[mail4ajo]

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?

[ritz3645]

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.

[r_nairtvm]

Originally Posted by mail4ajo

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.

Originally Posted by ritz3645

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

[ritz3645]

Originally Posted by r_nairtvm

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.

[ScarySkulls]

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

[Dieseltuned]

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

[TMRT]

Originally Posted by Dieseltuned

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.

[extreme_torque]

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

[mail4ajo]

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.

[null]

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.

[bond_bhai]

Originally Posted by mail4ajo

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.

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.

[dar3dev|l]

Originally Posted by extreme_torque

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 !

[kiku007]

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!

[hdus001]

Originally Posted by kiku007

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

[kiku007]

Originally Posted by hdus001

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.