Benefits of Being an NRI

• High earning potential: NRIs often earn more than what they would have earned in their home country. because of the higher wages and better job opportunities available in the country they are living in. they enjoy a better standard of living because of their high earning potential.

• Better healthcare and education: NRIs often have access to better healthcare and education facilities in the country they are living in. because of higher income, they are more able to focus on health and education.

• Cultural exchange: NRIs have the opportunity to experience different cultures and traditions. which can broaden their perspective and help them gain a better understanding of the world.

• Tax benefits: NRIs can avail of several tax benefits such as tax exemption on foreign income and capital gains. They can also avoid double taxation by claiming relief under the DTAA agreement between the country in which they are residing and their home country.

Double Tax Avoidance Agreement (DTAA) is a bilateral agreement between two countries. The basic objective of which is to promote economic trade and investment between two countries by avoiding double taxation.

 NRI stands for Non-Resident Indian. Non-residents Indian are born into Indian citizens. However, if they emigrated to some other countries for any purpose for more than a given time frame they are considered Non-resident Indians. According to the law of the land, any person who is living outside the territory of India for more than 182 days of a calendar year would be considered an NRI. For an NRI it is mandatory to hold a passport issued by the Government of India. The emigration of such citizens could be anything. It may be some educational purpose, some work relayed purpose, residence, or some other purpose. However, it should be noted that they are citizens of India who live outside the country, and not foreigners.

According to some new constitutional amendments an NRI will be recognized as overseas Indians ( OCs). The Ministry of Overseas Indian Affairs deals with the affairs related to Non-residents of India. All the classification and other statutory provisions related to Non-residents of India are dealt with by this Ministry.