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Assets in India, after getting German citizenship
Posted on 14/07/2008 6:08 pm
Assets in India, after getting German citizenship
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
Member since 07/04/2005
Posted on 14/07/2008 6:44 pm
Re: Assets in India, after getting German citizenship
@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.
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Akshay
Member since 21/03/2005
Posted on 14/07/2008 10:04 pm
Re: Assets in India, after getting German citizenship
@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 !!
subir79
Member since 16/07/2007
Posted on 15/07/2008 8:55 am
Re: Assets in India, after getting German citizenship
You still own the financial assets.
stutt23
Member since 19/01/2008
Posted on 15/07/2008 8:56 am
Re: Assets in India, after getting German citizenship
@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...ts/FAQView.aspx?Id=33.
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Akshay
Member since 21/03/2005
Posted on 15/07/2008 10:39 am
Re: Assets in India, after getting German citizenship
@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
Member since 16/07/2007
Posted on 15/07/2008 11:08 am
Re: Assets in India, after getting German citizenship
@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.
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Akshay
Member since 21/03/2005
Posted on 15/07/2008 4:41 pm
Re: Assets in India, after getting German citizenship
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?
goodfaith
Member since 07/04/2005
Posted on 16/09/2008 1:04 pm
Re: Assets in India, after getting German citizenship
@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.
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Akshay
Member since 21/03/2005
Posted on 16/09/2008 2:30 pm
Re: Assets in India, after getting German citizenship
@Akshay,
good piece of information.
Thanks
subir79
Member since 16/07/2007
