Resources to be prepared for the return back to India

People abroad miss India a lot, though it looks like they have abandoned India, it is not the case. Actually it is good to have an international exposure at least once in your lifetime and when you are outside you know why you love being in India more(Grass is always greener on the other side). If you are one of them and are planning to return to India someday then you have to be prepared financially, psychologically and physically for the migration. Just like going from India to a different country was a little bit of a shock, going back to India from a different country after staying there for a few years will be difficult. You will have to be prepared for that. Most importantly, our picture of growth in India is stuck to the time when we initially migrated from India to a different country and you cannot actually find subtle differences on an occasional visit to India. India has changed a lot and is continuously changing and progressing.

If are planning to go back to India now or sometime later, check these sites and groups so that you are better prepared:

Setting right expectations: Yes, having the right mindset is very important if you want to move back. Just like there was cultural shock when you came to USA, you will have the same feeling when you are going back to India because we are used to a system, lifestyle and privacy which grew on us without us knowing and it might be different in India particularly if you are thinking of settling near your family or in a tier-2 city(small city or village). People will be interested in your personal life and want to know how well or how bad you are doing. So keeping right expectations of the people and the surroundings is best. This is very important otherwise you might be regretting your decision after you sell everything and move back. Below mentioned site is a group for people who want to go back to India and the site has all the necessary details of formalities you have to finish before leaving US and entering into India like Visa issues(OCI cards), Jobs for returning NRIs, planning assets, people with similar mindset and their questions, you can even join specific city groups so you can talk to them and meet incase you feel out of place after move back.

Resource for similar minded people going back to India: Back to India

Planning your investments: Investment is one thing you have to keep doing until death does you apart from it. Because money keeps loosing it’s value(inflation). You can check how to save wisely if you are just beginning but if you have significant amount of investments and you are moving back to India, then you would want to place your investments back in the right place or you want to know what investments you can leave behind and what you should sell and carry back. I stumbled upon an investment planning company while researching about immigrant investment planners who can plan your investments in more than one country. How to invest if you are a non-US person, how to pay your taxes if you have assets in a foreign country, what investments help in gaining good second income, whether you should pull out your 401K and HSA money or not. If nothing, their site has a Blog which provides very good information. You should also know the companies that support non-US persons after you move back to India. Below are the resources that can help you with US investments after you move back to India.

Resources for International trading: Ameritrade, MyraWealth, Fedility(you can only hold your investments here but not actively trade if you are not a US citizen present in US)

Paying your taxes: This is by far one of the greatest hurdles any working human being will face in their lives every year trying to reduce them or even filing them. If you have worked in a different country or if you have income(stocks, real estate or mutual funds or any kind of investments) in a different country, you have pay taxes in both the countries for ex: India & US or India & UK as India has bilateral agreements with many countries. Also you might want to withdraw a percentage of 401K when you are leaving permanently to India or all of it which is taxable along with penalty(of 10%), you will have to pay tax if you withdraw before you are 59.5 years old. There are many companies that can help you file your taxes like H&R block, Turbo tax etc. But if you looking for a company that helps in filing taxes for immigrants then you should check out Myra Wealth.

Resource: MyraWealth

These are great sites to read or find resources and learn how things are or will be in India. You will at least find good references or information from these sites and go on from there. Stay tuned and subscribe for more such info. You can comment and let me know if you know of such informational sites for better planning.