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By Rajkamal Rao
We now examine the various financial, legal and administrative factors that returnees should consider. While the motivation to return to India is often based on emotions (and sometimes, obligations), potential returnees have too much at stake and should have a clear understanding of these questions long before the first box is packed. Many of the preparatory steps can be conveniently performed online, in the comfort of the returnee’s US home.
Immigration
Most returnees went westwards in the first place seeking a lift to their professional careers and financial fortunes. Along the way, they decided to immigrate to western nations enduring years of bureaucratic torture to obtain permanent residency status or even citizenship. How would all these be compromised by returning to India?
The most important (and obvious) consideration is your immigration status in the west, and the status of those in your family. It is an ironic fact of present day immigration laws that different family members could have different rights and privileges although all live in the same household. Immigration rules are complex and different across western nations, so our discussion on immigration matters is limited to US returnees.
Click here for more on immigration.
Taxes
We are reminded of Ben Franklin’s famous quote, “...in this world nothing can be said to be certain, except death and taxes”. As in the section on Immigration, western tax policies are complicated and each western nation’s tax rules are different. For the remainder of this section, we will assume that you are either a permanent resident or US citizen.
We cover taxes in a separate post here.
Finance
The financial sector in India has improved dramatically in the last decade. Banks - both private and public sector - offer services that are comparable to western financial institutions, and in some instances exceed their service levels. And Indian banks offer products (debit cards, credit cards, internet and mobile banking, home and auto loans) which are no different from what you would expect at a western bank.
Click here for a more detailed discussion about Core Banking in India in a separate post.
We now examine the various financial, legal and administrative factors that returnees should consider. While the motivation to return to India is often based on emotions (and sometimes, obligations), potential returnees have too much at stake and should have a clear understanding of these questions long before the first box is packed. Many of the preparatory steps can be conveniently performed online, in the comfort of the returnee’s US home.
Immigration
Most returnees went westwards in the first place seeking a lift to their professional careers and financial fortunes. Along the way, they decided to immigrate to western nations enduring years of bureaucratic torture to obtain permanent residency status or even citizenship. How would all these be compromised by returning to India?
The most important (and obvious) consideration is your immigration status in the west, and the status of those in your family. It is an ironic fact of present day immigration laws that different family members could have different rights and privileges although all live in the same household. Immigration rules are complex and different across western nations, so our discussion on immigration matters is limited to US returnees.
Click here for more on immigration.
Taxes
We are reminded of Ben Franklin’s famous quote, “...in this world nothing can be said to be certain, except death and taxes”. As in the section on Immigration, western tax policies are complicated and each western nation’s tax rules are different. For the remainder of this section, we will assume that you are either a permanent resident or US citizen.
We cover taxes in a separate post here.
Finance
The financial sector in India has improved dramatically in the last decade. Banks - both private and public sector - offer services that are comparable to western financial institutions, and in some instances exceed their service levels. And Indian banks offer products (debit cards, credit cards, internet and mobile banking, home and auto loans) which are no different from what you would expect at a western bank.
Click here for a more detailed discussion about Core Banking in India in a separate post.
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