Post citizenship Questions

[Sam20901]

1. After acquiring Canadian citizenship (and OCI), does anything needs to be changed:
- Existing Mutual fund investments
- Existing NRE account
- Indian Driving License etc

2. What happens to the property if someone who purchased a property in Canada decides to go back to India in future and renounce Canadian Citizenship?

 

[Sam20901]

Any reply?

 

[foodie69]

Just be patient. If anyone sees your post and knows the answer, they will answer. If it is that urgent, get a lawyer.

 

[xylene]

Being a citizen does not change anything. You are still a Non Resident Indian for tax purposes .
Few things you cannot do is to purchase agricultural property in India, stand or vote in Indian elections and cannot hold goverment posts reserved for Indian citizens .

 

[xylene]

My understanding is that your Indian driver's license is not valid anymore.
You need ideally get a new one( which is only possible if you want to stay in India longer or permanently .)
It's better to check with the RTO.

 

[Sam20901]

My understanding is that your Indian driver's license is not valid anymore.
You need ideally get a new one( which is only possible if you want to stay in India longer or permanently .)
It's better to check with the RTO.

So when you are on PR - both Indian and Canadian licenses are valid however when you get citizenship, your DL is revoked even though your status is still NRI as government treats both NRI and OCI as same. That is not logically adding up

 

[Sam20901]

And..
What happens to the property if someone who purchased a property in Canada decides to go backto India in future and renounce Canadian Citizenship?

 

[canvis2006]

And..
What happens to the property if someone who purchased a property in Canada decides to go backto India in future and renounce Canadian Citizenship?

Common-sense is that the person would/should sell off their property before leaving for good.

The bottom-line is this: Nobody cares. The Govt will not care whatever you do, whether u keep something or not. Just because you're a citizen they don't become your parents or specially care for you. No. It's basically same as before.

 

[niagara2807]

And..
What happens to the property if someone who purchased a property in Canada decides to go backto India in future and renounce Canadian Citizenship?

If the property is still in your name...you need to pay taxes even if you renounce Canadian citizenship. As Canvis says...better to get rid of the property.

 

[Sam20901]

May be I was not clear enough.

If someone has a Canadian property providing rental income but still wants to acquire Indian citizenship, how can that person keep the property- can he/she keep that property with a Canadian visitor visa?

There has to be a way as I guess that’s how foreign investors buy and keep property in Canada.

Common-sense is that the person would/should sell off their property before leaving for good.

The bottom-line is this: Nobody cares. The Govt will not care whatever you do, whether u keep something or not. Just because you're a citizen they don't become your parents or specially care for you. No. It's basically same as before.

 

[Sam20901]

If the property is still in your name...you need to pay taxes even if you renounce Canadian citizenship. As Canvis says...better to get rid of the property.

Thanks. Will the person be legally a property owner with right to rent if the person gets visitor visa?

 

[niagara2807]

Thanks. Will the person be legally a property owner with right to rent if the person gets visitor visa?

You can do whatever you wish with your property for e.g. rental is fine. You do not need a visitor visa to rent it.

 

[Sam20901]

You can do whatever you wish with your property for e.g. rental is fine. You do not need a visitor visa to rent it.

Thanks

 

[xylene]

So when visiting India

So when you are on PR - both Indian and Canadian licenses are valid however when you get citizenship, your DL is revoked even though your status is still NRI as government treats both NRI and OCI as same. That is not logically adding up

Check the logic with a lawyer or a government official. Anyways when you go to renew your license after few years you need to show residency (that you are planning to stay for more than a year) to renew .
If you are going for a short trip International license should be enough .

Again if you are looking for free advice you got it .want confirmation and logic pay a lawyer.

 

[xylene]

Also NRIs are Indian citizens but OCI holders are not .NRIs have an Indian passport .OCI holders don't .
OCI is basically a long term multiple entry visa which also let's you to study work stay permanently in India .