Beyond borders: Essential finance tips to ease path of Indians moving abroad

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Mutual funds and stocks: If you already have investments in India such as mutual funds or stocks, you must update your KYC (know your customer) details to reflect your NRI status. You must update your KYC as per FEMA regulations to continue holding these investments legally. The required documents vary, depending on the investment type, and the process involves changing your status from resident to NRI and providing proof of your new status and foreign address.

For stock investments, transfer your holdings to a new demat account and close the old one. The new demat account can be a portfolio investment scheme (PIS) or a non-PIS account. PPF, EPF and NPS:NRIs can retain their existing Public Provident Fund (PPF) accounts up to the maturity period.

“NRIs can neither open new PPF accounts nor are they permitted to renew their PPF accounts after maturity. However, they are permitted to contribute further amounts only within the maturity period," said Pankaj Bhuta, founder of P.R. Bhuta & Co CAs.

With the Employees' Provident Fund (EPF), there is the option of withdrawing all funds before setting sail. "You can also let the money lie in the account, but the EPF interest becomes taxable if you’re no longer working with an Indian employer covered by the EPF Act," said Bhuta. For the National Pension System (NPS), contributions can continue as long as you remain an Indian citizen.

However, you must update your KYC with the CRA (Centralised Recordkeeping Agency). Foreign citizens cannot contribute to NPS. Rental income: If you own property in India, it’s essential to inform your tenants about the change in your residential status to ensure they deduct tax at the correct rate.