Watch: Financial Planning Checklist for NRIs Moving Back to India - Don't Miss Out!

3:10 Factor authorization which is the onetime password so make sure you have access to a phone where you can get a onetime password so that you can log into your accounts we have covered a video on how one can keep their phone number like their Us phone number after leaving us and we also would provide a link in the description below that provides how different banks and institutions work with second Factor authorization especially in the case of a Google Voice it's a v IP versus a regular phone you can find some details and understand which banks or institutions would work with a new VP or with the regular phone now let's talk about the credit cards the third one my recommendation is to keep your credit cards open unless

4:12 There's an annual fee it helps in building your credit history the duration of the credit and better to have one or two cards with no foreign transaction fee no annual fee so can so you can use it while you're traveling abroad from India and it's convenience so it's up to you personally but it's good to re consolidate and have access to these credit cards as it helps in building the credit history fourth one this is to do with

4:48 Your trading accounts or brokerage accounts so one key thing I want to highlight with the brokerage accounts especially if you are a non- US citizen or a non- green card holder and when you move back to India and if you qualify for RN o so we have talked about RN some of the benefits who qualify and how long you can qualify for how should apply lot of all the details related to the RNR in the link above and we in that RNR period there is something that you can do from a tax planning where you can reset your cost basis if you want or you can minimize your capital gains depending on the sale and all that stuff because you don't have to pay Capital Gains in us while you are a non-resident and you don't have to pay Capital Gains when you're in RN for your Global income that's not like through a business or some

5:48 Work that you have done abroad while living in India so definitely do some planning on the on your stocks during that phase and and maximize the you know the returns and planning on those lines there in terms of keeping those accounts and doing the trading it's personally up to you especially if you are a non-resident you have to file taxes because the with Holdings and so on which could get complicated however you might be able to trade some of these stocks on the other platforms so it's completely up to you but there are certain brokerage fors that allow International address some of them are Charles Schwab and U maybe Fidelity so these are couple of trading platforms that allows Indian address now let's talk about retirement accounts IRAs 401K accounts

6:53 We have recently done a video on the different options that one have when they decided to move back to India either they can keep it as is or they can withdraw or they can roll over so please check it out and make sure which option would work better for you and execute on it there are also HSA 529 and other plans we will be doing certain videos to give the options on what one can do when they return back to India again make it a decision and execute on it on what you want to do with those particular plans also if you have a term life insurance or a life insurance look into the details does it cover across the world what's the coverage and how long is the term left and so on and decide if you still want to continue or you want to stop it or you want to take

7:54 A new policy after going back to India now let's talk talk about

8:01 The house the property there is several debates about whether to sell the property or rent the property so here is my take let's talk the first option selling your house so it is very simple process because you don't have to manage the property across the country it it could be very challenging unless you are a sophisticated real estate investor even if you're working with a property manager because there are tenants who might not be paying the tenant loss vary from state to state and also the eviction process could take quite a long time you know you need to consider the ta capital gains tax exemption which is around 500k per married filing

9:01 Jointly so there could be a potentially lot of savings that you can do by selling the house while living in us because of this primary house capital gain tax exemption however if you sell it later you might not qualify for that and you have to pay the capital gains in India or in us with a double taxation avoidance there are certain rules that are applied now let's talk about rent rting the house yes you can definitely rent the house I mean if you're unsure you know if you're plan to India how it will go or you want to have a property to come back later yes you can definitely rent it out but be mindful about you know rentability of that particular house you know because if it is a easy to rent or not and understand the hassle of you know filing the taxes especially if you're a non resident and understand the hassle

10:02 Of managing the property across the country and what if you want to sell how to give a power of attorney and all that stuff so my personal recommendation is to sell the house to keep it simple and to also take the advantage of primary house capital gain tax exemption while living abroad before moving back to India now let's talk about about the

10:30 Things once you move to India first convert your non-resident bank accounts to resident savings accounts so here you have the nro NRE savings account and those needs to be converted into regular savings account so these are governed by FEMA law according to the fima law it's the intent that determines the status of your presid prescy so if your intent is to move back to India permanently you should convert these accounts as soon as possible or within a reasonable time and the reasonable time is within 6 months so please make sure you convert these accounts to your resident savings account update your contact information kyc with your bank accounts second update your dmat accounts as well as mutual funds work with your brokerage reach out your Banks

11:33 And update the information that you're no longer a non-resident you're a resident of India and it is important to do it as soon as possible third check out the term life

11:46 Insurance if you have canceled the term life insurance abroad look into the policies and see the coverage that you want and for the term how long and so on and make sure you have a policy in place fourth update The Residency status on the government websites on the tax department and other agencies so that you have informed that you're back and residing in India fifth the health insurance it is a good idea to take the health insurance maybe a little bit earlier before the move if possible and the reason is the healthcare system in India like the healthcare insurance plans prevent pre-existing conditions and there is a waiting period typically about 2 years so it might be a good idea to take them beforehand if possible so that you can avoid that waiting period and you can avoid that exemption and you can keep the

12:48 Premiums Low by having a high detectable while you're living abroad and then finally the pan card and

12:58 AAR card if you have AAR card and pan card make sure those are linked if those are not linked your pan card could be deactivated if you have been a non-resident AAR card would have been optional and if you have not applied and if you once you move back to India go ahead and apply for AAR card and once you have it up link the AAR card and the pan card if you are an oci holder you need to apply for AAR card after 180 days after living in India we'll be doing a detailed video explaining about this process about AAR card and pan card in the future I hope you like the content this gives an overview of the different items that you have to do from a financial perspective once you decided to move back to India and thank you very much for watching the video