Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 24th October 2015, 17:32   #946
Senior - BHPian
 
mail4ajo's Avatar
 
Join Date: Mar 2006
Location: San Antonio, TX
Posts: 1,833
Thanked: 220 Times
Default

Had a query on maintaining my bank accounts when I move abroad. Was told by Citibank that I need to convert to NRO. Some say take an NRE account and leave Citibank as is. NRO means that my credit cards get cancelled.

What is the legal way to maintain it and also ensure I can transfer cash to and fro from India?
mail4ajo is offline   Reply With Quote
Old 24th October 2015, 20:31   #947
BHPian
 
Join Date: Jun 2012
Location: Traveller
Posts: 104
Thanked: 104 Times
Default Re: Emigrating to a Foreign Land! Worth it?

NRI/NRO account is/are account you can only open with funds from abroad using cheque/cash/TT etc.

Between NRI and NRO ac, the difference is funds can not be repatriated back in NRO ac, but NRI ac funds can be repatriated back to abroad.
ritz3645 is offline   Reply With Quote
Old 25th October 2015, 13:51   #948
Senior - BHPian
 
r_nairtvm's Avatar
 
Join Date: Feb 2009
Location: Dubai/TRV/BLR
Posts: 1,715
Thanked: 1,518 Times
Default Re: Emigrating to a Foreign Land! Worth it?

Quote:
Originally Posted by mail4ajo View Post
Had a query on maintaining my bank accounts when I move abroad. Was told by Citibank that I need to convert to NRO. Some say take an NRE account and leave Citibank as is. NRO means that my credit cards get cancelled.

What is the legal way to maintain it and also ensure I can transfer cash to and fro from India?
The minute the Citibank is officially notified of you moving abroad for residency/employment your account with them will get categorized as NRO (Non Resident Ordinary). It will entail Income Tax TDS at a higher rate on the interest from any term deposits/fixed deposits etc. you maintain with them as well usually. I am not too sure of what happens with your Credit Card though.

Quote:
Originally Posted by ritz3645 View Post
NRI/NRO account is/are account you can only open with funds from abroad using cheque/cash/TT etc.

Between NRI and NRO ac, the difference is funds can not be repatriated back in NRO ac, but NRI ac funds can be repatriated back to abroad.
These days NRI is more correctly mention by banks as NRE (Non Resident External)

Best Regards & Drive Safe

Ram

Last edited by r_nairtvm : 25th October 2015 at 13:52.
r_nairtvm is online now   Reply With Quote
Old 25th October 2015, 14:08   #949
BHPian
 
Join Date: Jun 2012
Location: Traveller
Posts: 104
Thanked: 104 Times
Default Re: Emigrating to a Foreign Land! Worth it?

Quote:
Originally Posted by r_nairtvm View Post
The minute the Citibank is officially notified of you moving abroad for residency/employment your account with them will get categorized as NRO (Non Resident Ordinary). It will entail Income Tax TDS at a higher rate on the interest from any term deposits/fixed deposits etc. you maintain with them as well usually. I am not too sure of what happens with your Credit Card though.



These days NRI is more correctly mention by banks as NRE (Non Resident External)

Best Regards & Drive Safe

Ram
Dear Ram,
Thank you for correcting on NRI/NRE, been 5 years when last I had a NRI status with NRE ac.
But I stand correct on Indian funds & Liabilities of not getting NRE/NRO status, it is only funds from abroad which you have an option of NRE/NRO. Ideally Funds first go to NRE or an FD (can be rupee or any hard currency) and from there to NRO.
ritz3645 is offline   Reply With Quote
Old 5th November 2015, 06:48   #950
BHPian
 
ScarySkulls's Avatar
 
Join Date: Mar 2004
Location: Halifax, N.S.
Posts: 623
Thanked: 19 Times
Default Re: Emigrating to a Foreign Land! Worth it?

Hello friends!

A lot has already been said and done on the thread regarding Canadian lifestyle, settlement issues etc. I wish I had found the thread earlier.... but no worries. If anyone has any fresh questions coming to mind, feel free to post up and I will try my best to answer

Cheers!
Rajat
ScarySkulls is offline   Reply With Quote
Old 5th November 2015, 19:59   #951
BHPian
 
Dieseltuned's Avatar
 
Join Date: Sep 2012
Location: Bombay
Posts: 364
Thanked: 278 Times
Default Re: Emigrating to a Foreign Land! Worth it?

Guys,

Is it worth migrating to Singapore ? Hows the current job scenario over there for the IT industry ?

Me and my better half both wanted to explore this option, any suggestions on how to explore the job market in Singapore would be helpful.

Thanks
Dieseltuned
Dieseltuned is offline   Reply With Quote
Old 5th November 2015, 23:27   #952
BHPian
 
Join Date: Oct 2013
Location: Mumbai
Posts: 153
Thanked: 48 Times
Default Emigrating to a Foreign Land! Worth it?

Quote:
Originally Posted by Dieseltuned View Post
Guys,

Is it worth migrating to Singapore ? Hows the current job scenario over there for the IT industry ?


Dieseltuned

My experience through acquaintances shows that Indians or the foreigners migrating there can't settle there for life. Due to Kids' education cost, high cost of owning a car and owning a house. Eventually almost all of my friends have looked forward to coming back home or settling elsewhere after being there for so long.

The biggest plus is it's a short haul 4hr flight to India as compared to other western options and discrimination point of view no colour issue; you find little India as good and as homely as Mumbai's khau galli.

Overall a great option close to home with better infrastructure and quality of life.

Last edited by TMRT : 5th November 2015 at 23:31.
TMRT is offline   Reply With Quote
Old 6th November 2015, 05:01   #953
Senior - BHPian
 
extreme_torque's Avatar
 
Join Date: Feb 2005
Location: Melbourne
Posts: 3,542
Thanked: 1,305 Times
Default Re: Emigrating to a Foreign Land! Worth it?

And when we do emigrate we do this. It is so disgraceful, no wonder our reputation is in tatters. For country which gave them the good life they are living, they repay by doing this.

http://www.smh.com.au/national/vocat...16-gjnqwe.html

http://www.smh.com.au/national/educa...27-gkkagc.html

http://www.abc.net.au/7.30/content/2015/s4287814.htm
extreme_torque is offline   Reply With Quote
Old 7th January 2016, 11:03   #954
Senior - BHPian
 
mail4ajo's Avatar
 
Join Date: Mar 2006
Location: San Antonio, TX
Posts: 1,833
Thanked: 220 Times
Default

Need verified information on the taxation system in the USA. What is the average I am expected to pay, say if I make 90-100K annually in Texas.

Also on 401K, is it worth participating say if I am only intending to be in US for 3 years. What is the effect on taxation if I don't participate?

On car insurance, what is the highest that I will have to pay say for a new Camry, no driving experience or credit history. Please help.
mail4ajo is offline   Reply With Quote
Old 7th January 2016, 15:29   #955
BHPian
 
Join Date: Aug 2007
Location: Paradise (wish it was)
Posts: 313
Thanked: 91 Times
Default Re: Emigrating to a Foreign Land! Worth it?

Looking for some contacts with IT background working out of Dubai for some queries as I am exploring options for a managerial position there. Request you to PM me so that we can take it offline. Thanks.
null is offline   Reply With Quote
Old 7th January 2016, 16:15   #956
BHPian
 
Join Date: Aug 2007
Location: Bangalore
Posts: 82
Thanked: 9 Times
Default Re: Emigrating to a Foreign Land! Worth it?

Quote:
Originally Posted by mail4ajo View Post
Need verified information on the taxation system in the USA. What is the average I am expected to pay, say if I make 90-100K annually in Texas.
;;;;;;

Please help.
Tax: I think Texas does not have a "State" tax. However, you would need to pay Federal tax. Go to irs.gov website which has details on how much tax you would need to pay. I think it comes to around 18k, you can claim some of it back end of year hwne you file returns.

Quote:
401K: From Quora:

It is still a good option to have a 401(k) account. Firstly it lets you save on income tax. If your top marginal rate is say 30%, and you put $15k into your 401(k), you have netted $5k. This would have gone to Uncle Sam if you didn't have a 401(k). Secondly as another poster pointed out, most companies match - and that's free money. So putting money in is a no brainer.

The problem arises when you withdraw before you retire. The 401(k) distribution is subject to income tax plus a 10% early withdrawal fee. The income tax rate is determined by your US income at the time of withdrawal. So if you time you return and withdraw when you have $0 US income that year, you can withdraw upto the standard deduction + other tax credits without paying any US tax. You will still have to pay the 10% early withdrawal penalty. But you come out ahead!

What about the Indian government taxing your 401(k) withdrawal?
Here again the Indian government allows returning NRIs to bring into the country their world wide income tax free for 2 years. (google RNOR status)

So if you plan you return carefully you will be able to withdrawal some money from your 401(k) without paying any tax.

Another option is to open a roth IRA account. Here you put your after tax dollars and let the gains grow tax free i.e. at 60 when you withdraw you don't pay any tax on the gains in this account irrespective of your income. What few people realize is that the principle amount(not gains) can be withdrawn at any time(after 5 years) without paying any penalty or tax.

Source
Not sure about Insurance, depends on multiple factors.

Last edited by Technocrat : 7th January 2016 at 22:00. Reason: Putting Source url, thanks
bond_bhai is offline   Reply With Quote
Old 8th January 2016, 13:14   #957
BHPian
 
dar3dev|l's Avatar
 
Join Date: Dec 2009
Location: Hannover, DE
Posts: 290
Thanked: 88 Times
Default Re: Emigrating to a Foreign Land! Worth it?

Quote:
Originally Posted by extreme_torque View Post
And when we do emigrate we do this. It is so disgraceful, no wonder our reputation is in tatters. For country which gave them the good life they are living, they repay by doing this.

http://www.smh.com.au/national/vocat...16-gjnqwe.html
This is indeed disappointing ! A country open their arms to expats due to their qualifications and skills only to realize that those skills are used to churn money not for the development of the country but for themselves ! Playing with trust must be qualified as a crime !

Last edited by dar3dev|l : 8th January 2016 at 13:17.
dar3dev|l is offline   Reply With Quote
Old 12th January 2016, 14:07   #958
Senior - BHPian
 
kiku007's Avatar
 
Join Date: Apr 2005
Location: Brisbane
Posts: 1,606
Thanked: 1,211 Times
Default Re: Emigrating to a Foreign Land! Worth it?

BHPians in Australia,

Have you gone through the process of validating your Indian Driving License through VFS (Link:http://www.vfsglobal.com/india/austr...t_050814.pdf)?

If yes, could you please guide me on the format of the letters for the below?

1. Original Letter from the License issuing authority in India confirming that the
License was issued by them.
2. Have an affidavit made from the court in India, confirming that both names
[Name on Licence and on the Passport] clearly stated in full on the affidavit
belong to one and the same person.

Thanks!
kiku007 is offline   Reply With Quote
Old 17th January 2016, 04:23   #959
Newbie
 
Join Date: Apr 2011
Location: Sydney
Posts: 13
Thanked: Once
Default Re: Emigrating to a Foreign Land! Worth it?

Quote:
Originally Posted by kiku007 View Post
BHPians in Australia,

Have you gone through the process of validating your Indian Driving License through VFS
Thanks!
Not sure if you are aware of this, but most states allow foreign license holders to drive on their foreign license. The license does need to be in English (or else you need an official translation).

Here are the NSW rules:
http://www.rms.nsw.gov.au/roads/lice...iting-nsw.html
hdus001 is offline   Reply With Quote
Old 17th January 2016, 10:47   #960
Senior - BHPian
 
kiku007's Avatar
 
Join Date: Apr 2005
Location: Brisbane
Posts: 1,606
Thanked: 1,211 Times
Default Re: Emigrating to a Foreign Land! Worth it?

Quote:
Originally Posted by hdus001 View Post
Not sure if you are aware of this, but most states allow foreign license holders to drive on their foreign license. The license does need to be in English (or else you need an official translation).

Here are the NSW rules:
http://www.rms.nsw.gov.au/roads/lice...iting-nsw.html
Thanks. But I'm looking for long term permanent license. Wanted to understand if we need to get any affidavit to confirm that the name in the license (If Surnames aren't expanded) and the Passport (Surnames expanded) are one and the same.
kiku007 is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
From"Aadab & Bagunnava" Land to Land of "Khammaghani"(Hyd to Rajasthan by M800) ranjitp1 Travelogues 104 2nd August 2016 15:17
Sandakphu (erstwhile land of Land Rovers) reloaded! 1100D Travelogues 30 13th October 2015 17:53
Toyota Land Cruiser 2004 Worth? vishnugnair Shifting gears 24 5th May 2004 04:41


All times are GMT +5.5. The time now is 21:38.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks