With immigration rules constantly changing with the pandemic situation, it is difficult to keep up to date with it all.
For our NRI readers, we have started an immigration helpdesk. Write to us at [email protected] and our team of experts will address the most pressing issues.
*Please note that questions have been edited and/or clubbed so that we can address similar queries at once and that the answers are clear and relevant to our audience.
I’m aged 32 and born &brought up in Canada. I do not have any incomes in India currently, neither do I have a PAN or other India-based documents. However, I wish to invest in India for how well India is positioned for growth, but keep hearing that am not allowed to by respective governments. Considering the stated facts and that I’m of Indian-origin, can I invest in Indian debt or equity? What options do I have?
YES. Despite the fact that you don’t have any Indian documents, you could buy investments in India which are in the regulated space only. Technically, you should only need your OCI or passport at the minimum to start, and along with other documentation (including FATCA) as needed by the respective financial organization.
Your options with most giants (renowned global life insurer brands) include:
- Pure life covers
- Guaranteed (Lump sum & Income plans) & Endowments
- Linked-Investments (ULIPs) investing in Large caps, Midcaps, etc.
- Pension products
Further, all processing would be completely paperless (digitally) and should complete in less than 4 to 5 working days’ maximum, considering that all necessary documents & procedures are completed online. Minimum investment in India could start as low as US$ 500 a year. What better, as an Indian-origin you get Good & Services Tax (GST) exemptions/ waiver also up to 18%
each year, depending on the product and as you pay from your NRE NSE -5.26 % (Non-Resident External) or your home country bank account (thru SWIFT). It definitely makes sense to add India as an economy in your overall portfolio to make it stand out in green.
I have a healthy family of 4 and am in my mid-40’s (male), currently working & staying in Dubai for over 10 years. I frequently travel (barring current Covid-19 times) across UK/ US, etc. I wish to come back to India along with my family, as I retire around the age of 58-60. Sitting here, can I legally apply for a health cover (for coverage in India only) to safeguard all today?
YES. As, a family health floater cover, designed for the entire family, it is highly recommended that you immediately buy a health cover in India at this time when all are healthy, understanding that you will retire in India.
Practically, medical insurances become easier to secure only when there is no or minimal medical background behind any member. Indeed, the same is advised for even travelers (Indian-origin) who come down to stay in India for a few weeks or longer. That way when they are here, they are well covered. Further, while in India, from most of these health covers you could also get health check-ups done, complimentary as per their specified limits, depending on the policy one holds. Few health policies additionally also cover travel cover related features (like: baggage loss, transit delays, etc.), accidental coverages, as well as, global medical coverage. So, a win-win for you!
The author’s views do not necessarily represent the views of ET Online nor do they constitute legal advice or representation. Practice tips provided in the written materials are based on the author’s experiences and the current state of the law and regulations. Please be sure to conduct legal research and analysis, or engage independent counsel for your unique situation as the law and requirements change quickly and the author’s experiences may differ from your own.
