[sindabad.sailor]

It is highly likely that I will get a temporary abroad relocation opportunity. As things are unfolding, I might have very little time once the official confirmation follows. I need some specific advices on the following:

1. Electricity - Is there any way I can advise the MSEB about the same, so that I will be protected if someone hooks cables from my meter outlet?

2. Water bill - Living in an apartment, hence can't do anything as the water meter is common.

3. Life Insurance policies - None of the policies mention non resident status as this was not anticipated while purchasing the policy.

3. Credit / Debit cards - A lot of them are still without a chip. Will that be an issue? Would anyways procure local cards on shifting.

4. Car - Would retain. SX4 anyways will fetch nothing. At 27K odo, selling sounds unwise. Moreover the crowd around won't hesitate to freely enjoy my parking for 4 years and I will have to really struggle establishing my right on my parking upon return.

5. Any other first hand experiences and advice?

MODS: I tried for similar thread. Only one is running that too specifically about what to do with car. Please merge / shift etc as appropriate.

[GTO]

Thanks to the internet, you can conduct nearly every type of transaction remotely...be it paying bills, renewing insurance, paying your taxes etc. Would suggest e-enabling all your utilities (electricity, water bill, phone etc.) and services (insurance etc.).

If you're moving for 4 years, why not rent out your apartment? Can have a relative check on the lessee at regular intervals.

If you have kids, talk to them & prepare them for the move. They're the most affected by such a migration.

And yes, get that international driving licence

[arnabchak]

+1 to GTO,

Also, retaining the SX4 for 4 years while you are abroad will actually do further harm.
Better sell it before moving out.

No point in retaining a car with no/minimal use for 4 years.

[SaNdY_AR]

I guess renting your apartment is the best option since you are going to be out for 4 years or so. Renting will definitely be an additional income while you are away. You can get rid of the electricity and water bill worries. From what I understand the recent credit /debit cards are by default to be used only in our country and if you want this to be international you might have to get the same enabled with the bank that has issued these cards. Selling of the car would be recommended if the car is not going to be used by anyone else and kept idle for such a long time.

And last but not the least and the most important, get an IDP. This is the most interesting part of any relocation. You get to drive better, meaner, mightier CARS.

All the best on your re-location.

[khoj]

+1 to arnabchak,

Petrol cars are back in demand and once the new price cuts are announced post the MH elections, the prices for your SX4 will only go North.

http://www.team-bhp.com/forum/indian...ml#post3552681

[watfor]

Figure out what you are going to do with your mobile phone number. When I moved, I assumed that I could continue paying my nominal monthly rental on my postpaid phone. Instead, AIRTEL automatically disconnected my phone for non-usage ( I took the sim out, in hindsight, this was a bad idea).

[sindabad.sailor]

Thanks to all for various advices.

I have accumulated stuff of 3 generations filling virtually every corner of the home. To rent the apartment, I will have to empty all this prior to leaving. Also had a very very nasty experience with the other home where the licensee tried every trick not to vacate. This was despite a proper leave and license agreement in place. When we tried getting a court order for opening our locked home, it was evident that it would take at least 3 years to get such an order passed. Bottom-line, too much hassle for too puny a rent. Hence would not take this route. Also need some roof when I return every half yearly for vacations.

Retaining SX4 is due to prevailing practice in my locality to encroach each and every vacant sq. inch. If I leave the parking vacant, someone in my absence might park there as if it was his personal parking. It would be another issue to deal with on returning.

Current offers for SX4 are nowhere inspiring to think of selling. Instead, a friend can give her a lap every week and she would be preserved. Hence not considering selling her.

Any advice on Life Insurance? Looks like some of the LIC policies won't cover for the duration I would be abroad.

[Turbanator]

Do not open many Bank Accounts when you are overseas , as per new Income Tax rules ( maybe 2 Years back ) you need to give details of Bank accounts maintained overseas with highest balance in assessment Year .

[Jeroen]

Originally Posted by Turbanator

Do not open many Bank Accounts when you are overseas , as per new Income Tax rules ( maybe 2 Years back ) you need to give details of Bank accounts maintained overseas with highest balance in assessment Year .

In most western orientated countries these days it is near impossible not to have a local bank account. I have lived in multiple countries in the last thirty years, so I have raked up endless accounts and when i can, I keep them open as sometimes it comes in handy.

Irrespective of that, typically you need to declare all income and or assets , irrespective where you have it. If you don't it is just fraud or tax evasion. Income is income whether it sits on your Indian account or overseas. Not sure if you meant that, because if you did, the mods should caution you for totally inappropriate comments. If you meant something different, I apologize for my thoughts.

You cant or shouldn't hide what you have. If you don't want to pay tax, move to a country where you don't pay tax. Tax evasion is as far as Im concerned a huge crime and certainly from what I have seen in India could stand with quite a bit of improvement in terms of how many people pay how much tax. In my home country Im paying well over 60% income tax. i don't complain, If I don't like what I get back for it, I should immigrate on a permanent basis.

Jeroen

Jeroen

[shifu]

Originally Posted by sindabad.sailor

If I leave the parking vacant, someone in my absence might park there as if it was his personal parking.

I presume it is your personal parking spot and hence you are worried about it getting encroached. If yes, can you give your spot on rent for a nominal amount? The idea is not to make money, but to help you retain the spot. The reason I say that is because 4 years is a long period. And 4 can become 10 (with overseas relocation nothing is certain). It would be a shame to keep the car standing just for the parking spot. And very few friends will take care of your car as if its his/her own. Think about it...

[narayans80]

Originally Posted by sindabad.sailor

3. Life Insurance policies - None of the policies mention non resident status as this was not anticipated while purchasing the policy.

3. Credit / Debit cards - A lot of them are still without a chip. Will that be an issue? Would anyways procure local cards on shifting.

4. Car - Would retain. SX4 anyways will fetch nothing. At 27K odo, selling sounds unwise. Moreover the crowd around won't hesitate to freely enjoy my parking for 4 years and I will have to really struggle establishing my right on my parking upon return.

Don't have any issue with Life Insurance policies. I've been maintaining my policies for the last 2 years paying the premium online.

Credit/Debit cards without chip aren't a problem. My debit card without chip still works. My credit card without chip worked too. Some of the credit card companies require you to inform them about the countries you are using and the duration. Otherwise you might not be able to use, happened once on a short term visit to US.

Its better to sell the car than to leave it rusting around for years together. Expecting someone else to keep the car running never happens unless they are regularly doing that already.

Which country are you heading, will help in giving more country specific advice.

[Turbanator]

In most western orientated countries these days it is near impossible not to have a local bank account. I have lived in multiple countries in the last thirty years, so I have raked up endless accounts and when i can, I keep them open as sometimes it comes in handy. Irrespective of that, typically you need to declare all income and or assets , irrespective where you have it. If you don't it is just fraud or tax evasion. Income is income whether it sits on your Indian account or overseas.

You have understood my point totally wrong , one can open as many account as one want anywhere , its just that if you are an Indian national and are filing returns in India , you will have to give details of your bank accounts overseas when you file Yearly IT return which can be a hassle if you have multiple accounts ( record keeping / documentation )

Idea to have limited accounts is only for ease of filing returns in India & no way suggesting anything like evasion etc

[narayans80]

Originally Posted by Turbanator

you will have to give details of your bank accounts overseas when you file Yearly IT return which can be a hassle if you have multiple accounts ( record keeping / documentation )

You'll have more day to day hassles not having a local account. And employers aren't going to agree having non-local accounts.

[Turbanator]

You'll have more day to day hassles not having a local account. And employers aren't going to agree having non-local account

I have no where mentioned not to have local account - just suggested having limited or 1 account so that if one needs to give any statement or details it becomes easy purely from documentation & record keeping point of view . Besides there are limited options of Banking without monthly charges at most places .

[GTO]

Originally Posted by sindabad.sailor

Retaining SX4 is due to prevailing practice in my locality to encroach each and every vacant sq. inch. If I leave the parking vacant, someone in my absence might park there as if it was his personal parking. It would be another issue to deal with on returning.

Why use a Rs. 4 lakh show piece in that case? Sell the SX4, buy a Rs. 50,000 car (Ikon, Santro, Indica) and park it there. Both will do the same work . You can use the 3.5 lakhs saved to buy a better car abroad.