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Tuesday, January 3, 2017

FATCA for an NRI

 

Mutual Fund FATCA for NRI


As an NRI, you can continue your existing mutual fund folio and home loan repayment



FATCA is a US federal law which enforces the requirement for US residents to file yearly reports of their non-US based financial accounts. It also requires all non-US financial institutions to search their records and report the assets and identities of such persons to the US Department of Treasury.


To avoid any hassles it is advisable to follow the FATCA guidelines and update your existing investments as per the given regulations. As an NRI, you can continue your SIPs and investments provided you comply with the following:


1. Inform the asset management companies about your NRI status (if not done already), update your address through a 'Know Your Customer' (KYC) change form


2. Link your NRE/NRO account to your SIPs as you cannot continue with a domestic savings account based in India.


Your existing home loan can continue from the NRO account. It is also possible to make the repayment of your home loan from the NRE account, though it is not mandatory.






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For further information contact Prajna Capital on 94 8300 8300

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