OCI and working exp in India

T

teacher2003

Registered Users (C)
Hi
I am planning to live/work in India after I get my OCI. Is this as smooth as advertised. Wanted to hear from people who have really done "it" i.e. started working in India with OCI and US passport.
Thanks
 
Hello guys
Can anyone give their $.02. Do you know anybody or you yourself have gone back to India to work on OCI...
Help!!
 
I'm also moving to India to live and work on a US Passport with OCI. Any insight on this and how to file taxes especially will be very helpful.

Cheers! :)
 
I am in the same boat and would appreciate any real experiences... thanks...

Also, so you guys know about moving your money from india to US.. if I ever want to come back to live in US permanently?
 
I haven't done it and I dont intend to as of now. But I think that one need to be aware of many issues.

1. Understand OCI: Read OCI rules closely and understand the implications.

2. Finances in India: Talk to high level bank representatives in India (like regional manager of big private bank) and understand what it means to have bank accounts. Now a days, they need PAN account numbers to open and maintain accounts.

3. Tax liabilities: I think invariably lot of people either forget or oversee tax implications. Talk to someone (accountant) who is experienced in international tax system and make sure you understand if you need to file tax documents in U.S every year. I think IRS can come after heavily (civil and criminal penalties) on someone who miss to file taxes (and documents) since they are desperate now.

4. International Transfers: See #2 above. Talk to someone like CitiBank or other international banks to understand how it works.

5. Dont forget you are U.S Citizen at any time in India :-). Register with local consulate and state department, just in case. Stay out of trouble.
 
Family member of mine has done this. Received US Citizenship and OCI - is now working in India for the last year.

1. They are working with a fairly large company - no issues with accepting OCI as authorization to work at all.
2. They have income tax deducted at source for salary.
3. They are required to file tax return in India AND in the US. In the US can claim foreign earned income credit (upto $90,000 foreign income tax exempt) - and credit for tax paid in India so there is rarely a tax liability (except on investment income in the US etc.)
4. NO REQUIREMENT WHATSOEVER to REGISTER WITH LOCAL Police Dept. etc in India - you are for all intents and purposes a citizen of India (just have restrictions - like you can't vote, hold political office and no government jobs that are restricted to Citizens).
5. Registering with the US Consulate is not a bad idea - just in case...

Bank accounts etc. - stick with the majors (ICICI, HDFC etc) no need for international only (Citi etc. - although if you have US accounts with any of them CITI/HSBC and can qualify for their higher status like HSBC Premier or Citigold - it makes it quite easy to transfer money back and forth for free).

Good luck - and enjoy yourself.
 
CargoHoldFlyer said:
Bank accounts etc. - stick with the majors (ICICI, HDFC etc) no need for international only (Citi etc. - although if you have US accounts with any of them CITI/HSBC and can qualify for their higher status like HSBC Premier or Citigold - it makes it quite easy to transfer money back and forth for free).
Click to expand...


What do you mean by back and forth. Can you transfer money from India->US just like you can transfer dollars from US to rupees in India? or there are some restrictions like repatriable and non-repatriable?
 
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