United States. According to a Forbes article that cites a National Foundation for American Policy (NFAP) analysis of USCIS statistics, as of November 2, 2023 over 1.2 million Indians—including dependents—were waiting to be granted green cards under the top three employment-based categories.
Factors Driving the Indian Migration Trend
The increase in Indian migration can be attributed to many major factors:
- Tax Burden: Remittance laws add to the complexity of India’s tax system, which is considered to be stringent.
- Global Mobility: There are much more alternatives for travel without a visa when using a foreign passport such as the US passport. The Indian passport ranks 80th in the 2023 Henley Passport Index allowing visa-free travel to just 57 nations. For people who are looking for more possibilities to travel this restricted mobility may be a barrier.
- Quality of Life: A greater level of life is a goal for many Indians. This include having access to more dependable utilities, cleaner air, and improved infrastructure. Families are also drawn to top-notch educational institutions and cutting-edge healthcare systems.
- Education: One of the main reasons Indian families go overseas is the desire to provide better educational opportunities for their kids. For many parents the ability to attend top colleges and a more all-encompassing approach to education are major appeals.
The Rise of the High-Net-Worth Individuals (HNWIs)
HNWIs (High-Net-Worth Individuals) are becoming more and more common in India because to the country’s economic expansion. India’s HNWI population is predicted to increase from about 800,000 in 2022 to a startling 1.65 million by 2027. Some members of this wealthy class may also think about looking for possibilities overseas due to the previously mentioned reasons.