NRIs, PIOs and OCIs under FEMA

Status first

FEMA residential status is not identical to income-tax residential status. A person may be a non-resident for tax in one year and still be treated differently for FEMA, or the reverse. Citizenship, OCI cards and PIO heritage affect property purchase permissions (for example, agricultural land) more than they affect NRE account eligibility.

Typical questions we resolve

• Whether a returning professional must re-designate accounts
• Whether an OCI may acquire a particular class of property
• Joint holding with a resident relative
• Gifts and inheritances of Indian assets