Hi all,

Will there be any impact on Assets (like FDs or LIC policies or Post office schemes) in India after surrendering Indian citizenship & getting German?

Awaiting for your inputs.

Thanks in advance.

@goodfaith

Unless you have OCI or PIO, you have NO right to have any assets (except inherited). All your current/fixed assets become illegal the day you turn German.

@Akshay,

OCI or PIO can be claimed after citizenship.
what happens in the interim period while one start the process for getting PIO or CIO after he/she gets citizenship.

does this mean that after getting citizenship, one has no right on fixed deposits,MF, property? and then he regains it after PIO? sounds odd !!

You still own the financial assets.

@Subir

I completely agree with you that the law itself, by the sheer logic of it, is absurd. What happens in the interim period is a grey area. I have made some enquiries in this connection and was told that you can only prey that none of your wellwisher relative/friends complain to RBI or IncomeTax ;-)

Meanwhile, if you find a way out of this problem then please share in the forum. I find myself in the same mess.

http://www.rbi.org.in/scripts/FAQView.aspx?Id=33.

@Akshay,

thanks for the thread,

Look at following para from the thread, as:

"2. Statutorily, under the provisions of Section 6(5) of FEMA 1999, a person resident outside India can hold, own, transfer or invest in Indian currency, security or any immovable property situated in India if such currency, security or property was acquired, held or owned by such person when he was a resident in India or inherited from a person who was a resident in India."

As far i understand , it seems that there shouldnt be any problem to the investment/FD/MF or property, which one owns before he/she acquires citizenship of other country. He/she still has full right to own this property.

Let me know if I interpret it wrong.

@subir79

This paragraph has not escaped my attention.

Lets try to understand this:

---------------------------------------
Year       Status      Current/Fixed 
............................Assets(in India)
---------------------------------------
1979-2001  Resident      5 Lacs

2002-2007  NRI           30 Lacs

2008-........German        --
---------------------------------------

Now, under the provisions of Section 6(5) of FEMA 1999 you can only hold the assets
when you were resident in India
, i.e. 5 Lacs.

Thanks Akshay,Subir79

But if assets are in joint name of husband & wife, husband gets citizenship first & wife has to wait for 6 months to one year or vice versa then?

@subir79

...what happens in the interim period while one start the process for getting PIO or CIO after he/she gets citizenship....


I made an enquiry in this regard and the good news is, your Assets are deemed legal during your PIO/OCI application process.

For those, who have obtained german citizinship and not yet applied for PIO/OCI, it is against the law for them to hold Assets in India.

@Akshay,

good piece of information.
Thanks

Can someone tell me which option is better OCI or PIO?

Hi,

I have found this website to know which one is better:

http://www.immihelp.com/nri/pio-vs-oci.html

I understand that with OCI, you can't acquire agricultural lands. What will happen to the lands you already own?

Thanks

@xyxyxy

What will happen to the lands you already own?

Unless the land is inherited, you can no more claim to be the owner of the land, the title deed becomes invalid once you cease to fulfill the legal criteria, which technically means the previous owner is still the current owner of land. You can't even sell/transfer/gift/donate the land anymore.

Thank you Akshay for ur reply.

If I'm not asking for too much....could you provide any references or link to websites? or whom can I contact to get reliable answer? Other forums give different opinions.

Example:
http://www.immihelp.com/forum/showpost.php?s=727a3b4e13ad27e2d3f3ce10fc33ff49&p=106915&postcount=6

http://www.agricultureinformation.com/forums/questions-answers/21376-nri-purchased-agricultural-land.html