Accordingly, any person who fails to meet both the alternative tests would be treated as an ordinary resident. Firstly, those who have been a non-resident in India in nine out of 10 preceding financial years or have during the seven preceding financial years been in India for 729 days or less are classified as a resident. There are other situations where an Indian can be classified as an RNOR, making them liable to taxation. If such a person earns any income from a business controlled in or a profession set up in India then such income would be taxable in India. However, this provision will be applicable only if such a person has a total income in India exceeding Rs 15 lakh/Rs 1.5 million. Any Indian citizen who is a resident of a country where they are not liable to tax would be deemed to be an Indian tax resident. If you have an NRI residing in Dubai for example but you have foreign businesses interests, the onus will be on the individual to prove that they do not operate the business from India in order to be exempt from taxation.Īccording to Huriya Private’s research, NRIs need to be aware of their tax status regardless of where they reside. Huriya Private also says that NRIs’ tax status can differ from resident but not ordinary residents (RNORs). Although there is no taxation currently involved in the process, Huriya Private says that it is a distinct possibility in the future. To obtain a foreign citizenship, NRIs must first surrender their Indian passports a process Huriya Private says takes around a few weeks.
A Grenadian passport also has visa-free travel advantages, offering access to countries such as the UK, Schengen, Russia and China. This can also can lead to citizenship of Grenada, which is a cost-effective and lawful way of tax planning,” Hanafin says.įor an investment of $220,000, NRIs can obtain a share in Range Developments’ Six Senses development as well as citizenship of the Caribbean Island of Grenada, which Huriya Private can facilitate with its end-to-end services.Īdditionally, this also presents investors with the opportunity to live and work in the United States via its E2 visa programme. “NRIs can invest in the Six Senses La Sagesse, Grenada, for example.
Huriya Private has been pioneering citizenship by investment schemes because they are a legitimate and cost-effective way for NRIs to avoid such legislation. The new tax regulations only affect non-resident Indians (NRIs) and not individuals of Indian origin who live abroad but hold foreign passports. In light of this, Huriya Private’s CEO John Hanafin has reported that: “The number of high-net-worth Indian clients approaching us has risen exponentially in recent months as individuals grow increasing concerned about the pandemic and potentially facing a large tax bill.” India’s recent changes to taxation legislation are accelerating its millionaire exodus.
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