My 2023-24 remittances were influenced by migration trends, job opportunities, and costs, with the US as the primary source. India remained the top recipient, fueled by IT professionals moving to North America and Europe.
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The Foreign Tax Credit (FTC) alleviates double taxation on income earned in one country, crucial in today's globalized world. Tax Treaties distribute taxing rights between source and residence countries, aiming to prevent double taxation. Navigating FTC complexities requires careful planning, documentation, and awareness of key challenges and strategies.
India now boasts the largest overseas diaspora globally, with around 32 million Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs), mainly concentrated in Gulf countries, Singapore, the US, Canada, and the UK. Despite efforts to streamline taxation processes for NRIs, challenges persist, notably double taxation and difficulty accessing taxation documents from abroad.
NRIs in India face restrictions under FEMA when purchasing agricultural land, but can inherit it from relatives to reconnect with their roots.
The Indian real estate sector is experiencing a surge in interest from Non-Resident Indians (NRIs) due to increasing prosperity among the Indian diaspora worldwide. This interest is driven by factors such as higher income levels, favorable economic outlook, and advantageous price differentials.
My 2023-24 remittances were influenced by migration trends, job opportunities, and costs, with the US as the primary source. India remained the top recipient, fueled by IT professionals moving to North America and Europe.
Indian software engineer Ravi moved to the US for a career opportunity but overlooked his health insurance policy in India. After realizing the importance of coverage during visits, he reinstated his Indian policy for financial security and peace of mind.
Germany's new citizenship law, effective June 27, allows foreigners in Germany to obtain citizenship faster without giving up their original nationality. It aims to increase eligibility for citizenship, expecting a rise in naturalization figures in 2024. Minister Nancy Faeser emphasized adherence to German values while rejecting discriminatory behaviors.
Guyana exudes a strong sense of Indianness that resonates deeply with visitors from India, particularly noticeable in Georgetown, its capital and the only English-speaking country in South America. The Providence Cricket Stadium greets visitors with a prominent "Bhojpuri Nights" banner, reflecting the cultural blend. Nearby, ISKCON stands as one of Georgetown's largest temples, underscoring the presence of Indian culture. Renowned eateries like the one owned by former West Indies cricketer Ramnaresh Sarwan offer a taste of familiar cuisine.
