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Question for Indian Expats who have been here for long time

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  1. #1

    Question for Indian Expats who have been here for long time

    Hello,
    I am planning to renounce my Indian Passport and apply for HK passport. I wanted to understand the implications on my rights in India. I will apply for OCI later. I own some property in India and have some cash. I couldn't find any relevant information online to understand the impact of getting an OCI. (I understand what i can do once i get an OCI, but not sure what will happen to my existing savings etc).
    If you have experiences this and don't mind sharing your experience, please PM me. Thank you.


  2. #2

    Join Date
    Apr 2016
    Posts
    239

    Been abroad long still holding Indian passport.... this is my knowledge of OCI- same rights as all Indians except right to vote, to run for office, and own agricultural land. You can visit anytime you want, stay any length, work too, own residential property. Financial matters same as NRIs.

    progammer likes this.

  3. #3

    Join Date
    Jul 2011
    Posts
    169

    Cannot think of any, except the right to vote.

    As an OCI, your INR cash/savings stay as is in your NRE, NRO accounts. If you still hold any resident savings or demat account, get them converted before surrendering your Indian passport.

    Mutual funds - If you own mutual funds in India, nothing changes. Make sure your KYC is updated with status as non-resident.

    Insurance - I think insurance companies now do market medical and life insurance to non-residents. However, I would still inform them of any change in nationality

    PPF - You can continue with deposits in your PPF account upto 15 years if the account was opened when resident in India. At maturity, you may have to withdraw as NRs are not permitted an extension.

    If you own property, you may want to check with the Indian Consulate if there is any update/clarification on Macau/HK residents owning property in India.

    https://www.rbi.org.in/Scripts/FAQView.aspx?Id=117

    progammer likes this.

  4. #4

    Thanks everyone. Yes I am HKPR and have applied for naturalization process already.
    This answers my questions. Most of my savings are in NRE accounts and some i have kept in a joint account with my mother. I will have that moved to NRE accounts as well. Thank you very much.


  5. #5

    Join Date
    Apr 2016
    Posts
    239
    Original Post Deleted
    I can imagine what would happen if mainland investors throng the India property market

  6. #6

    Join Date
    May 2018
    Posts
    6

    I am really desperate to get some guidance on the OCI application in Hong Kong. I was an Indian Passport holder but now a HKSAR passport holder. I went in to the Indian embassy 1.5 months back to apply for the OCI, after verifying my docs he told me I will get a call to make payment. Its been 1.5 months and I haven't received any call from them. I went last week to ask them what's happening and the officer told me its under process without even asking for my application number or any other details. Seemed to me he just wanted to get rid of me so told oh its under process. Any one here applied for OCI recently? How long did it take? I need to be in India in 1 months time and wont be back until end of the year. I am just not sure what to do in this situation. Any information on this would be appreciated.