if you are a NRI or even oci planning to return to India permanently whether from US Canada Singapore Dubai or elsewhere this video will help you understand what you must consider to navigate the process smoothly mooving back involves more than just packing bags it requires careful financial and tax planning to avoid costly mistakes and most importantly rediscovering your love for IND so this is you and this is the country where you are resident for tax purposes and this is India as an NRI you are currently not paying any taxes on your foreign earning in India if you have any earning in India then you must pay taxes on what you earning for example rental investment dividend Etc if you have in the country where you live the tax rule will determine how you pay taxes for example here in Canada as a resident you will pay taxes on worldwide income so every country has their different rule which I'm sure by now you would know and you will be aware of what it is in your place when you are permanently leaving the country in most country you'll have to pay departure tax basically you're saying that you are leaving the country permanently and depending on how the country's tax law is for example some country might say to close everything before before you leave the country if you have any investment you take it out if you have any money in bank you take it out and uh when you do that many countries impose a deemed disposition of asset when you treating investment as a sold and triggering capital gain tax lot of people get surprises here for example in Canada you file form p1161 and 1243 for departure tax reporting if you are in US green card holder or long-term resident you may need to fill form 8854 which is an expatriation statement similarly Germany you have to file the tax return Australia you have cap gain tax which may apply to certain ass said Singapore and Dubai where there is no capital gain tax you may want to check local banking rules for non-resident then based on your last day you pay any taxes that you owe and then make a clean exit once you are out depending on your situation your country might determine what you are considered for tax purpose when you bring this money to India when you move India don't tax you on this money that you're bringing it here you basically transfer your money either through bank to bank or through exchange to bank which is Indian bank account where you will pay exchange fee and your Indian bank account will receive this in INR when we you be taxed we will learn in some time before that let me give you an example of Canada and uh with this you will know exactly what question you need to ask your tax consultant in Canada if someone lives in Canada and has a strong Ties That is house spouse dependent social benefit then the person is taxed on worldwide comp if non-resident where the person has severed significant ties and has no Canadian income then no tax on foreign income if a person is deemed resident that is having ties with two countries then tax treaty determines where the primary tax will be done which country it will be done so that's why you need to consult with a professional tax consultant in some countries they allow you to keep your investment as it is with the condition that as a non-resident you cannot make any new contribution so some make use of it when someone moves to India thinking that this is a stop Gap Arrangement and we will return soon back to this country this could prove a costly mistake later if you are still staying in India Beyond certain time the best way to exit that's why a country is to close everything and then move to India no house no rent no dividend no stock no investment no interest coming from this country no non-resident bank account no no credit card no subscription no membership abroad and you have paid all your taxes this is neat and clean once you move back your tax status changes you may qualify as a resident but not ainar resident initially offering partial tax relief on foreign inome after this RN o status expires you will be taxed on worldwide income and this is when many get surprised and if you have not planned well you will be there for price simplify your life by closing non-essential holding to avoid dual compliance you pay taxes in India then you also have to do with tax filing in this country where you were earlier stay and remotely this might be a champage also in this country even if you are Golding tax advantage account for example tax reing account in Canada where as a resident the money what you have invested and grow both are not taxed you cannot make new contribution to this account as it attracts penalty if you are a non-resident but whatever you already have and grows remains taxfree when it comes to India it does not recognize tax free Status any dividend you get will be taxed so ask this question to your accountant so far we talked about the taxes let's see the settlement part when moving back to India buying a property immediately is like committing to a place instead renting initially will give enough time and flexibility to test and commit and by then you will figure out about workplace traffic commute amenities that matters to you like Hospital schools for kid Etc and then take an informed decision when I was in Bangalore my commute from home to office was 1 hour 30 minutes one way and if I have to think about how I would fix this is to reduce this commute time for sure and stay closer to workplace once you are on ground you will have firsthand experience of many things I'm sharing the ballpark figure of buy versus Rank and you can also do some research to get to the ballp when it comes to healthcare many of the insurance policies have a waiting period so you might want to start this even before landing and this way you can reduce the weight period so having a conversation with a policy provider will be handy you can ask them about the global coverage recently someone who I know was struggling with knee pain for almost 2 years in Canada decided to go to India within few days got admitted got the surgery done with a total cost of about 3.5 lakhs and is also recovering well so majority of such expenses can be taken care by the insurance if a person is planning wet most of the healthare services uh will be 80% less than what you find in US and Canada and you will not have this much of weight time research on cost of living for example when I went to India last time here is my analysis of the place where I am you can download this to make your own estimate as it depends on your lifestyle personal situation Etc as you might not need a car if you already own a car same goes with the house and then few other you know lifestyle things so returning to India is an exciting Journey but a smooth Financial transition takes careful planning start early consult professionals and wrap up those lose ends to avoid any surprise most importantly embrace the change with an open mind and make the most of your new chapter wish you all the best in your new Journey thank you