NRI (Non-Resident Indian) means an Indian citizen who resides outside India for a period of 182 days or more in any other country. These people mostly stay abroad for study, job, business or other reasons. So in this article we will know about the advantages and disadvantages of being an NRI.
Advantages of being an NRI
Being an NRI has many benefits, especially related to financial, tax related and personal development.
- Abroad offers high salary, good job and business opportunities. Earnings in foreign currency strengthen financial position. In India, NRE (Non-Resident External) account interest income and other foreign income are tax exempt.
- NRIs can vote in elections in India. The Government of India has reserved seats for NRI candidates in important political constituencies.
- It is easy for NRIs to manage money through NRE and NRO accounts and remit money from abroad to India. NRIs have the right to buy and invest in property in India, allowing them to stay connected to their roots.
- Their families and children benefit from better education and health services abroad.
- Exposure to different cultures and languages leads to a broader perspective and personal development. Becoming an NRI gives a person global recognition and benefits, which opens the door to new opportunities in their life.
- NRIs can buy life insurance plans and health insurance plans.
Disadvantages of being an NRI
While being an NRI has many advantages, it also has some disadvantages, which can pose challenges at personal, social and legal levels.
- NRIs get fewer government benefits than regular residents. NRIs have to follow strict procedures to get citizenship in their country. Money earned in the country cannot be credited to NRE account.
- NRO/NRE bank accounts cannot be continued after starting permanent residence in India. According to the Reserve Bank of India (RBI), a person is an NRI if he has not stayed in India for more than 182 days in the previous financial year.
- Adapting to a foreign lifestyle and culture can be difficult, leaving a person feeling isolated. Living abroad for long periods of time increases the emotional distance with family and friends.
- Lack of family and social support abroad can lead to psychological stress and isolation.
- The cost of living in many countries is very high, which can increase financial pressure. Complying with visa, citizenship and tax regulations can be complex and time-consuming.
- There is a risk of incidents of racial discrimination and attacks against Indians abroad.
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