After Us Citizenship

[Raninisha]

Hi,

I have some questions as listed below, request for your valuable answers

Currently I have an account in India as NRO and NRI, once I aquire US citizenship, can we maintain this account and operate as US citizens.

If I plan to go back to India permanenty, what are the formalities I need to complete before I wind up and leave for India permanently. I have my bank account in USA. I would like to continue with this, since I have my IRA account .

Would highly appreciate your answers.

 

[ReturnHome]

You can continue with NRI account as long as you have OCI/PIO. You can maintain US bank accounts as you will be US citizen anyway. REgarding wind up, you will need to notify Social security office and also file taxes every year, even on income generated in India. I mean you need to report it on 1040 as Foreign income and I believe it is exempted upto certain amount ($80K or so..) since you have already paid taxes for it in India. You might want to search the forum for Life after Citizenship.

 

[ginnu]

Hi,

I have some questions as listed below, request for your valuable answers

Currently I have an account in India as NRO and NRI, once I aquire US citizenship, can we maintain this account and operate as US citizens.

If I plan to go back to India permanenty, what are the formalities I need to complete before I wind up and leave for India permanently. I have my bank account in USA. I would like to continue with this, since I have my IRA account .

Would highly appreciate your answers.

Read the Link may of some help
http://www.realestatemumbai.com/Foreign_Nationals_working_in_India.pdf

you can keep NRI NRO accounts you can also keep USA bank account

 

[Jackolantern]

REgarding wind up, you will need to notify Social security office and also file taxes every year, even on income generated in India.

The US taxation of non-US income also applies to green card holders; it is not something that starts with citizenship.