Increase in better job opportunities and work mobility has led lot of Indians to move out of India. It is common for IT employees to go for short or long term onsite assignments. However, after spending a considerable time there, there’s some emptiness one starts to feel and the heart longs for returning to India. Now, R2I can be very emotionally draining decision especially if you’ve spent a good amount of time outside India and got accustomed to the overseas lifestyle and culture.
Secondly, when we speak of the hard earned wealth, there is a clear need to transition it and channel into the right avenues in India so that on one hand one is saved from the hammer of unnecessary tax liability & on the other hand, funds are deployed in the right avenues to secure one’s long term financial future.
Speaking on financial matters, there is a host of complex tax and FEMA regulations applicable which need to be decoded correctly so that there is no wealth impairment and it is a highly personalised activity.
If you are a Non Resident Indian (NRI)/Person of Indian Origin (PIO) planning to return to India in the near or distant future & aligning your investments in line with your financial goals keeping in mind your transition to India, I am the right advisor to you. I have the right qualifications & credentials, are registered with SEBI, pursue a pure fee-only revenue model which is devoid of any conflict of interest, possess an in-depth knowledge of NRI tax and FEMA and the experience of working with multiple NRI/PIO profiles from locations such as Singapore, Qatar, UAE, China, Korea, Ireland etc., which makes me stand out in this space.
Some of the NRI centric services I offer are as follows:
- Wealth protection assessment and insurance review for NRI’s in India
- Helping clients understand the applicable FEMA and taxation framework in India
- FEMA related compliances by NRI and returning Indians like re-designation of bank & other accounts, parking money in Resident Foreign Currency (RFC) account to save themselves from the currency risk
- Advising NRI/PIOs on how best they can repatriate their foreign earnings and pension to India in the most tax efficient way
- Educating NRI/ PIO clients on the applicable Indian regulations on Citizenship, Visa & Baggage
- How NRI/PIO can plan the stay in India so as to take maximum benefit of Non Resident Status as per Indian tax laws
- For returning Indian clients: how to structure salary with new employer in India to minimize tax burden
- How to continue the preferential tax benefits available to NRIs under Indian Income Tax Act
- Helping NRI/PIO clients understand their liability to file income tax in India & filing returns for them after a careful review of Form 16, other incomes both in India and outside, Tax Credit in Form 26AS, applicable beneficial provisions in IT Act etc.
- Exploring tax planning avenues like setting up a private trust, creating an HUF, extending gifts within the family etc.
- Investment Risk Profiling through globally recognised Finametrica system
- Yearly Asset Allocation Review and Portfolio Rebalancing
- Review of existing mutual fund investments & helping NRI/PIO complete KYC & start investing in mutual funds through direct plans to save on costs
- Acquisition and transfer of immovable property in India, associated capital gains & TDS implications etc.
- Taxation of Employee Stock Options (ESOP/ESPP) & Restricted Stock Units (RSU)
- Global investing opportunities under RBI’s Liberalised Remittance Scheme (LRS) for NRIs returned to India
- Taxation and investment advisory for expatriate clients
- Study of the salient provisions of the Double Taxation Avoidance Agreements (DTAA) between both countries
- CIBIL score review & debt minimisation guidance
- Taking up grievance with the respective financial institutions