NRI Corner
Everything you need to buy, finance and manage property in India from abroad - explained simply.
Common NRI questions
Under the Foreign Exchange Management Act, an NRI is an Indian citizen who is a person resident outside India - broadly, someone who has gone abroad for employment, business or another purpose indicating an intention to stay outside India for an uncertain period. FEMA residency is different from tax residency under the Income-tax Act.
Yes. OCI cardholders can buy residential and commercial property in the same way as NRIs, but not agricultural land, plantation property or farmhouses (other than by inheritance).
There is no limit on the number of residential or commercial properties an NRI or OCI can buy. However, repatriation of sale proceeds of residential property bought with foreign exchange is limited to two properties.
Both can be used to pay for property. Funds from an NRE (or FCNR(B)) account or fresh inward remittances make it easier to repatriate sale proceeds later. An NRO account holds income earned in India such as rent. Keep all remittance proofs.
Yes. Execute a specific POA abroad - notarised and apostilled, or attested at the Indian Embassy/Consulate - and have it stamped (adjudicated) in India within three months of receipt. Registration may also be required. See the POA guide.
An NRI or OCI can receive residential or commercial property as a gift from a relative and can inherit any property, including agricultural land. Tax and stamp duty consequences vary, so take professional advice.