Re-acquiring Indian Citizenship
Re-acquiring Indian Citizenship
[INDENT]One of the friends I know (OCI & USC) is thinking in this direction, because of increasingly draconian US Tax Laws which are complicated and easy to miss, and little benefits of retaining USC except Social Security, which in any case might be available to all now, due to near closure of Totalization Agreement between US and India. In his case his only income is interest from his savings that he transfered to Indian banks into NRO and NRE accounts. With the requirements of FBAR and FACTA and fear of life-changing penalties in case of non-compliance (voluntary or accidental) his point is either he loses substantial amounts of money in back taxes and penalties and invites scrutity of all accounts or risks life-changing penalties...his children can always retain their USC status if it helps them..any idea how the exit tax works ? [/INDENT]
Re-acquiring Indian Citizenship
[QUOTE]MHA - GOI
Foreigner's Division - Acquisition of IC (Indian Citizenship)
[URL="http://indiancitizenshiponline.nic.in/acquisition1.htm"]http://indiancitizenshiponline.nic.in/acquisition1.htm
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Persons of full age who or either of the parents were earlier citizen of Independent India and residing in India for ONE YEAR immediately before making application under section 5(1)(f). Application shall be made in Form III- B.
Not every OCI/PIO needs to wait 5/7 years (after acquiring OCI/PIO) to apply for IC (Indian Citizenship) again.
Foreigner's Division - Acquisition of IC (Indian Citizenship)
[URL="http://indiancitizenshiponline.nic.in/acquisition1.htm"]http://indiancitizenshiponline.nic.in/acquisition1.htm
[/URL]
Persons of full age who or either of the parents were earlier citizen of Independent India and residing in India for ONE YEAR immediately before making application under section 5(1)(f). Application shall be made in Form III- B.
Not every OCI/PIO needs to wait 5/7 years (after acquiring OCI/PIO) to apply for IC (Indian Citizenship) again.