NRI Insights and Information

An NRI refers to an Indian citizen who possesses a valid Indian passport and resides abroad for purposes such as employment, conducting business, vacationing outside India, or residing abroad under circumstances that suggest an uncertain duration of stay. This classification also extends to non-resident foreign citizens of Indian origin, who are treated equivalently to NRIs.

A foreign citizen, except those from Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka, or Nepal, is deemed a person of Indian origin if they meet the following criteria:

Overseas Corporate Bodies (OCBs) encompass entities predominantly owned by individuals of Indian nationality or origin residing outside India. This category includes overseas companies, partnership firms, societies, and other corporate bodies. For an entity to be classified as an OCB, at least 60% of its ownership must be held by individuals of Indian nationality or origin who are residing outside India. Additionally, overseas trusts qualify if a minimum of 60% of the beneficial interest is irrevocably held by such individuals. Importantly, this ownership must be held by them directly and not in the capacity of nominees.