Summary - 1. Readiness to Retire. Find out enough money to retire. 2. Health Insurance in India. Buy at least 2 years before moving back to India. 3. Where to stay, which city. Property related decisions. 4. Unfinished responsibilities towards your children. i.e., their education, marriage etc. 5. Risks while coming back to India i.e., Taxation, Falling interest rates, Inflation. 6. Taxation liabilities i.e., rules of RNOR phase, benefits and obligations; FCNR assets; NRE assets; foreign currency. 7. Get professional help to secure cash flow in future. Thanks for the video. Best wishes from New Zealand. 😀
We are in our early fifty and moved back to india after 25 years in united states. We have opened up 100 bed assisted living facility and we help other older nri's and local seniors to spend their golden years with us.
Great effort.. india is best to retire best to come back in late fifties if possible. You are doing great job… I’m also thinking on same lines. India has very bright future.
Always better to buy health insurance in India now, irrespective of when you plan to return. For the simple reason that if you fall ill anywhere in the world, health care is always better and cost effective in India, plus you have family support.
Excellent excellent. I had a tough start to the year when a visiting guest expired in the bathroom of our house due to sudden cardiac arrest. He was just 33 and did not have any symptoms. Without nominees in bank accounts, USA makes it very difficult for spouse to inherit the money in the bank. Spouse is stuck in India due to visa issues. I am running from pillar to post just because nominee was not added. Financial planning is very important and entire family needs to be educated with an open communication. USA funeral homes have made business even out of death. Discussing finance within family should never be a taboo.
In west nomination option is only available for Pension account. A will with probate is required to claim spouse's asset. Without will it is very lengthy and complicated process.
@@avijitshoma Yes sir I am in a state of shock. All his money is locked now. His wife does not know any passwords. We are struggling to find relief to his wife and ended up with a 'go fund me' page. He was the only bread earner and they have a 2 year old baby in India.
@@anilprasanna I suggest. file a bona-fide claim with proofs on behalf of wife and baby as the legal heirs of the deceased in the Jurisdiction the deceased was a resident of. It will take time in legal process included for publishing notices to public at large to come forward and file a claim or oppose the petition. However, the fees for lawyers can be generally a percentage of the total assets claimed or flat fee depending on how little or big the stake is. (Wife can provide the approximate guess if she should know). She needs to provide details such as name of the banks account no, ownership of other assets etc. This can be the last resort which may yield results. There are options for families of people who go away in-testate. (without will). Some states are community states like CA, NV where wife becomes the natural owner of her husband's assets. Disclaimer: This is not a legal advise, just a pointer to discover her options. A legal advocate specializing in inheritance and family laws should be consulted.
Excellent this must happen Just imagine if all our respected NRIs return back to India no not india BHARATVARSH,, believe me what our bharatvarsh will become. And to this is what the western countries are afraid of.. But slowly in due course of time NOT JUST ONLY NRIs but other professionals in different different fields too must return back to bharatvarsh and work for our beloved BHARATVARSH 🙏🙏🙏🕉🕉🙏 Jai Hind Jai BHARATVARSH 🙏🙏🕉🕉
Thanks for info. I am returning from USA this month. After 14 years and on good salary. So your video will help me a lot. I saw people are asking why NRI will return. I will not answer them. Let them wait for future.
I read most of the comments today. Some viewers already know about this channel and some are in the dark. Dr. Bhat is a very well informed and knowledgeable person. The info he provides is crisp and clear. Millions of people who work outside of India, many of them are residents of a foreign country but still hold passport of India. Many out of them return to India permanently, when they retire or choose to. Then there are who give up Indian citizenship and acquire a foreign citizenship. For this category, it’s a different scenario to return back to India. Should they keep or renounce foreign citizenship is a big question. There are many other important questions raised by viewers and I would request Dr Bhat to make a video to address those concerns. I have lived in Canada all my adult life and want to return yes return to the roots after retirement. How is this anyone’s problem? I want to live there. This is my planning phase and I have lot of questions too. Thankyou again Dr Bhat.
Many years ago I read somewhere that emigrating means becoming a foreigner in 2 countries: the country you emigrate TO, and the country you emigrate FROM. That's why many people regret emigrating.
Excellent video. My take on medical insurance is to rely on big issues on American Medicare by tuning travel plans and for small issues we can manage in Indian local insurance or pay pretty amounts. Age 67 seems to be ideal to maximize social security benefits. We can draw it where ever we live and it is good enough to manage life quality. Keep all IRA 401k etc safe and draw after going back carefully Stop aggressive funds investments at least 5 yrs before leaving for india permanently It still makes sense to return back even after staying for decades in US, lovely place to live back home india No work and so Not much of driving needed
Can you make a video for ex-pats living in India? (with a passport from USA/Canada/UK/AUS etc) Dos-Donts, Tax Implications, buying/selling properties in India/abroad etc ?
AREEY DONT BELIEVE THIS FAKE HIGHEST CORRUPTION INDIA, WHEN YOU SELL PROPERTY IN INDIA BIG OTHER CITIZEN THE TAX OFFER DUMB TOTAL QUOTE GUY NO IDEA WHAT HE IS DOING HE ASK YOU BRIBE AT LEAST rS.50,000 EVEN YOU INVESTMENT INDIA.. DONT BELIEVE THIS CRAPE WHEN YOU LAND YOU WILL COME TO KNOW REALITY PAKKA CHOR CORRUPTED
Hi Mr Chanrakanth, in future videos can you please distinction between NRI and OCI person, my understanding it that both are not same and taxation rules are different. The definition NRI refers to Indian Citizen residing outside of India for more than 180 days in a calendar year. Please clarify. Thanks, Raj
@ guru, I am OCI holder and if I stay more than 180 + days in india then I am no longer NRI. But if you maintain NRI by staying 180+ days abroad and rest in india then this flaw also has clause I think one can do this for max 3 or 5 years.
Very informative…the question is: IF SOMEONE IS THE U.S. CITIZEN (Indian origin) would like to retire in India… IS THERE ANY OF THE 7 POINTS APPLY TO THEM?
I should have had this guidance. Now regretting leaving India for permanent residence abroad. Contracts overseas are hundred percent more lucrative than signing your life away where govts. Change rules at the roll of a dice and from sixty retirement age they conveniently changed it to beyond. Insurance in India is not a scam.
Hello, Could you please assist with the following scenario involving a Canadian citizen and OCI holder? 1. Transferring CAD which is earned in Canada to an NRE account in India. 2. Earning interest on the transferred amount, which is exempt from taxation in India on what condition? Scenario 1: If an individual resides in Canada and earns income from an employer there (let's say 50,000 CAD), in addition to the above-mentioned income in India, do they need to pay taxes in Canada on the interest portion earned in India? Scenario 2 (Person is temporarily moved to India for 4 years): If an individual resides in India and does not have any income source from Canada but earns income from interest in India, do they need to pay taxes in Canada or India on the interest portion earned in India? Or does it depend on the interest amount and how much it is?
Thank you quite informative and I have liked and suscribed. Please advise if NRI don't return to India after retirement, then for their sold properties in India, how to minimise the losses due to taxation and overseas transfer?
You should keep your money where you get best return. Doesn't matter what government decide to do. They will eventually come around. Not sure about FD, Canada tax the hell out of you compared to India and USA
Tax collected by Indian Govt. is very high . Only 2 countries in the world charge so high rate of tax . Modi Govt. have been very brutal on the income earners . And every year , the noose is tightened .
Dear Sir, I am employee of company and continue working 31 years I have only source of income about my job, and I sent all monthly salary to my NRE Account.
Chandrakant Bhai, you have covered almost all IMp points. I have a small question, is there any difference between an NRI and an OCI returning back to India as far as taxation in India.
@@NRIMoneyClinic hi, my question is recently bought agriculture land in india in the name of my father and i know i can inherit agriculture land but can he transfer it on my name because inheriting if i am not mistaken will be shared among siblings, please share the information.....
@@melbournenight3328having an OCI, you have all the rights an Indian citizen have except the right to vote. If you have one house and you sell your house to come back to India for good, you don't have to pay any tax either abroad or in India. But if you have two properties you will have to pay tax on your second property. If you have a citizenship of the country you are living, you can keep your NRI status. That's what I was told by my bank. What I suggest is don't close your bank account and have your pension, if any, paid into your account. As the rate of bank interest in India is very high , you can have your daily expenses paid with the interest you earn . Mind you properties are very expensive specially in Mumbai and Delhi. It could be anything starting from 4 crores to any amount depending on the size of the property. Two things I miss after coming back to India is cleanliness and public convenience.
In the new Financial System coming globally returns on real estate will struggle..assets are under attack through Inflation...investing in precious metals and digital assets likely to give better returns...
Absolutely. A lot of people really on real estate. I for one am against real estate as an investment ... specially for NRI's. a) On the one hand, Capital gains and all the tax laws are difficult to handle b) On the other hand, when one attempt to sell the property, there are a bunch of vultures that will come down to reduce the value (specially if you are in urgent need of funds) or create hindrances in a sale. With previous metal, they can be disposed off but by but and with no one needing to know if your reason for disposal.
@@familypool6137 the best way to educate oneself on real estate is by reading the book...Rich Dad Poor Dad....a house on mortgage for self occupation is a Liability not Asset. Instead buy a House through mortgage and RENT IT OUT...
Hello thanks for the information. It might be good to add one more point about what will happen to the investments happen to NRI in the stock market using an NRE PIS account.
Dear Sir, for your information I will planing return India because my age above 60 Years (retirement ) My question I will close my NRE Account or same account convert indian saving account.can answer please.
Very informative....I am from Canada..I am planning for my partial retirement..I am turning 39 this year..I am looking a professional guys like you for a valuable advice...thankyou for your vedioe
When we are planning to return to India from US, Can we still keep 401K amount which I saved for retirement after 65+ and save taxs in US. If i close 401k I might loss 30% as taxes in US. I am not sure if I use 401k money for kids' education.
You mentioned NRE FD to be closed within 2 months as you lose status, but the NRI status goes invalid after staying in country beyond 180 days correct?
@@lemont9061 If you stay beyond 182 days in the country you are not considered an NRI.. So it shoud be upto 182 days the deposit accounts should be valid.
Hi sir, Could you name the best 5 guaranteed income or pension plan with thier cagr returns to educate us, so as nri we will start planning to accumulate money to think and plan to that income plan which are 100% tax free in terms of returns as you told in earlier video.
Some of these statements are for inheritance reasons. A successful NRI in the US with kids is earning 130,000 a year for 25 years. He has a house there. Two kids are settled there, married kids, no grand kids. Grandfather says he wants to distribute his assets among his his 3 sons. Older son in the US suddenly says he wants to inherit too as he plans to come back after retirement, which may or may not be true. NRI in the US says his kids do not want to go back.
Yes it is possible 🙏. But India should be prepared for retirement hub. Where their small amount in overseas turn into massive luxurious life India with much better care. What should be preparation and offering? What will motivate them to get attracted to retire India? This will also Boost massive tourism and travel business
I think you need to revisit your imagination where a small savings in aborad transcends into something big in India.... Average liquid retirement corpus in India is 1 million usd if you have just 1 child. And 50% more if you have 2. Even in US 1.5 million is a good retirement corpus for a middleclass .... Most of the 60 Yr olds retire in UK with a pension corpus is 300K let's 2.5X that and it's close to 750K which is not even 1 mil Any NRI returning to India need to be in a top tier city to maintain accessibility to other countries and benefit of cheap house help of India.... You need atleast a mil to 1.5 mil usd to come as a retired person and settle in a top tier city India....
You have stated in your video that FCNR Deposit Interest and currency gage will be taxed after the RNOR status ends. What do you mean by currency gage. Could you please explain in detail with example.
Can I transfer NRE funds to my NRE sons accounts whilst I am still abroad ? Since NRE FDs are not taxable and we plan to retire in Australia where our Son is based . This NRE amount will also be helpful to buy us a house in Australia. Please advise .
Sir, you video are very informative. Could you please make a video on this topic::: I am a NRI with Indian Passport. I have NRE/NRO account and all investments in stocks/FD etc in India. What will happen if I give my Indian citizenship and take USA Citizenship. What will happen to my bank accounts in India and other savings. Can I still continue investing in them or have to close the investments etc. Please help to advise on this topics.
I am assuming all your accounts in India is either NRE/ NRO/FCNR and your stocks are held within PINS / NPINS ( used for shocks acquired as resident Indian ). This this case there will be no impact provided you apply for OCI card after acquiring US Citizenshhp. You only need to do Re-KYC with your Bank and DP by providing US Passport , OCI Card.
Hello Sir..Good informative video as always! I do have one question and it might be common now a days. Due to longer processing time to approve USA GC or Visa , many of us needs to come back to home country let's say for a year. Ideally we should convert our NRE account to Resident account but due to short period of stay Indian banks suggesting us to stay silent and continue as is. What's your suggestion as some of us might not fall under rnor status due to short lived in outside India. Thanks!
@@user-js6wh7jb6p Correct, however if the stay..let's say another few months. Point is the amount of work needed from either party like my end and banks for the account conversion process and again close those accounts if we go to abroad again. Pathetic kind of!
@@somenathhalder3692 Even if the stay is going to be longer, you do not need to convert your account so long as you have valid papers indicating your intention to go back.
@@familypool6137 Thanks! Yes I agree and Yeah that's what I want to hear from Mr. Chandrakant as well. Problem is we don't have any clear Govt. Policies regarding this and even several loopholes in overall NRI govt policies.
@@somenathhalder3692 This was confirmed by the government through some notification last year. Just got to look it up. Last year, the government changed the criteria of being an NRI from 90 days to 120 days because there were a lot of actors and the like who were taking advantage of the 90 day loop hole. A lot of genuine NRI's raised this as an issue and it was then confirmed that do long as there is an actual visa and a job and a genuine intention to return, the status will remain.
Sir will you please guide about the India who take European citizenship... Consequences of citizenship on property, about matrimonial rights.. Thanks in advance
Very good video Sir! I am an OCI. I do not have NRE or NRO FDs but hv other forms of investments through Banks like LIC or Mutual Fund investments. As I was told some of these investments are tax free some will be taxed capital gain. All the places i have investment, I always informed the policy writers or financial/ portfolio mgrs that though I am NRI I am planning to come back by 2025. Will I get this RNOR advantage. Or I will be taxed like any other Indian citizen as and when I cash out my investments like MFs Bonds etc unless they are tax free gain by nature eg the one backed by LIC.
Dear Mr Chandrakant, I am a US citizen with OCI status. I divide my time between the US and India, and considering spending more time in India. My question is regarding Health Insurance availability for someone like me, age 65, US citizen with OCI status.
When you refer NRI in this video what is the definition of NRI? Is it a person still having Indian citizenship retuning back to India or one who acquired foreign citizenship coming back to India with OCI?
Summary -
1. Readiness to Retire. Find out enough money to retire.
2. Health Insurance in India. Buy at least 2 years before moving back to India.
3. Where to stay, which city. Property related decisions.
4. Unfinished responsibilities towards your children. i.e., their education, marriage etc.
5. Risks while coming back to India i.e., Taxation, Falling interest rates, Inflation.
6. Taxation liabilities i.e., rules of RNOR phase, benefits and obligations; FCNR assets; NRE assets; foreign currency.
7. Get professional help to secure cash flow in future.
Thanks for the video. Best wishes from New Zealand. 😀
Concise information 👍
Practical advice
cheers mate for the summary.
We are in our early fifty and moved back to india after 25 years in united states. We have opened up 100 bed assisted living facility and we help other older nri's and local seniors to spend their golden years with us.
Very happy to hear this .. we wish you all the sucess in your endeavour. God bless
Wow… what a great initiative …. How can someone contact you. ….To contribute
Wow. Great
😂😂
Great effort.. india is best to retire best to come back in late fifties if possible. You are doing great job… I’m also thinking on same lines. India has very bright future.
Always better to buy health insurance in India now, irrespective of when you plan to return. For the simple reason that if you fall ill anywhere in the world, health care is always better and cost effective in India, plus you have family support.
How much does it cost approximately
Excellent excellent. I had a tough start to the year when a visiting guest expired in the bathroom of our house due to sudden cardiac arrest. He was just 33 and did not have any symptoms. Without nominees in bank accounts, USA makes it very difficult for spouse to inherit the money in the bank. Spouse is stuck in India due to visa issues. I am running from pillar to post just because nominee was not added. Financial planning is very important and entire family needs to be educated with an open communication. USA funeral homes have made business even out of death. Discussing finance within family should never be a taboo.
In west nomination option is only available for Pension account. A will with probate is required to claim spouse's asset. Without will it is very lengthy and complicated process.
@@avijitshoma Yes sir I am in a state of shock. All his money is locked now. His wife does not know any passwords. We are struggling to find relief to his wife and ended up with a 'go fund me' page. He was the only bread earner and they have a 2 year old baby in India.
@@anilprasanna I suggest. file a bona-fide claim with proofs on behalf of wife and baby as the legal heirs of the deceased in the Jurisdiction the deceased was a resident of. It will take time in legal process included for publishing notices to public at large to come forward and file a claim or oppose the petition. However, the fees for lawyers can be generally a percentage of the total assets claimed or flat fee depending on how little or big the stake is. (Wife can provide the approximate guess if she should know). She needs to provide details such as name of the banks account no, ownership of other assets etc.
This can be the last resort which may yield results.
There are options for families of people who go away in-testate. (without will). Some states are community states like CA, NV where wife becomes the natural owner of her husband's assets.
Disclaimer: This is not a legal advise, just a pointer to discover her options. A legal advocate specializing in inheritance and family laws should be consulted.
Excellent this must happen
Just imagine if all our respected NRIs return back to India no not india BHARATVARSH,, believe me what our bharatvarsh will become.
And to this is what the western countries are afraid of..
But slowly in due course of time NOT JUST ONLY NRIs but other professionals in different different fields too must return back to bharatvarsh and work for our beloved BHARATVARSH 🙏🙏🙏🕉🕉🙏
Jai Hind Jai BHARATVARSH 🙏🙏🕉🕉
Thanks for the awesome advice! You're really helping out all the NRIs who want to come back and retire in India.
Thanks for info. I am returning from USA this month. After 14 years and on good salary. So your video will help me a lot. I saw people are asking why NRI will return. I will not answer them. Let them wait for future.
I have recently returned back for good after living in Dubai for 27 years. Having a first-hand experience of all the nitty-gritty. Rgds
Sir/madam how was your experience moving back as we are moving to Dubai and planning to come back in 5 to 6 years...
Well explained and worth listening. Thanks a million.
Brilliant video Sir. Concise and precise.
Just one point, swapping property should be planned with Cap Gains tax rules in mind.
I read most of the comments today. Some viewers already know about this channel and some are in the dark. Dr. Bhat is a very well informed and knowledgeable person. The info he provides is crisp and clear. Millions of people who work outside of India, many of them are residents of a foreign country but still hold passport of India. Many out of them return to India permanently, when they retire or choose to.
Then there are who give up Indian citizenship and acquire a foreign citizenship. For this category, it’s a different scenario to return back to India. Should they keep or renounce foreign citizenship is a big question. There are many other important questions raised by viewers and I would request Dr Bhat to make a video to address those concerns.
I have lived in Canada all my adult life and want to return yes return to the roots after retirement. How is this anyone’s problem? I want to live there. This is my planning phase and I have lot of questions too.
Thankyou again Dr Bhat.
No one is in dark knowledge is ocean
Thsnk you Dr. Chandrakant jee.. very nice and explanatory informattion.
sir please tell us if we convert NRE FD into resident how much tax we have to pay and is the tax on principal or interest?
In my 40s born in Canada and actually planning to move to India for retirement since a house cost too much here !
Very useful information
Will contact soon
Thank you
Biggest problem is getting place to travel on the train always not available and on waiting even if the inquiry is mad 3 months before
Very informative video. Seems this will be different for Overseas Citizens of India. Can you do another video please?
Absolutely great information. Request you to re-upload the video after fixing audio since there are many places where the audio got cut :(
Your feedback noted
Very help full ,
thank you very much !!
Wonderful content! much needed information Mr. Chandrakanth.
Thank you for this info. As an NRI I'll coming to India this year.
Best advice professional chanel
NRE FD point to convert into NRO/Resident FD - does that apply for OCI/PIO card holders?
As always.jewels of knowledge!!
That was very helpful, especially about health insurance.
Two pots, one 100%full other 30% of water. If water splash where drops will go?
Many years ago I read somewhere that emigrating means becoming a foreigner in 2 countries: the country you emigrate TO, and the country you emigrate FROM. That's why many people regret emigrating.
thanks for valuable information will contact soon❤
Excellent video. An eye opener for nri's
Thanks for the video. Keep up the good work 👍🏻
Thanks for explaining.
Great Work Sir!
Excellent video. My take on medical insurance is to rely on big issues on American Medicare by tuning travel plans and for small issues we can manage in Indian local insurance or pay pretty amounts. Age 67 seems to be ideal to maximize social security benefits. We can draw it where ever we live and it is good enough to manage life quality. Keep all IRA 401k etc safe and draw after going back carefully Stop aggressive funds investments at least 5 yrs before leaving for india permanently It still makes sense to return back even after staying for decades in US, lovely place to live back home india No work and so Not much of driving needed
Good one . Very informative
Can you make a video for ex-pats living in India? (with a passport from USA/Canada/UK/AUS etc) Dos-Donts, Tax Implications, buying/selling properties in India/abroad etc ?
AREEY DONT BELIEVE THIS FAKE HIGHEST CORRUPTION INDIA, WHEN YOU SELL PROPERTY IN INDIA BIG OTHER CITIZEN THE TAX OFFER DUMB TOTAL QUOTE GUY NO IDEA WHAT HE IS DOING HE ASK YOU BRIBE AT LEAST rS.50,000 EVEN YOU INVESTMENT INDIA.. DONT BELIEVE THIS CRAPE WHEN YOU LAND YOU WILL COME TO KNOW REALITY PAKKA CHOR CORRUPTED
Hi Mr Chanrakanth, in future videos can you please distinction between NRI and OCI person, my understanding it that both are not same and taxation rules are different. The definition NRI refers to Indian Citizen residing outside of India for more than 180 days in a calendar year. Please clarify. Thanks, Raj
Your feedback noted . Will try to implement
@ guru, I am OCI holder and if I stay more than 180 + days in india then I am no longer NRI. But if you maintain NRI by staying 180+ days abroad and rest in india then this flaw also has clause I think one can do this for max 3 or 5 years.
@@sha2003 I think that duration now is 9 months and not 6 months
@@sha2003 isn't OCI card issued only to ex- Indians who become citizens (not residents) of a foreign country?
@@AsitKumarGupta Where did you see it as 9 months. Can you post the official authentic site or cite the reference.
NRIs especially from USA will not return to India unless there is a visa issue with and 1-2%
Very informative…the question is: IF
SOMEONE IS THE U.S. CITIZEN (Indian origin) would like to retire in India… IS THERE ANY OF THE 7 POINTS APPLY TO THEM?
They would.
@@askyella EVEN IF THEY USE THEIR SS & PENSION INCOME FROM ABROAD TO SURVIVE… through the NRE account?
Thank you Sir. Very informative video.
Thanks for making the video. It was very educational.
Thankyou Sir ,lots of new unknown things in the vdo
I should have had this guidance. Now regretting leaving India for permanent residence abroad. Contracts overseas are hundred percent more lucrative than signing your life away where govts. Change rules at the roll of a dice and from sixty retirement age they conveniently changed it to beyond. Insurance in India is not a scam.
Excellent video.
Hello,
Could you please assist with the following scenario involving a Canadian citizen and OCI holder?
1. Transferring CAD which is earned in Canada to an NRE account in India.
2. Earning interest on the transferred amount, which is exempt from taxation in India on what condition?
Scenario 1: If an individual resides in Canada and earns income from an employer there (let's say 50,000 CAD), in addition to the above-mentioned income in India, do they need to pay taxes in Canada on the interest portion earned in India?
Scenario 2 (Person is temporarily moved to India for 4 years): If an individual resides in India and does not have any income source from Canada but earns income from interest in India, do they need to pay taxes in Canada or India on the interest portion earned in India?
Or does it depend on the interest amount and how much it is?
Please consult a chartered accountant
Thank you@@NRIMoneyClinic
Thank you quite informative and I have liked and suscribed. Please advise if NRI don't return to India after retirement, then for their sold properties in India, how to minimise the losses due to taxation and overseas transfer?
Great video, loved it
How is the healthcare in India? Do they have MRI say in Banglore. Are they proficient in surgery etc.
Is this all the same if I am an American citizen and come to India but stay permanently as a citizen of the US?
Worried about 30% taxation on FD interest income, it goes free to government with Zero benefits. We get so much in canada in return
In ireland, the interest rate is 0.05% and govt clawback 33.33% of the interest earned. Paltry.
Do you know how fd in Canada are taxed if it's non registered account? It is taxed quite high. Please confirm.
You should keep your money where you get best return. Doesn't matter what government decide to do. They will eventually come around. Not sure about FD, Canada tax the hell out of you compared to India and USA
Invest in MF or property (passive income and inflation), avoid long term FDs while you are young and working.
FDs are ok after retirement.
Tax collected by Indian Govt. is very high . Only 2 countries in the world charge so high rate of tax .
Modi Govt. have been very brutal on the income earners . And every year , the noose is tightened .
I also think about returning back to India but poor air , water and over population stops me.
If u want to return, return by end of the decade latest, as dedollarization starts picing up, ur $ savings will be erodaded
Dear Sir, I am employee of company and continue working 31 years I have only source of income about my job, and I sent all monthly salary to my NRE Account.
I need advise and how to contact ,I am from udupi
Dears, i am returning to india in june 2024 from my 10 years NRI status, is i have to pay tax on my end of service benefits. Please let me know.
And what does one have to do to commence RNOR status?
Chandrakant Bhai, you have covered almost all IMp points. I have a small question, is there any difference between an NRI and an OCI returning back to India as far as taxation in India.
To best of my understanding, no difference. Please do consult a chartered accountant for lawfully correct information
You cannot buy agricultural land being an OCI
@@NRIMoneyClinic hi, my question is recently bought agriculture land in india in the name of my father and i know i can inherit agriculture land but can he transfer it on my name because inheriting if i am not mistaken will be shared among siblings, please share the information.....
@@melbournenight3328having an OCI, you have all the rights an Indian citizen have except the right to vote.
If you have one house and you sell your house to come back to India for good, you don't have to pay any tax either abroad or in India. But if you have two properties you will have to pay tax on your second property.
If you have a citizenship of the country you are living, you can keep your NRI status. That's what I was told by my bank.
What I suggest is don't close your bank account and have your pension, if any, paid into your account.
As the rate of bank interest in India is very high , you can have your daily expenses paid with the interest you earn .
Mind you properties are very expensive specially in Mumbai and Delhi. It could be anything starting from 4 crores to any amount depending on the size of the property.
Two things I miss after coming back to India is cleanliness and public convenience.
@@PAPA.PARDESI if your father in his will specifically mention your name to inherit whatever assets he has, no one else can claim anything.
In the new Financial System coming globally returns on real estate will struggle..assets are under attack through Inflation...investing in precious metals and digital assets likely to give better returns...
Absolutely.
A lot of people really on real estate. I for one am against real estate as an investment ... specially for NRI's.
a) On the one hand, Capital gains and all the tax laws are difficult to handle
b) On the other hand, when one attempt to sell the property, there are a bunch of vultures that will come down to reduce the value (specially if you are in urgent need of funds) or create hindrances in a sale.
With previous metal, they can be disposed off but by but and with no one needing to know if your reason for disposal.
@@familypool6137 the best way to educate oneself on real estate is by reading the book...Rich Dad Poor Dad....a house on mortgage for self occupation is a Liability not Asset. Instead buy a House through mortgage and RENT IT OUT...
Very useful for NRI working in gulf countries as they are used to zero tax.
V.v.informative
Hello thanks for the information. It might be good to add one more point about what will happen to the investments happen to NRI in the stock market using an NRE PIS account.
Yes please, I also want to know about this.....
Love it sir. I took my medical insurance 2 years ago. Also, good note on education loan.
Excellent points
Dear Sir, for your information I will planing return India because my age above 60 Years (retirement )
My question I will close my NRE Account or same account convert indian saving account.can answer please.
Difference between NRIs & OCIs as for retiring in India..are they considered Foreigners?
I’m US citizen but I have agriculture lands inherited from my father. Is there any issues ?
Very informative....I am from Canada..I am planning for my partial retirement..I am turning 39 this year..I am looking a professional guys like you for a valuable advice...thankyou for your vedioe
Interview with
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Dear 😮 2:40 2:40 2:41 2:42 Mr.
When we are planning to return to India from US, Can we still keep 401K amount which I saved for retirement after 65+ and save taxs in US. If i close 401k I might loss 30% as taxes in US. I am not sure if I use 401k money for kids' education.
What should we do with our existing ongoing health insurance is we have moved recently sir
I am an NRI already back in lndia. Retired
Very helpful thank you! I do have plenty and am considering return to Kolkata or Pune to raise my kids..
You mentioned NRE FD to be closed within 2 months as you lose status, but the NRI status goes invalid after staying in country beyond 180 days correct?
Pls let me knowonce u get info on nre nro FD
@@lemont9061 If you stay beyond 182 days in the country you are not considered an NRI.. So it shoud be upto 182 days the deposit accounts should be valid.
Thank you for the video.
Hi sir,
Could you name the best 5 guaranteed income or pension plan with thier cagr returns to educate us, so as nri we will start planning to accumulate money to think and plan to that income plan which are 100% tax free in terms of returns as you told in earlier video.
Return from the Pension Plan in form of annuity is Taxable as per prevailing IT norms.
Pension plan is taxable but guaranteed income plan is tax free.
Hdfc life sanchay plus
Is that right? Are they gonna give up citizenship in other countries?
If someone has OCI card..can they have take a health insurance in india?? Thank you for the info...
Some of these statements are for inheritance reasons. A successful NRI in the US with kids is earning 130,000 a year for 25 years. He has a house there. Two kids are settled there, married kids, no grand kids. Grandfather says he wants to distribute his assets among his his 3 sons. Older son in the US suddenly says he wants to inherit too as he plans to come back after retirement, which may or may not be true. NRI in the US says his kids do not want to go back.
who is going to sell of properties in usa when rent is like almost like 2 lakhs per month
You giving a gd advice sir thankyou
Good information video though if someone wants to come
Yes, All old nri will return. To get old age free pensions from government and also free medical
Good one!!
Hi Ji, I am an NRI and I have some doubts related to mutual fund investments which I made in India . How can I contact you ?
Yes it is possible 🙏. But India should be prepared for retirement hub. Where their small amount in overseas turn into massive luxurious life India with much better care. What should be preparation and offering? What will motivate them to get attracted to retire India? This will also Boost massive tourism and travel business
I think you need to revisit your imagination where a small savings in aborad transcends into something big in India....
Average liquid retirement corpus in India is 1 million usd if you have just 1 child. And 50% more if you have 2.
Even in US 1.5 million is a good retirement corpus for a middleclass ....
Most of the 60 Yr olds retire in UK with a pension corpus is 300K let's 2.5X that and it's close to 750K which is not even 1 mil
Any NRI returning to India need to be in a top tier city to maintain accessibility to other countries and benefit of cheap house help of India....
You need atleast a mil to 1.5 mil usd to come as a retired person and settle in a top tier city India....
Simply great video.
RFC account is it for only 3 years or for a longer period? Any interest benefit?
RFC accounts can be held for life . Interest rates are same as that of FCNR
@@NRIMoneyClinic Thank you very much.
Thanks Again Take Care
Thank you sir
You have stated in your video that FCNR Deposit Interest and currency gage will be taxed after the RNOR status ends.
What do you mean by currency gage. Could you please explain in detail with example.
Sir will appreciate an early reply.
Can I transfer NRE funds to my NRE sons accounts whilst I am still abroad ? Since NRE FDs are not taxable and we plan to retire in Australia where our Son is based . This NRE amount will also be helpful to buy us a house in Australia. Please advise .
Sir, you video are very informative. Could you please make a video on this topic:::
I am a NRI with Indian Passport. I have NRE/NRO account and all investments in stocks/FD etc in India. What will happen if I give my Indian citizenship and take USA Citizenship. What will happen to my bank accounts in India and other savings. Can I still continue investing in them or have to close the investments etc. Please help to advise on this topics.
I am assuming all your accounts in India is either NRE/ NRO/FCNR and your stocks are held within PINS / NPINS ( used for shocks acquired as resident Indian ). This this case there will be no impact provided you apply for OCI card after acquiring US Citizenshhp. You only need to do Re-KYC with your Bank and DP by providing US Passport , OCI Card.
Its true it will be hard to servive in foreign countries NRI’s will return to india in coming years
Why so sir?
Hello Sir..Good informative video as always! I do have one question and it might be common now a days. Due to longer processing time to approve USA GC or Visa , many of us needs to come back to home country let's say for a year. Ideally we should convert our NRE account to Resident account but due to short period of stay Indian banks suggesting us to stay silent and continue as is. What's your suggestion as some of us might not fall under rnor status due to short lived in outside India. Thanks!
If stay is less than 180 days in India, you can leave account status as it is
@@user-js6wh7jb6p Correct, however if the stay..let's say another few months. Point is the amount of work needed from either party like my end and banks for the account conversion process and again close those accounts if we go to abroad again. Pathetic kind of!
@@somenathhalder3692 Even if the stay is going to be longer, you do not need to convert your account so long as you have valid papers indicating your intention to go back.
@@familypool6137 Thanks! Yes I agree and Yeah that's what I want to hear from Mr. Chandrakant as well. Problem is we don't have any clear Govt. Policies regarding this and even several loopholes in overall NRI govt policies.
@@somenathhalder3692 This was confirmed by the government through some notification last year. Just got to look it up.
Last year, the government changed the criteria of being an NRI from 90 days to 120 days because there were a lot of actors and the like who were taking advantage of the 90 day loop hole. A lot of genuine NRI's raised this as an issue and it was then confirmed that do long as there is an actual visa and a job and a genuine intention to return, the status will remain.
Are OCI also NRIs from taxation and legal perspective?
Yes
Sir will you please guide about the India who take European citizenship... Consequences of citizenship on property, about matrimonial rights..
Thanks in advance
Respected Sir: Thank you very much for your advice. Do you have a private practice?
Very good video Sir! I am an OCI. I do not have NRE or NRO FDs but hv other forms of investments through Banks like LIC or Mutual Fund investments. As I was told some of these investments are tax free some will be taxed capital gain. All the places i have investment, I always informed the policy writers or financial/ portfolio mgrs that though I am NRI I am planning to come back by 2025. Will I get this RNOR advantage. Or I will be taxed like any other Indian citizen as and when I cash out my investments like MFs Bonds etc unless they are tax free gain by nature eg the one backed by LIC.
When does the RNOR period commence?
Dear Mr Chandrakant, I am a US citizen with OCI status. I divide my time between the US and India, and considering spending more time in India. My question is regarding Health Insurance availability for someone like me, age 65, US citizen with OCI status.
👍, good question
In India, medical insurance is a scam. They will give all reasons to not pay.
Same case 65 and have oci status and worried about health insurance.
Is it important to file income tax so far the nri income is tax free.
When you refer NRI in this video what is the definition of NRI? Is it a person still having Indian citizenship retuning back to India or one who acquired foreign citizenship coming back to India with OCI?
Indian citizen or other passport holding OCI status both are considered NRI if they stay out of india more than 183 days in a year.