Avoid These Mistakes When Moving Abroad With Indian Assets
If you're planning to move abroad, don’t just book your flights, organize your Indian assets first. From frozen bank accounts to tax penalties, thousands of NRIs face issues simply because they didn’t prepare. Here’s what to fix before you relocate.
1. Not Converting Your Bank Accounts Before Leaving
Once you become a non-resident, your Indian savings account becomes non-compliant. Banks can freeze your account or block transactions.
Instead, convert your account to an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account. This helps you legally manage India-side earnings like rent or dividends and also makes remitting funds abroad much easier.
2. Leaving Behind Disorganized or Incomplete Documents
Most NRIs don’t have digital access to important paperwork - property title deeds, PAN details, tax returns, or Power of Attorney documents. If something goes wrong while you’re abroad, handling it from overseas becomes a nightmare.
Scan and store everything securely. And nominate a trusted PoA holder to act on your behalf for things like property sales, rentals, or legal claims.
3. Trying to Repatriate Funds Without a Plan
You can’t just wire large sums from India to your new country. FEMA rules require documentation, tax clearance, and approval in many cases.
Talk to a CA or repatriation expert. Ensure your income trail is clean, especially for property sales, rent, or mutual fund redemptions. Know which forms (like 15CA/15CB) are required and how to avoid TDS issues.
4. Ignoring Tax Residency and Double Taxation
Even after you move, India might still consider you a resident for tax purposes if you stay more than 182 days in the financial year. This could mean paying taxes in both countries.
Before you leave, consult a CA who understands cross-border tax laws and DTAA agreements. If you’re liquidating assets or claiming deductions, the timing of your move can affect your tax bill.
Need help before you relocate?
Book a free 1:1 consult with Settleline. We help NRIs structure their Indian assets, fix bank accounts, and stay compliant, so your migration is smooth, legal, and stress-free. [Book Free Consult →]
1. Not Converting Your Bank Accounts Before Leaving
Once you become a non-resident, your Indian savings account becomes non-compliant. Banks can freeze your account or block transactions.
Instead, convert your account to an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account. This helps you legally manage India-side earnings like rent or dividends and also makes remitting funds abroad much easier.
2. Leaving Behind Disorganized or Incomplete Documents
Most NRIs don’t have digital access to important paperwork - property title deeds, PAN details, tax returns, or Power of Attorney documents. If something goes wrong while you’re abroad, handling it from overseas becomes a nightmare.
Scan and store everything securely. And nominate a trusted PoA holder to act on your behalf for things like property sales, rentals, or legal claims.
3. Trying to Repatriate Funds Without a Plan
You can’t just wire large sums from India to your new country. FEMA rules require documentation, tax clearance, and approval in many cases.
Talk to a CA or repatriation expert. Ensure your income trail is clean, especially for property sales, rent, or mutual fund redemptions. Know which forms (like 15CA/15CB) are required and how to avoid TDS issues.
4. Ignoring Tax Residency and Double Taxation
Even after you move, India might still consider you a resident for tax purposes if you stay more than 182 days in the financial year. This could mean paying taxes in both countries.
Before you leave, consult a CA who understands cross-border tax laws and DTAA agreements. If you’re liquidating assets or claiming deductions, the timing of your move can affect your tax bill.
Need help before you relocate?
Book a free 1:1 consult with Settleline. We help NRIs structure their Indian assets, fix bank accounts, and stay compliant, so your migration is smooth, legal, and stress-free. [Book Free Consult →]
1. Not Converting Your Bank Accounts Before Leaving
Once you become a non-resident, your Indian savings account becomes non-compliant. Banks can freeze your account or block transactions.
Instead, convert your account to an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account. This helps you legally manage India-side earnings like rent or dividends and also makes remitting funds abroad much easier.
2. Leaving Behind Disorganized or Incomplete Documents
Most NRIs don’t have digital access to important paperwork - property title deeds, PAN details, tax returns, or Power of Attorney documents. If something goes wrong while you’re abroad, handling it from overseas becomes a nightmare.
Scan and store everything securely. And nominate a trusted PoA holder to act on your behalf for things like property sales, rentals, or legal claims.
3. Trying to Repatriate Funds Without a Plan
You can’t just wire large sums from India to your new country. FEMA rules require documentation, tax clearance, and approval in many cases.
Talk to a CA or repatriation expert. Ensure your income trail is clean, especially for property sales, rent, or mutual fund redemptions. Know which forms (like 15CA/15CB) are required and how to avoid TDS issues.
4. Ignoring Tax Residency and Double Taxation
Even after you move, India might still consider you a resident for tax purposes if you stay more than 182 days in the financial year. This could mean paying taxes in both countries.
Before you leave, consult a CA who understands cross-border tax laws and DTAA agreements. If you’re liquidating assets or claiming deductions, the timing of your move can affect your tax bill.
Need help before you relocate?
Book a free 1:1 consult with Settleline. We help NRIs structure their Indian assets, fix bank accounts, and stay compliant, so your migration is smooth, legal, and stress-free. [Book Free Consult →]
1. Not Converting Your Bank Accounts Before Leaving
Once you become a non-resident, your Indian savings account becomes non-compliant. Banks can freeze your account or block transactions.
Instead, convert your account to an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account. This helps you legally manage India-side earnings like rent or dividends and also makes remitting funds abroad much easier.
2. Leaving Behind Disorganized or Incomplete Documents
Most NRIs don’t have digital access to important paperwork - property title deeds, PAN details, tax returns, or Power of Attorney documents. If something goes wrong while you’re abroad, handling it from overseas becomes a nightmare.
Scan and store everything securely. And nominate a trusted PoA holder to act on your behalf for things like property sales, rentals, or legal claims.
3. Trying to Repatriate Funds Without a Plan
You can’t just wire large sums from India to your new country. FEMA rules require documentation, tax clearance, and approval in many cases.
Talk to a CA or repatriation expert. Ensure your income trail is clean, especially for property sales, rent, or mutual fund redemptions. Know which forms (like 15CA/15CB) are required and how to avoid TDS issues.
4. Ignoring Tax Residency and Double Taxation
Even after you move, India might still consider you a resident for tax purposes if you stay more than 182 days in the financial year. This could mean paying taxes in both countries.
Before you leave, consult a CA who understands cross-border tax laws and DTAA agreements. If you’re liquidating assets or claiming deductions, the timing of your move can affect your tax bill.
Need help before you relocate?
Book a free 1:1 consult with Settleline. We help NRIs structure their Indian assets, fix bank accounts, and stay compliant, so your migration is smooth, legal, and stress-free. [Book Free Consult →]
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Conclusion
Too many NRIs discover financial mistakes after it's too late, frozen accounts, delayed remittances, and messy paperwork. With just a few steps before leaving India, you can protect your wealth and avoid unnecessary stress. Get proactive. Stay compliant. Move abroad with clarity.