Watch: 4 Key Factors to Help You Decide the Best Time to Return to India
Timing your return to India involves balancing family, immigration, finances, and career.
The full write-up, with the numbers and the links.
Chapters
- 0:00 Introduction
- 0:58 Family Dynamics
- 2:30 Immigration Considerations
- 3:21 Financial Goals
- 5:05 Career Plans
- 6:42 Putting it all together
- 7:35 Tactical things
Transcript
Auto-generated captions, lightly cleaned
0:03 Welcome back to another episode of Desi Return let's say you have decided to move to India or you finalized your plan timing the move is another critical factor for a lot of families who are living abroad it is not simply packing your bags booking your tickets and flying back it is aligning your life goals family needs and finan IAL aspects to make sure the move is smooth in this video I'm going to talk about four key factors that you may want to consider when deciding on when you want to move to India at the end I'm going to talk about few tactical tips that would help you to make your move back to India smooth let's dive in the first family
1:01 Situations family Dynamics often take the center stage when planning the move if you're a family with kids the age of the kids play a major factor you want to move before the kids get into Middle School which gives them enough time to adapt to the new education system making new friends and so on the earlier the better but as the kids get get older the transition becomes hard as they are more rooted in the social and academic environment abroad so the kids age plays a major factor we have seen families who have moved after kids have grown up when they are in college or they have their own careers they spend time between India and abro or they have moved to India for good on other hand many had to decided
2:02 To be with the Aging parents who need support this Balancing Act the need of your children and your parents is challenging but understanding what matters most for your family helps in guiding the timing of the move on when you need to move overall family Dynamics plays a major role in deciding when you want to
2:30 Move back to India the second category is immigration say you few years away from getting a permanent resident or a citizenship of the country where you are currently living it might make sense to wait for couple of years to get that permanent resident or citizenship because that could provide a safety net if for some reason things doesn't go as planned as an Indian however you don't want to wait too long as this could conflict with other priorities like kids adjustment financial goals your careers you know so there is a important to find a right balance third your financial
Read the full transcript (8 more sections)
3:23 Goals moving to India with adequate savings can make the transition smooth it provides a buffer or a corpus fund that allows to have a head start and have stressfree career or you know more flexibility in in how you approach So based on your lifestyle based on where you are in your journey in the family the Corpus amount could change and the most important factor is deciding what the Corpus amount is so how much do you need for day-to-day living what's the budget that you need for kids education how much you want to set aside for unexpected expenses so it all depends on your lifestyle depending on your risk appetite the Corpus amount could change
4:25 Some people say it's 20x it's 25x it all at the end and depends on your preference and lifestyle also note this financial Corpus fund or savings amount is a very slippery slope every time when you reach that goal you might think hey you might need additional to maintain a different lifestyle so be very particular about the lifestyle that you want to maintain and be specific about that amount and plan your savings Investments accordingly to meet that goal the next important factor is your career progression it is another key factor in
5:06 Deciding when you want to make a move does your current role offer an option to do an internal transfer for a company in India or if you are in a role that's not very like a lot of opportunities in India do you want to switch to a different career roles or or do an MBA or get into leadership roles or kind of move from your current role to a different role within the company so that that provides more opportunities as you move back to India sometimes these steps could take some time thinking about your career plans or do you want to work do you want to work in a stressful environment or what kind of roles you want to take there is some planning that's required and based on that that has its own timeline on how how long it will take as we talk about we have seen families where one spouse has decided to
6:08 Be in abroad while the other spouse and kids have moved to India this is to compensate for some of the financial goals or career goals that you know a family might have while the kids are getting older so people might have approached this off option and they might also have this as a pragmatic way to see how things work out and make sure they are not like uprooting themselves and moving back to India in one shot so let's take a step back when we
6:43 Consider all these different options kids age or parents aging parents this is the one that's not flexible at all finances career goals these are flexible but not the kids age the anger they are it will be easy for them to adjust into a new culture new environment new academic program and so on so take into consideration of all these priorities and decide when is the right time to move considering some of them are flexible some of them you have to do when you have to do and it's important to prioritize all these and see an option that balance out now let's talk about some tactical
7:36 Things so once you decided to move back to India let's say in 2 years 5 years now let's talk about some specific month that you might do want to move in any year first from an Indian taxation perspective there are three different status non-resident a resident resident but not ordinary resident there are lot of tax planning that you can do in RN or status so you might want to plan your move so that you can maximize your RNR status for up to 3 years you can check out our video to get more information about this RNR status some of the benefits that you have and you can plan your move accordingly second the country where you are living you can be a resident or a non-resident from a tax perspective and based on that there are certain tax exemptions some
8:36 Deductions that you can achieve if you are a resident So based on that you can plan on when you also want to move another factor is weather adjusting for your kids and family when you move during a peak summer does it make sense to move a bit early or a bit later so that they don't have to go through this peak summer when you make the move they might lose couple of months in the academic year but some people have considered that as an important factor on when to move India so these are some of the Tactical tips on you can decide on a given month when you want to move once you have a plan on a 3 year 5 year 2 year or one year whatever it is that can help in making the transition smooth timing the mood to India is never a perfect but it's balancing out what works best for
9:38 The family align your decisions based on your priorities plan ahead and approach the move with confidence if you're planning to move or you have already moved if you have any questions or comments please share your thoughts in the comment sections below
