Moving back to India for good after getting dual citizenship
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Posted on: 05-11-07 11:02:36
Thanks for your response Sallusworld and Desi in alberta.
Sallusworld and IndiaRocks: Please check your Inbox for my messages to you.
Thanks
b
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Bombay State of mind
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Quote:
Originally posted by Smiley
Then what is the point of becoming canadian and moving out from India if after all this effort, labor and trouble we apply for our Indian passport back and finally become Indians again
Lots of benefits:
1. You become globalized
2. For higher education less competition in Canadian univerisities compared to India (study in Canada, work in India)
3. You return to Canada during summer season in India
4. Buy a house, land, do business in India (with branch office in Canada)
5. Travel to Europe, USA without visa
6. Can live/work in USA at your choice
A glass can be half full or half empty... why worry, just fill'er up to the brim and enjoy.
Dr Abdul Kalam has launched "billion beats" - an e-paper through his website http://www.abdulkalam.com" rel="nofollow">LINK - please read and post your comments.
Hi CDs,
First of all warm greetings to everyone.....hope everyone is in their pink of health, doing great in their careers.
Talking further on this thread of moving back to India....
I have become a Canadian citizen with OCI and now time has come to pack my bags in 4 months to go to what I say \"back to pavillion\". I would like to work for a MNC in India and don't want to come to Canada in near future....let's say 10 to 15 years from now on.
I have many doubts in my mind, hope knowledgable & experienced CDs like Freddie, TK, Chandresh to name a few can answers my queries in detail. I know some of these questions have been discussed in this forum but I wanted to clarify.
1} What should I do with my credit cards/ line of credit/ bank account? Close it all or leave it like that?
2} Do I pay taxes on my Indian income in Canada as well, and how do I do that? Does Canada have some kind of treaty with India?
3} Can my wife ( canadian citizen) be eligible to get CCTB in India?
4} My drivers license and OHIP card would be expired in 2011, what do I need to do after the expiry?
5} What other things I should know before I fly?
6} My Canadian passport is expiring in 2011 as well, I know I can renew it in India...any idea how much will it cost and will they renew it for next 5 years or more?
Any other questions, I will ask as & when it comes to my mind.
Thanks for going through my post and awaiting reply.
Dk
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"We do not stop playing because we grow old; we grow old because we stop playing".
Quote:
Originally posted by kdnyanesh
Hi CDs,
First of all warm greetings to everyone.....hope everyone is in their pink of health, doing great in their careers.
Talking further on this thread of moving back to India....
I have become a Canadian citizen with OCI and now time has come to pack my bags in 4 months to go to what I say \"back to pavillion\". I would like to work for a MNC in India and don't want to come to Canada in near future....let's say 10 to 15 years from now on.
I have many doubts in my mind, hope knowledgable & experienced CDs like Freddie, TK, Chandresh to name a few can answers my queries in detail. I know some of these questions have been discussed in this forum but I wanted to clarify.
1} What should I do with my credit cards/ line of credit/ bank account? Close it all or leave it like that?
If you are paying taxes in India or not, hang on to them. Decide upon discarding them later.
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2} Do I pay taxes on my Indian income in Canada as well, and how do I do that? Does Canada have some kind of treaty with India?
Dual Tax Avoidance Agreement, provides you relief. Study it well and post us your links to it and the merits and demerits also. It is a new topic for all of us.
http://answers.oneindia.in/index.php?article=402
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3} Can my wife ( canadian citizen) be eligible to get CCTB in India?
After certain period of absence and based upon the taxes paid here in Canada, they will find that you are out of luck. They will also inform you about it. There are residency obligations that have to be met too. Please study the same. I will provide you with appropriate links at a later time.
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4} My drivers license and OHIP card would be expired in 2011, what do I need to do after the expiry?
Hang on to them till you find that they are redundant. Driver's License, you will find it is valid for the duration as noted on the card. But if the address provided in that location is no longer GOOD, then it also becomes a show and tell piece. The OHIP kicks you out of its benefits after seven months. Also change of residence immediately makes the old card invalid.(to a certain extent)
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5} What other things I should know before I fly?
You all are discussing the pros and cons of the move to India. Take it up wards a notch after you land there and find what it is that has helped you the most from this thread. Please keep in touch. **
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6} My Canadian passport is expiring in 2011 as well, I know I can renew it in India...any idea how much will it cost and will they renew it for next 5 years or more?
Once you acquire a Canadian Passport, your OTHER Citizenship and Travel Document becomes NULL and VOID. (In short you are caught with your pants down) So, hang onto your Canadian Passport DEARLY. Cost about $100.00/5 Yrs
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Any other questions, I will ask as & when it comes to my mind.
You should try and find your own solutions, rather than ask. Keep your keen sense on its edge. Don't be complacent.
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Thanks for going through my post and awaiting reply.
Dk
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** If you lived out of India for more than SEVEN Years and did not have a stay there in INDIA for more than 729 days out of the seven years as holidaying or working etc., you can claim a status called RNOR for the first TWO years..... There is more to it than I can write here. You get a break from Income Tax for the first two years and can liquidate some of your RRSP's for a nominal tax here(Under the personal exemptions) and not be considered as any income at the Indian end. If you return to India After SEVEN years and after October and before March of the next, then, you can claim this RNOR period for up to THREE Years. And if you leave anytime during the January -February period, then you would benefit the most. There are strategies that are available for those who have lived here for more than Seven years. CD can start a separate section for this.
If you have medical Plans and you would like to avail all of he prescriptions filled here prior to departure, then, get them all filled up. That goes for the spouse also.
Providing notices to land lord, if renting; Or if you are an owner and want to still retain possession of the property, then finding s suitable caretaker for the property etc., and there are innumerable personal situations that one encounters has to be addressed.
Planning for relocation and the Duty free imports of personal belongings and Customs list are a few of the other items that need addressing.
If already have a job arranged job, or a place of stay arranged at the Indian end, life gets a lot easier for those who are moving back.
There are innumerable things that will need discussing prior to the move. My mind is full of it. Since you all are on this topic and ARE the ones to do the discussing, I will leave it to the few that want to take it further.
Good Luck in your move.
Please keep us posted if you feel that we should know more about your move and how successful you are at that end and what others should avoid or look for to make it simpler and easier.
Freddie.
Hi Freddie,
Thanks for your prompt reply...appreciated, now I will be completing 6 years in Aug. 08 and by the time I go back it will be 6 & 1/2 years and NOT seven years as you mentioned in order to get a RNOR tax break at the Indian end...so is it SEVEN years mininum period one has to be outside India or what?
I am sharing my apartment so no need to give notice to the lanlord. I don't have any belongings to be taken there as duty free imports, so no worries. I already have a place to stay as my family has already gone back last year. As regards to the job, I don't have one in hand, but will find one once I land.
Regards.
Dk
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"We do not stop playing because we grow old; we grow old because we stop playing".
Quote:
Originally posted by kdnyanesh
Hi Freddie,
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Thanks for your prompt reply...appreciated, now I will be completing 6 years in Aug. 08 and by the time I go back it will be 6 & 1/2 years and NOT seven years as you mentioned in order to get a RNOR tax break at the Indian end...so is it SEVEN years minimum period one has to be outside India or what?
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Please go through FEMA and the FERA, the old and the new order, and also the link here under.
http://www.nritaxservices.com/who_nri_fema.htm
This topic has been discussed exhaustively and it is worth googling the same.
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I am sharing my apartment so no need to give notice to the landlord. I don't have any belongings to be taken there as duty free imports, so no worries. I already have a place to stay as my family has already gone back last year. As regards to the job, I don't have one in hand, but will find one once I land.
Regards.
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There are other minor details that might not ruffle your feathers, but worth noting.
Freddie.
Dk
