InvestorQ : I had invested in a mutual fund before moving to Europe. Is my mutual fund valid and will provide me returns without any issue? What if I later turn to be an NRI?
Sakshi Malhotra made post

I had invested in a mutual fund before moving to Europe. Is my mutual fund valid and will provide me returns without any issue? What if I later turn to be an NRI?

Answer
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Aswini Chikkodi answered.
1 year ago


I would like to part my answer in two different situations. One while you are an Indian citizen and second when you become a Non-Resident Indian.

Looking at your query it seems, before leaving to Europe you hold the resident status for yourself. thus investing in the mutual fund is as normal as for anyone residing in India. The entire process will be composed as per the set process. And thus, you can manage your mutual fund investment account easily. Make sure that you maintain the account with a nominee who would be the resident of India.

If later in a few years, you turn to become an NRI, still you can enjoy the Indian mutual fund investment. The must be subject to provisions applicable in the Foreign Exchange Management Act. You must open an NRE or NRO account. You being an NRI can open an NRE or an NRO account. NRIs can invest on repatriable or non-repatriable financial assets.