What should i Do with recent NRI Status

[krishna324]

Hello Folks,

Need help.

I have SIP's in different mutual funds. I moved to Other country and i am an NRI now.

now, can i continue investing in MF's? can i start new SIP's? is ther anything i should do to avoid any issues in future?

i spoke to these mutual fund houses,and everybody is giving different answers, some say i should close all MF's immediately and some say it is ok to continue.

Can someone show some light on it. T

Thanks.

 

[mastermind007]

Hello Folks,

Need help.

I have SIP's in different mutual funds. I moved to Other country and i am an NRI now.

now, can i continue investing in MF's? can i start new SIP's? is ther anything i should do to avoid any issues in future?

i spoke to these mutual fund houses,and everybody is giving different answers, some say i should close all MF's immediately and some say it is ok to continue.

Can someone show some light on it. T

Thanks.

General quick answer is that as long as your domicile remains Indian, you may be able to do this but this answer is not accurate and does not fit in all scenarios.

What you've narrated above is not enough to answer your question.
To get answer, you need to
(a) reveal your portfolio size
(b) reveal your monthly investment quantum
(c) Nature of your visa or documents that granted you right to reside in another country.
(d) some insight about how and why you are doing what you are doing.
(e) Taxation rules of the Country that you now are in

BUT! WAIT!! Having enumerated some of the missing inputs, I DO NOT RECOMMEND that you share all this on public forum but instead contact some competent chartered accountant who will be able to factor above-mentioned points (and few more) and guide you.

Disclaimer: I am not a chartered accountant and above post of mine does not construe general or specific advise in any way, shape or form. Reader(s) are advised to use the above post at his/her own risk.

 

[krishna324]

General quick answer is that as long as your domicile remains Indian, you may be able to do this but this answer is not accurate and does not fit in all scenarios.

What you've narrated above is not enough to answer your question.
To get answer, you need to
(a) reveal your portfolio size
(b) reveal your monthly investment quantum
(c) Nature of your visa or documents that granted you right to reside in another country.
(d) some insight about how and why you are doing what you are doing.
(e) Taxation rules of the Country that you now are in

BUT! WAIT!! Having enumerated some of the missing inputs, I DO NOT RECOMMEND that you share all this on public forum but instead contact some competent chartered accountant who will be able to factor above-mentioned points (and few more) and guide you.

Disclaimer: I am not a chartered accountant and above post of mine does not construe general or specific advise in any way, shape or form. Reader(s) are advised to use the above post at his/her own risk.

thanks for the reply. but i am more confused now..

 

[DSM]

Krishna,

You are right - There is some confusion on the issue. However, you can safely continue to invest in SIP. Problem arises for NRI's at time of redemption if they ask for proceeds of the investments to be transferred to an NRE account, in which case, you need to prove that you have invested in SIP thru NRE account. Barring this, on a practical note, RBI has given permission to NRI's to invest in mutual funds. You can find more details here :

http://www.hdfcfund.com/nri/

Good luck.

Hello Folks,

Need help.

I have SIP's in different mutual funds. I moved to Other country and i am an NRI now.

now, can i continue investing in MF's? can i start new SIP's? is ther anything i should do to avoid any issues in future?

i spoke to these mutual fund houses,and everybody is giving different answers, some say i should close all MF's immediately and some say it is ok to continue.

Can someone show some light on it. T

Thanks.

 

[krishna324]

Krishna,

You are right - There is some confusion on the issue. However, you can safely continue to invest in SIP. Problem arises for NRI's at time of redemption if they ask for proceeds of the investments to be transferred to an NRE account, in which case, you need to prove that you have invested in SIP thru NRE account. Barring this, on a practical note, RBI has given permission to NRI's to invest in mutual funds. You can find more details here :

http://www.hdfcfund.com/nri/

Good luck.

Thanks for the Information.

i am going to open NRE account with ICICI and strating SIP's.