Though the Indian real estate environment has become very conducive for NRI investors yet again, there is often still hesitation to take the plunge because of uncertainty about the legal implications. The doubts that many first-time NRI property investors have are often very pertinent, and finding answers to them is far from easy. It is time to tackle some of the questions that NRIs often ask in Gulf countries which have, by far, the strongest complement of Indian expatriates anywhere in the world. Often, these investors do not have access to a lawyer well-versed in Indian property laws and related fields of expertise, which is why many of their questions are legal in nature. Here are the answers to the recurring doubts that individual NRI property investors face: Can an NRI use a Will to bequeath property in India to someone else — either another NRI or a resident Indian? NRIs can certainly bequeath property to their legal heir/s or any one of their choice via a Will. An NRI can inherit any immovable property in India, whether it is residential or commercial — and even agricultural land or a farmhouse (which they are otherwise not entitled to purchase). An NRI is also free to inherit property from another NRI or resident of India. However, the RBI’s permission is necessary if the property is inherited by a citizen of a foreign state and is a resident outside India. Can a property be gifted, and what are the statutory charges levied on a gifted property? An NRI can gift residential and commercial property to a person residing in India, or another NRI. However, if the property is agricultural land, plantation property or a farmhouse, it can only be gifted to a citizen of India residing in India. Gifts received from relatives (as defined under the Income Tax Act) are not taxed — but at the time of registration, one has to pay the prevalent stamp duty and registration charges. Relatives include a spouse, brother or sister, brother or sister of the spouse, brother or sister of either of the parents and any lineal ascendant or descendant of self or spouse. If the gift is received on the occasion of marriage or from a registered trust, it is exempt from tax. Some NRIs are more interested in investing in Indian real estate via companies they have formed on foreign soil, or they may work for a foreign company that is interested in establishing a footprint in India. Can an overseas company or a subsidiary company outside India invest in Indian real estate? The Indian realty sector is eligible for 100% FDI (Foreign Direct Investment) under the automatic route in the construction development segment, which includes townships, housing, built-up infrastructure. An overseas company or a subsidiary company outside India can invest in Indian real estate via this route, but not in finished buildings. How to repatriate funds from real estate investment, both for rental income and proceeds on sale? The laws are quite lenient but have some provisos. There is no restriction on NRIs for repatriating rental income or even property sale proceeds (other than […]

Most Non Resident Indians (NRIs) keep a portion of their assets in their home country, acquired as an investment or as inheritance. This allows them to keep in touch with their home land, as well as, benefit from the appreciation of their asset in their mother country, which can be used to take care of family obligations or for use while they are visiting India. However, its not easy managing assets in a distant country, specially with the constantly changing legal framework, financial policies and other macro environment factors that impact these assets. Assets can be of many types, ranging from real estate to stocks and mutual funds and these create complexity of management, taxation implications, as well as estate planning of these assets. Traditionally, NRIs have worked with a host of service providers such as Cas, Lawyers, Real Estate Agents, etc to assist them in the management of their assets. However, NRIs face multiple challenges in managing their assets in India using these service providers such as: Too many Vendors Complicated processes & documentations Lack of Trust Its required therefore that as an NRI, you should look for an integrated service provider, who is professional, has expertise and can be trusted to ensure that your assets are fairly managed. Global Indian Solutions is one such unique service provider, based out of India, who can provide you with assistance in managing your assets in India as a trustworthy & committed partner, providing quality services with integrity, professionalism, transparency and value for money in a timely manner. Global Indian Solutions is India’s 1st Integrated Solution Provider, catering to the asset management needs of the Global Indian community, including HNIs, NRIs, & Returning Indians. Global Indian Solutions was conceptualized and co-founded by a team of senior professionals with diverse experience in Private Banking, NRI Banking, and Estate Planning with Global Organizations. The Global Indian Solutions value proposition is the outcome of the experiences and challenges that the co-founders underwent while living overseas and working with Global Indians. Global Indian Solutions offers an array of personalized services and solutions for Global Indians, including: Taxation Advisory FEMA & RBI Compliances Real Estate Management Estate Planning At Global Indian Solutions, the Team of Experts endeavours to provide the best service experience to each of its clients through its range of asset management services to suit their requirements, needs and aspirations. It offers advisory, execution & documentation services in the areas of Taxation, RBI & FEMA Compliances, Real Estate and Estate Planning. The service is dependable, transparent and hassle free which ensures that its clients get the complete value for their money and get results in a timely manner. So if you are wondering how to manage your assets in India without any hassles and worry, get in touch with a professional integrated solution provider such as Global Indian Solutions.

Having a property in India is a wonderful thing and a great asset, as it gives you appreciation, as well as, a place to call home. However, like any asset, it requires periodic maintenance to ensure it remains of value. But being located abroad makes it a challenge to start a complex and involving project such as remodelling the interiors of your house. It is not only a time consuming process but also challenging to manage the multiple vendors/ contractors from a long distance. Here are some tips to keep in mind while planning a interior job, while being abroad. Keep in mind that you are working with people in another place, so being prepared will ensure the project gets completed hassle-free and quickly, without over runs on time and budgets. Prepare a Checklist and Budget Before you start your house remodelling project, you must prepare a list of changes that you want to make. This list would be of great help when you start doing your home interiors. Also while making the checklist, plan a budget for doing interiors for every room in the house. It is wise to complete one room at a time rather than starting everything at one go. This will help you to plan better and keep a check on your budget. Choosing Colors Select a color scheme for every room, from the bedroom to kitchen. The process of choosing wall paints should be done simultaneously with buying furniture. Depending on what kind of furniture you want to buy, wall colors should go well with the theme. Many paint companies offer colour simulators on their websites. Use these online tools to make a pre-selection. Buying Furniture Planning the furniture has become easy as everything is available online today. From wardrobes to entertainment units to Pooja units, you can review furniture according to your budget. And if you are not happy with the designs, you can get it customized which fits well into your house. So search online and make a selection as per your taste. Lighting Placements The most important element of home interiors is lighting. If lights are placed in the correct spots, it will surely enhance the interiors of your house. Lights in every room should be placed in a manner so that it illuminates each and every space in an effective manner. Especially kitchen lighting needs detailed attention and all electrical points have to be planned in advance. Furnishing There is so much to do with furnishing in today’s interior designer world. The different varieties of textures and textiles available in the market can make you go crazy. However, strike a chord between the furniture and the textiles you will use for furnishing. Mix of Old and New Old is gold ! So why not mix old with new and give a personal touch to your home interiors. Add your old paintings and furniture in a way which compliments the new elements as well. Mix and match the old with the new and create your own space. You do not need to give away on your old memories. Relive all your good […]

It is said that investing in high-end purchases on auspicious occasions like Diwali, Dhanteras, etc. will not only bring luck, but the new purchase will serve for a long period of time.   So if you have been planning to buy or invest in real estate then now is the time for you to do. If you’re still confused on why you should invest into real estate this festive season then here are 5 reasons why you should:  Offers & Discounts: The builders or developers of the real estate property consider the festive season as the right time for investment. So they try to make the properties affordable for the buyers. Discounts, offers & better property deals are now like the essence of the festive season. Sometimes, they offer freebies, shopping vouchers and other attractive deals to attract buyers in investing in real estate property. Lower home loan rates: On the back of improved liquidity and to attract home loan borrowers in cities, banks usually cut down their home loan rates. As Reserve Bank of India dropped the repo rate; it becomes easy for buyers to apply for home loans for the house of their dream. It also helps in boosting the property market during the festive season. Increase in disposable income: Festivities are the times for bonuses & extra income for the employees. When people have plans to invest in real estate during the festive season, the extra bonuses & income come in handy. When the season comes, the buyers have a higher disposable income, which eventually turns out to be a higher amount to fund the down payment of the property investment. New launches within your budget: Builders, brokers & developers are well aware of the fact that not all those who wish to buy or invest in real estate have high incomes. Hence, they come up with new launches that are well within the budget of middle-class buyers. An affordable property with a few extra discounts helps the home-seekers fulfil their dreams. Good weather: Weather in winter or right now is pleasant and perfect for you to look at the property you want to invest in. Also, investments are never a bad option for anyone Keep all the above-mentioned reasons in mind; it is very much advisable to invest in a real estate property this festive season. If you need a professional in the field of real estate consultancy, Global Indian Solutions is your destination.

Unclaimed dividends are the dividends that have been paid by the company but have not been taken or claimed by the shareholder. The Ministry of Corporate Affairs (MCA) proactively introduced Section 125 of the Companies Act, 2017, deals with declaration and payment of dividends. There are several reasons for shareholders not being able to claim their  dividend ➢          Lost track of funds owned to you ➢          The Company might have failed to locate the shareholder ➢          you were not aware of the investments ➢          Change of address ➢          Close of bank account ➢          Mismatch of signature Shareholders or now NRIs need to claim their dividends, not only to receive the payment but also to accurately disclose that additional income on their tax return. If the dividends are not claimed within 30 days of the declaration date, the company puts them in a special unpaid dividend account with it being liable to additionally pay interest at the rate of 12% p.a. If the dividend is not claimed till the next seven years, the company is supposed to transfer the money to an “investor education and protection fund”. NRIs can claim their dividend by making an application in online Form IEPF 5. A request letter should be made to the company’s register and transfer agent (RTA). The request letter should mention the folio number in case of physical shares, or depository participant ID and client ID, and the period for which dividend has not been received. The NRI or claimant shall after making an application online Form IEPF-5 under rule (1) send the same duly signed with below mentioned documents: ➢          Copy of Acknowledgement ➢          Indemnity Bond ➢          Advance Stamped Receipt ➢          Copy of Aadhar ➢          Canceled Cheque ➢          Original Certificate ➢          Proof of entitlement ➢          Copy of Passport Company will send a verification report to IEPF Authority within 15 days of the receipt of the claim form and after verification; ➢          to the amount claimed: The authority shall present a bill to the Pay and Accounts Office for e-payment as per the guidelines. ➢          To the shares claimed: Authority shall issue a refund sanction order with the approval of the Competent Authority and shall either credit the shares which are lying with depository participant in IEPF suspense account Application received for the Authority shall dispose of refund of any claim duly verified by the concerned company within 60 days. If the claimant is a legal heir or successor or administrator or nominee of the registered security holder, he has to ensure that the company completes the transmission process before filing any claim with the Authority. The claimant shall file only one consolidated claim in respect of a company in a financial year. If by any chance the company fails to comply with any of the requirements of the claimant’s request for their divined, the company shall be punishable with fine which is not less than five lakh rupees; may extended to 25 lakh rupees. It should be noted that every officer of the company who is a part of this negligence should be punished with fine up to one lakh rupees […]

Owning a property in India is everyone’s wish or dream. NRIs also have started to invest their money into the properties in India as the Indian sector has a massive scope of growth in the future. The number of expatriates putting their money in the country’s real estate sector has gone up. However, in the absence of a well-designed regulator at present, NRIs have to face a lot of trouble while investing their cash. They are also not aware of the rules & regulations of the Indian banks when applying for home loans. So here we have a list of things you should keep in mind when applying for home loans in India. Eligibility: If applying for home loans in India; NRIs, PIOs & OCIs are only eligible. Whereas citizens of Pakistan, Bangladesh, Sri Lanka, China, Nepal, Iran, Afghanistan or Bhutan are not eligible for home loans in India. Age requirement: The minimum age of the applicant should be 24 years and the maximum should be 60 years if applying for home loans in India. Work experience: Applicant should have a minimum overseas work experience of 6 months with total work experience of 2 years if applying for home loans in India. Property eligible: NRIs can apply for home loans for the purpose of construction of new home/flat, purchase of an already built home/flat, extension to a home/flat, purchase of a built-up plot. The property can be residential or commercial but not farm or agricultural land. If the property is well maintained and the residual age of the property is at least 12 years, then the bank will definitely fund it. NRIs have to submit below-mentioned documents while applying for home loans in India: Passport & visa forms as part of KYC exercise Details of permanent address in India Deputation or appointment letter, work experience, certificate, work permit and contract of employment Salary certificates and statements of NRE and NRO accounts Foreign land address proof, verified by your employer, along with the tax returns statements from the foreign land Qualification certificate along with General Power of Authority It is desirable to appoint any of your relatives as a Power of Attorney holder in India. The POA holder would be entitled to act on behalf f you as per the authority provided under the POA agreement and your physical presence need not be required at all times for processing your home loan. Banks usually allow an advance of 80-85% of the value of the property, subject to the GMI of an individual. An NRI usually has to pay a higher rate of interest than resident Indians. The tenure for a home loan to an NRI usually ranges between 5 to 20 years but only it can it go up to 30 years for salaried professionals. The repayment of these loans can only be through NRE or NRO account. There is no penalty for pre-payment of the partial or full value of the outstanding loan amount paid from your own sources. You are eligible for a tax deduction on interest paid and loan repayment on your home loan if you’re an NRI […]

A WILL is a legal document that dictates how you want your assets to be distributed after you’ve passed on. It’s a fluid document because it has no effect until you die which means you can change it whenever you want. The document must comply with several requirements under state law- the number of witnesses to make it valid. It also means that you, rather than your state’s laws, decide who gets your property when you die. In most cases, WILLS are typewritten legal document & it ends with your signature, witnesses’ signatures & notary public’s oath about the validity of the various signatures. The document may include how you wish your estate to be distributed after your death, including provisions for any tangible personal property that you own as well as naming guardians for any minor children. It indicates what sources will be used to pay any estate taxes and debts that are due. It names an executor who will be responsible for the settlement for your estate. The executor named in the will, typically presents the will to the local clerk of court and asks the court to authorize the executor’s administration of the estate. This process of presenting the will and administering the estate is called the “probate” process. What are the essential components of a WILL? Here are a few essential components of WILL drafting: Name of the “Testator” of the Will Date and place where the Will is being written Two witnesses Testator & witnesses need to sign the Will Details of the assets which “Testator” wants to transmit to his Legal Heirs Name of the beneficiaries (people who will get the assets) Details pertaining to share of the entire beneficiary Name of a person (s) who will be the executor of the Will If you die without a will, it is known as intestate, each state has a default plan for how property must be distributed, depending on your marital status. The purpose of intestate succession statutes is to distribute the decedent’s wealth in a manner that closely represents how the average person would have designed his or her estate plan, had that person had a WILL. An important reason to have a will is that it allows you to minimize your estate taxes. The value of what you give away to family members or charity will reduce the value of your estate when it’s time to pay estate taxes. Procrastination and unwillingness to accept death as part of life are common reasons to not having a will. But it is wise to meet with an estate planning professional to help you draw up a basic estate planning WILL.

Key Management Services When it comes to key management, NRIs usually hand over the responsibility of maintaining the Property key to such person or bodies whom they can trust. Normally the keys for the property is kept either by the NRIs themselves or one of their family member or a friend. The challenge comes in deciding how to ensure that the process of leasing or selling of the property is done while the NRIs are outside India. It is always better to hire professionals for keeping safe custody of your keys to ensure that the property can be shown to the prospective tenants or buyers or for maintaining the property on a regular basis while you are abroad. The services that Key Management Services provide are: Property Visit: The Key Management Service provider makes a regular property visit to keep the NRIs updated with the status of their property. They make sure that the property is safe, well maintained, free from danger/threats. Finding a tenant: If NRIs wish to find a new and reliable tenant, they can simply ask their Key Management Service provider team to find a new tenant for the property. Key Management Services comes in hand because managing a tenant from abroad is a very difficult job to do. Screening of the tenant: When hiring a tenant, the key management service team makes sure that they screen the tenants very carefully. Complete background check and police verification of the tenant is done to ensure that the property is not let out someone who might be a threat in future. Rental Payments: NRIs are not very much aware of the rent rate to quote to the prospective tenants. The key management service provider helps in setting up an initial rent payment and also arrange the regular rent collection. The rest are increased or decreased as per the law. Management of repair works: NRIs can be cheated or lied to when it comes to maintenance or repair works for their property. Key Management Service provider makes sure that everything NRIs asks for is done on their property at a very economical price. Tax payment: Tax Payment Assistance is one of the essential reasons why NRIs should opt for Key Management Services. This is because sometimes NRIs tend to forget that their properties back in motherland are eligible for taxation and they forget to pay the tax. But with key Management service provider on their side, paying taxes is never a miss. We provide you with Key Management services to make your life hassle free. If you are a NRI who wants assistance in tenant management of your property in India, please get in touch with us.

 India is a country of strict and lengthy documentation procedures. Major paperwork is demanded in fulfilling all the formalities before you can actually own a property in India. But, buying a property in India for NRIs is a nightmare because it involves so much paperwork; more than a resident of India. It involves providing the right & authenticated papers to the authorities & banks in case you need a home loan & acquiring several other documents to ensure that you have the ownership over the property. Here are the essential documents required by an NRI to buy a property in India Identity Proof An NRI has to provide the documents in support of his/her identity proof. Passport PAN Card TAN Address Proof An NRI has to provide the documents in support of his/her address. Electricity or telephone bills Ration cards Life insurance policy Bank Statements of the past six months as they hold NRE & NRO account in India. Salary slips of the employer along with the copies of loan sanction letter if he/she has availed a loan in India or abroad previously. Sales Deed The original Sales Deed works as one of the most important document when buying property in India. This sales deed document is also essential because it proves the ownership of the asset. It is executed when the final transfer of the title passes from the seller to the buyer. Sales deed must be registered with the registrar under whose jurisdiction the property is located within 4 months from the date of execution. Allotment letter An allotment letter is one of the most essential documents required for getting a home loan. A developer or the housing authority, stating the description of the property and details of the amount paid by the NRI to the developer, issues it. This confirms the ownership of the NRI on the said property. Documents from society There are as many as 19 NOCs that have to be acquired by a developer from different authorities while building a housing property. But an NRI buying directly from the developer or from the current owner should obtain copies of the NOCs from the respective individuals & maintain records. Encumbrance certificate This is necessary to assure that the property is free from all the legal dues. In India, Form 15 is issued if a property has any encumbrance registered; otherwise, Form 16 will be given to the owner, stating there are no encumbrances Power of Attorney Certificate Being an NRI, you do not have to be physically present in India in order to complete the property transactions. NRIs can appoint a legal representative in India, and transfer rights to execute the transaction through Power of Attorney. The power of attorney should be executed on a stamp paper duly signed by the NRI before the consulate or the lawyer of the country where he is residing. Global Indian Solutions can assist you with getting all the documents ready & updated for your property purchase in India.

Selling your property in India might look like an easy job but it can turn out to be as difficult a task as buying it, especially for an NRI, who is not physically present in India. If you are planning to sell your property in India and are not clear how to begin with the process, here are some handy tips to guide you on how to find a buyer for your property in India. Pricing it Right: You may want to get the best deal for your house, but do not quote a price, which is too high for your property. First, compare the prices in the market, research about the price trends and before demanding. A good real estate advisory company could also help you to acquaint with the price of your property. Check your papers: The second thing to do before you start the process is to find, check and collect all the legal and civic documents that were created at the time of the purchase. Make sure all the documents are ready and complete to avoid any last-minutes hassles. Clear all the dues: Make sure all your dues, which are related to your property such as electricity and water bill, lease amount or property tax, etc., are clear. Not doing so can land you in a fix during the transaction process and may even spoil the deal. Set a Timeline: Have a clear idea about the timeline within which you want to sell your house, and be ready to hand over the possession to the new buyer on a prefixed date. Following a timeline can make the whole process smoother. Click your house pictures: If you are planning to sell your house, it is always better to click in-and-out images of your house and keep them ready for use of prospective buyers or your real estate advisor. Beautiful images of your home can give the perspective buyer an insight into the property. It can also be a helpful source for increasing the number of buyers interested. Make a good first impression: They say, “First impression is the last impression”. The first impression of your home could be a crucial move towards finalizing your deal. Make sure you present your home in the best light to a buyer in the first meeting itself. Take your home out of your house: While showing your house to buyers, you are offering them their future abode. This is why it is suggested you clear your personal belongings at display from the house. Give buyers time and space to have a close look at the house and feel every corner of it.  Get a trusted Real Estate Advisor: If you are planning to sell your home through a real estate advisor, ensure they have a good track record and understand your requirements. A local advisor can assist you in selling your house in a better way. NRIs can sell residential or commercial property in India to a resident of India, an NRI or PIO. If an NRI is selling agricultural or plantation land or farm, then they can only sell it […]