Relocating to India from the UK

[V-Man]

Hi guys

I'm a naturalised UK citizen who is planning to retire in about 2 years. My wife and I are OCI holders. We have put in a lot of thought, and plan to retire in India.

I'm putting my feelers out to initiate plans to achieve this and am hoping that someone in this forum might have going through something like this by relocating from UK to India who could suggest important considerations to relocating to India.

I wish to look at the practical aspects of moving from the UK to India (Pune). This includes tax concerns(both UK and India), state pension(although this is still a long way away), taking out health insurance, purchasing residential property in India and reputable estate agents, banking(local/NRE/NRO accounts) and transferring of funds from UK to Indian bank account. As this is intended to be a permanent move, and once moved, we will no longer be considered as UK tax residents but will be Indian tax residents however our "income" will come from the UK.

I would appreciate any advice in this matter. Thanking you in advance.

[atto_lost]

Hi guys

I'm a naturalised UK citizen who is planning to retire in about 2 years. My wife and I are OCI holders. We have put in a lot of thought, and plan to retire in India.

I'm putting my feelers out to initiate plans to achieve this and am hoping that someone in this forum might have going through something like this by relocating from UK to India who could suggest important considerations to relocating to India.

I wish to look at the practical aspects of moving from the UK to India (Pune). This includes tax concerns(both UK and India), state pension(although this is still a long way away), taking out health insurance, purchasing residential property in India and reputable estate agents, banking(local/NRE/NRO accounts) and transferring of funds from UK to Indian bank account. As this is intended to be a permanent move, and once moved, we will no longer be considered as UK tax residents but will be Indian tax residents however our "income" will come from the UK.

I would appreciate any advice in this matter. Thanking you in advance.

1) You have to have NRE/NRO account to transfer your funds
2) You are not subjected to double taxation as India and UK has DTAA.
https://cleartax.in/s/india-uk-dtaa

3) Interest on NRE/NRO amount is taxable

what will be your source of income in India ? If it is coming from UK , you will not be subjected to any further tax but need to pay forex transfer charges.

4) You can purchase anything in india except Agri land, unless you setup a trust and buy from it
5) You need to purchase health and life insurance in India if you dont have any, it might be very costly as you age.