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Old 20th August 2012, 03:56   #166
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

I immigrated to Canada almost 3 years ago and am about to become eligible to apply for Canadian citizenship. I've a few LIC policies and a couple of policies of Metlife India which will mature only several years after I acquire my citizenship (assuming I get it within the next 2 years). I'm curious to know if there are any pitfalls in acquiring a foreign citizenship and specifically around such matters regarding getting once money back from insurance agencies. Any pointers would be greatly appreciated.
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Old 21st August 2012, 00:17   #167
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

Iluvcars
Hi
I wouldnt know about Metlife but I can guide you regarding LIC
When you took the policies were you an Indian citizen or a NRI?
If you were an Indian citizen at that time then write to them immediately about your currently being NRI.You have to fill a form and they will acknowledge it.There was a charge of rs five maybe a little bit more now.It is better to write to them for every individual policy and get an acknowledgement so as to avoid any hassles in future.
In case you took the policies when you were a NRI then wait until you give up your Indian citizenship.At the same time ask for PIO card.Then the formalities change a bit.The same method of writing a letter,enclosing p/copies of your PIO card,foreign passport,bank mandate etc.Since it is still 2/3 years away take a call later.
It is necessary to have a NRO bank account in India as they will only pay in rupees.If you dont have, please open one because that is necessary(my prefence would be any Indian bank which has a branch in Canada where you are now.Incidentally which place?.You have to fill a form giving details of the account so that the maturity procceds are directly credited there.
Hope nominee's name has been filed.
I am not an agent nor have anything to do with insurance but I have gone through this exercise.I have followed what I have written as per the guidance by an officer at LIC and they have acknowledged so presume wont have problems later.
In case you need any more information please free to ask.
Hope this helps regards
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Old 25th August 2012, 09:24   #168
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

@faustus77: Thanks a lot for the detailed reply. I am an Indian citizen but living in Canada. I'm yet to become a citizen of Canada and from your reply I infer that my acquiring Canadian (or for that matter foreign) citizenship won't adversely affect my getting the money back from LIC. I'll have to touchbase with my agent. I'm currently in Toronto and I've a NRO account with ICICI bank. I hope that suffices.
Thanks again!
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Old 25th August 2012, 09:48   #169
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My brother has got a resident visa for Australia. He says he need around 5000Aus$ for the expenses till he finds a job there. What should be the safest mode to carry this money? Should he take as cash or travellers cheque or something. These are new to me. Kindly suggest
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Old 25th August 2012, 09:51   #170
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

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Originally Posted by ontheroad View Post
My brother has got a resident visa for Australia. He says he need around 5000Aus$ for the expenses till he finds a job there. What should be the safest mode to carry this money? Should he take as cash or travellers cheque or something. These are new to me. Kindly suggest
If he is leaving from the country, he can take it as TCs as USD. The most safest.

You can request to get the 500USD denominations so he do not need to carry a lot of paper.
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Old 26th August 2012, 02:12   #171
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

Probably been mentioned already...emigrating brings certain benefits and along with it, some compromises. This makes it difficult to have a 'generic' answer for the OP question..it all depends on what is important to you.

I moved to Australia about 10 years ago, and after having spent most of my working adult life there, am back to Bangalore on an overseas assignment. In my opinion, you tend to get a lot more for your taxes overseas there than here..better infrastructure, health benefits, educational benefits, rule of the law, social security, safer streets..i could go on and on.

And the problems that I remember being present in Bangalore 10 years ago, have only gotten worse - more begging on the streets, more pollution, undrinkable water, more stray dogs & cowdung on the roads, more traffic jams, potholed roads, more bribes, unsafe streets at night, flooded streets during monsoon, even more of a gap between rich and poor, more lifestyle related issues all around - obesity, health issues at relatively low ages etc etc.

Having said that being close to family/friends is awesome, and there are so many interesting places to go travelling to.
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Old 26th August 2012, 14:30   #172
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

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Originally Posted by ontheroad View Post
What should be the safest mode to carry this money? Should he take as cash or travellers cheque or something. These are new to me. Kindly suggest
The best mode to carry money is by having the World travel card ( eg: Citibank).


Cheers!
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Old 26th August 2012, 23:31   #173
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

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Originally Posted by Iluvcars View Post
@faustus77: Thanks a lot for the detailed reply. I am an Indian citizen but living in Canada. I'm yet to become a citizen of Canada and from your reply I infer that my acquiring Canadian (or for that matter foreign) citizenship won't adversely affect my getting the money back from LIC. I'll have to touchbase with my agent. I'm currently in Toronto and I've a NRO account with ICICI bank. I hope that suffices.
Thanks again!
Hi
Checked on google and ICICI has a branch in Toronto and as it has a branch in Bangalore so you dont need to open a fresh account with any other bank.It is preferable(as transfer is easier and hope at that time the rupee is convertible) but not necessary.It just makes a bit easier.
Regards
PS Presume you have an account with ICICI bank here in Indai.

Last edited by faustus77 : 26th August 2012 at 23:34.
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Old 26th August 2012, 23:47   #174
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

@ faustus77: Thanks a lot for doing my research on your side to provide me with info. Yes, I do have an account with ICICI Bank in India.
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Old 27th August 2012, 00:01   #175
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

@saildrive you just want to go to Canada because your wife is willing?
What about the opinion of your parents?I don't ask of yours because to me it seems you have a bag of mix ideas.Last but not the least how old are you?
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Old 27th August 2012, 01:32   #176
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

Quote:
Originally Posted by ontheroad View Post
My brother has got a resident visa for Australia. He says he need around 5000Aus$ for the expenses till he finds a job there. What should be the safest mode to carry this money? Should he take as cash or travellers cheque or something. These are new to me. Kindly suggest
There are many banks in Australia which allow the persons to open the account online while they are not on Australian soil.

I know WesPac(?), NAB and Common wealth bank to allow this.
The only catch is that once you open the account you have to deposit some money within 21(?) days and once the money is deposited you cannot take it out while you are in India.
Once you land there then you go in person with your identification documents as suggested by the bank. They will validate the same and activate the account. In most cases they hand over the debit card also on the same day.
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Old 27th August 2012, 11:11   #177
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

Might be OT -

Can anyone recommend a good overseas consultant for Australia/Canada - I am looking for options and anyone with prior good experience with any of the consultants, please suggest.

Thanks
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Old 27th August 2012, 14:04   #178
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

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Might be OT -

Can anyone recommend a good overseas consultant for Australia/Canada - I am looking for options and anyone with prior good experience with any of the consultants, please suggest.

Thanks
Canada has currently halted acepting Skilled Worker applications. Australia would be a better option at least in terms of visa availability.

One word of advice, when you choose any immigration consultant, make sure you choose one that is registered with the Migration Agents Registration Authority (www.mara.gov.au). Going with unregistered immigration consultants makes you vulnerable to fraud.
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Old 27th August 2012, 14:25   #179
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

Let me add a few facts for consideration. A few years ago (5+) there was a socio economic study of the emigration from Korea and Taiwan. What was observed that once the real incomes (PPP basis!) crossed some point between 1/3 and 1/2 of the US incomes emigration ceased pretty abruptly. I guess we are approaching that point. The difference was probably due to the home vs alien environment, or whatever.
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Old 27th August 2012, 15:26   #180
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Default Re: Emigrating to a Foreign Land!! Is It Worth It?

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And the problems that I remember being present in Bangalore 10 years ago, have only gotten worse - more begging on the streets, more pollution, undrinkable water, more stray dogs & cowdung on the roads, more traffic jams, potholed roads, more bribes, unsafe streets at night, flooded streets during monsoon, even more of a gap between rich and poor, more lifestyle related issues all around - obesity, health issues at relatively low ages etc etc.
(1) "more begging on the streets, even more of a gap between rich and poor, " - How does this personally effect you? Or do you just wish for a prettier neighborhood
(2) "undrinkable water" - You do have access to drinking water if you make more than, even, 5k a month.
(3) "unsafe streets at night" - Not true. Statistically, per capita crime is either comparable or much lower in India. Aus' per capita assault rates are 8 times higher than India (and rape and robbery incidents - per capita - are 51 times higher in Aus).
Further, Bangalore is a relatively safer city in India. You are far less likely to be attacked in Bangalore than Australia (or most non-Scandinavian Western Countries).
(http://ncrb.nic.in/cii2007/cii-2007/1953-2007.pdf, http://www.aic.gov.au/documents/0/B/...%7Dfacts11.pdf)
(3) "more stray dogs & cowdung on the roads, more traffic jams, potholed roads, flooded streets during monsoon" - Sadly, all of these contradict point 1. The Indian state is sadly quite broke - has some 6% current a/c deficit - it can either spend on infrastructure for the middle class, or welfare
Honestly, you can't ask for both
(4) "Pollution" - Well, you do drive a car (would be worse if you have children )
(5) Corruption/Bribes etc etc - Have a lot of good sides to them, and are not always bad - Look at it this way, lawmakers are tyrannical megalomaniacs everywhere, at least a bribe lets you work around that tyranny

I am not for-or-against living abroad. I respect your decision to live abroad as well, but just be honest with your reasoning. Lifestyle in India sucks - say that. You don't need to touch-up that reason with other made-up reasons.

I personally don't live abroad because I value freedom (from government control) over other things.
If I ever have kids - I won't be forced to feed them ritalin. If I disagree with a doctor (which I often do), I can walk up to a pharmaceutical and buy my own drugs without prescription. If I choose to indulge in recreational narcotics, I can do that in the privacy of my house, without federal police tracking my credit-card statements, or having helicopter surveillance over my house. I can keep whatever breed of dog I want, I do not have my ISP report me for downloading a rare movie which isn't available in stores anymore, if I don't like the dumbed-down mainstream schooling system (which I actually don't), I can go to a Kota (or wherever)... I can go on forever.

P.S. Before others point out - yes, I am aware of the recent emergency like situations the govt. is creating. But that isn't to say that the situation is much better abroad (take Assange's case for e.g.)

Last edited by Zappo : 27th August 2012 at 18:38. Reason: Please read the rules of the engagement once again. There is a per post restriction of 2 smilies at most. Post edited.
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