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Retiring & Pensions

India - Retiring & Pensions


In India, the average retirement age is 58 - 60 years. However, if one wishes, jobs are available in the private sector after retirement.

A foreign national working in India when retires, all his current assets such as savings from salary (tax already paid), dividend, interest, commission, provident fund balance, sale proceeds of personal effects, etc., can be repatriated in full when he leaves India.

Same rule is applicable to pension from India received in future.

A foreigner retiring from India is also required to file an application in the Reserve Bank of India for transfer of assets. This form and the necessary documents required along with it can be downloaded from http://www.rbi.org.in/sec22/rfn.pdf. Same facility is available to foreign-born widows of Indian nationals who desire to go back (Form-EMG).

This suggests that he will also be allowed to repatriate his Indian assets of a capital nature such as sale proceeds of investments, up to a limit of Rs. 10 lakhs at the time of retirement and upto Rs. 5 lakhs annually thereafter. For this purpose, the entire family will be considered as a single unit. Such a person is not allowed to have an FCNR account in India since he has become ipso-facto, a Resident in India.

Foreign Nationals can retire to India with a valid visa and acquire one residential property with the permission of the Reserve Bank of India. India offers good medical facilities at costs much lesser than other countries. Institutional investors can seek spaces in select areas and set up institutes there.


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Expat Health Insurance Partners


Bupa Global

At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.

Cigna

Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.