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Financial planning for NRIs is as important as it is for Indian nationals. There are many similarities as well as both groups have distinct objectives, needing effective management of available cash flows. However, when undertaking financial planning for NRI clients, one must be extra cautious to consider factors like currency volatility, taxation, income/expenditure trends in their home country, and other planned expenses in the immediate future. Furthermore, if they intend to return to India, comprehensive financial planning suited to their unique circumstances becomes critical. The transition must be seamless, they should be able to continue their lifestyle and achieve their financial goals irrespective of their geography.
This is built in when undertaking financial planning for NRIs to protect the value of investments and income streams.
Having a good grip on the tax implications in both the resident country and India can help optimize tax liabilities and maximize returns.
It is important to navigate legal complexities across borders to avoid complications in the future.
Making investments across geographies helps to leverage the opportunities in different markets and can be a good hedge as well.
Plan for retirement keeping in mind factors like lifestyle, healthcare costs, retirement age, and income streams post-retirement.
When returning to India, their assets and wealth earned abroad must be repatriated according to the pertinent laws.
Take charge of your financial future. Call us today to make your financial plan to meet your short-term and long-term goals.
The best strategies when doing financial planning for NRIs or any individual or business for that matter will have two objectives.
Smart asset allocation and diversifying the investment can help in this regard.
Calibrate the risk involved and work within the applicable legal framework.
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