Becoming an NRI

[aayusharyan]

This is mostly a journaling thread with discussions around the things that needs to be taken care of once someone becomes an NRI.

I have been travelling in and out of India for quite few years now and keeping in mind that I stay atleast 180 days to not loose my residency status. But now, I have decided to drop my residency status in India. Which means I need to clean up my banking and financials in India and move them to be categorized as NRI status.

I hold over a dozen of Credit Cards, at least 4-5 bank accounts and a couple of DEMAT Accounts. Plus I need to figure out how to handle my company as a non resident director and take care about the FEMA laws and all.

At this point, I don't really know how all of that will happen but I am sure I will figure it out. (as if there is any choice, lol).
I will use this thread for noting my journey over the next 6 months or so for this complete transition. So hopefully post that we can have a good summary for anyone in the future who is migrating to abroad.

Any help from experienced members here is much appreciated. If you have converted from a resident to a non resident, please share your journey and experience.

 

[Dreams Of Desire 💓]

No nichan you cannot go🥺!!!
If you go who will take us to bangcock, thighland??? 😭

Which country will you take? Assuming Japan being the 1st choice ,wouldn't it be costly to your overall endeavours? we will love to hear your thoughts or if already shared links to those places.
Also mind sharing your journey of forming the company and troubles(governmental/permission shits) whatever is publically shareable?

 

[Lordkk]

Ek Japani mujhe bhi dila do bhai? Please. I too want to settle somewhere.

 

[aayusharyan]

No nichan you cannot go🥺!!!
If you go who will take us to bangcock, thighland??? 😭

Which country will you take? Assuming Japan being the 1st choice ,wouldn't it be costly to your overall endeavours? we will love to hear your thoughts or if already shared links to those places.
Also mind sharing your journey of forming the company and troubles(governmental/permission shits) whatever is publically shareable?

I will move the residency to Japan. I have already started the paperwork for that. It will be expensive but it aligns well with my long term goals provided that anytime if I want, I can come back to India being an Indian Citizen... But the taxation and all purposes, I'd rather (for now) move somewhere else.

I had Europe in mind as well, but the situation there is not so good and I don't see it improving long time with the ever increasing cost of living and things there. While Japan on the other hand has been very consistent with their inflation. However, the Bank of Japan has made some monetary changes which would affect Inflation, but I personally trust the Japanese govt over any European govt.

Regarding the logistics of company, it's still at a very early stage, so probably in the coming months I will be sharing.

 

[aayusharyan]

Ek Japani mujhe bhi dila do bhai? Please. I too want to settle somewhere.

Seekh lo Japanese bhai. I am also learning. I enrolled in a School. Finally, after years of (over)thinking, it is time to take the step.

 

[hender]

This is mostly a journaling thread with discussions around the things that needs to be taken care of once someone becomes an NRI.

I have been travelling in and out of India for quite few years now and keeping in mind that I stay atleast 180 days to not loose my residency status. But now, I have decided to drop my residency status in India. Which means I need to clean up my banking and financials in India and move them to be categorized as NRI status.

I hold over a dozen of Credit Cards, at least 4-5 bank accounts and a couple of DEMAT Accounts. Plus I need to figure out how to handle my company as a non resident director and take care about the FEMA laws and all.

At this point, I don't really know how all of that will happen but I am sure I will figure it out. (as if there is any choice, lol).
I will use this thread for noting my journey over the next 6 months or so for this complete transition. So hopefully post that we can have a good summary for anyone in the future who is migrating to abroad.

Any help from experienced members here is much appreciated. If you have converted from a resident to a non resident, please share your journey and experience.

1-Good Decision 👏
2-Japan is good to Go 👍
3-Tokyo alone have 1 Trl Economy, Second after New York

 

[aayusharyan]

1-Good Decision 👏
2-Japan is good to Go 👍
3-Tokyo alone have 1 Trl Economy, Second after New York

Thank you brother.

 

[Lordkk]

Seekh lo Japanese bhai. I am also learning. I enrolled in a School. Finally, after years of (over)thinking, it is time to take the step.

Seekh rha hu par practise karane wali koi nahi hai 😛

 

[cardio_guycardio_guy is verified member.]

Good thread. Thanks for creating this one and it helps others too who are looking to change residency country to another one.
One thing I can say now is along with changing your bank accounts to NRE NRO you may also have to update your resident Indian PAN to NRI PAN. It won't change the pan number but just they will update the system as NRI. I am not sure what the underlying consequences or effects of that. But I have heard that this is a required thing to do.

 

[HumorSimpson]

Seekh rha hu par practise karane wali koi nahi hai 😛

Amazon or Alexa would be fine to converse with you to train you in Japanese.

 

[HumorSimpson]

Do you have Mr. Sparkles in Japan ?

 

[Odyssey]

Congrats 👏🏻 bro. Will keep an eye 👀 on your journey

 

[temp77]

Amazon or Alexa would be fine to converse with you to train you in Japanese.

japanese do live in the future already, marry ai and all

 

[sunit123]

Firstly congrats and all the best..Happy for you...i wish the same for me one day....

On lighter note, Amritkaal mein viksit bharat chod ke jaa rahe ho

 

[pavan000]

Are we allowed to hold indian credit cards and bank accounts if we are out of country for more than 180 days.

 

[aayusharyan]

Good thread. Thanks for creating this one and it helps others too who are looking to change residency country to another one.
One thing I can say now is along with changing your bank accounts to NRE NRO you may also have to update your resident Indian PAN to NRI PAN. It won't change the pan number but just they will update the system as NRI. I am not sure what the underlying consequences or effects of that. But I have heard that this is a required thing to do.

Thank you for the information. I looked into NRE and NRO over the weekend and while I got what each of them stands for, I need to discuss with my banker how to convert without changing my bank account number and without cancelling my Mandates for my Home loan and SIPs and all.
I think just the account type can be converted, but I am not sure at the moment. I will talk with the bank and then update here.

 

[aayusharyan]

Do you have Mr. Sparkles in Japan ?

Wow, americans have really streotyped Japan.

 

[aayusharyan]

Congrats 👏🏻 bro. Will keep an eye 👀 on your journey

Thank you brother. 🙏

 

[aayusharyan]

Firstly congrats and all the best..Happy for you...i wish the same for me one day....

On lighter note, Amritkaal mein viksit bharat chod ke jaa rahe ho

Thank you man.
I will keep checking Indian politics and all, if conditions become favourable. Will surely return back. 😉

 

[aayusharyan]

Are we allowed to hold indian credit cards and bank accounts if we are out of country for more than 180 days.

Yes, you need to declare it to the bank that you are an NRI, there are some conditions like you need to have autopay setup and all. But mostly, yes.
I don't know about these NBFC Cards like OneCard and all. Maybe they will not allow. Anyway I will have to check with them.