Capable of being exiled or banished from a place or country.
From exile plus the suffix -able meaning 'capable of being.' Exile comes from Latin exsilium, from exsul 'banished person,' possibly from ex- 'out' plus solum 'ground/homeland.'
A person deemed 'exilable' by a government has crossed a dangerous threshold — they're officially categorized as banishable, which throughout history has preceded actual banishment.
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