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Hello My name is Nikhil. I am a trader/Investor In Finance and I am planning to change my citizenship from India to that of Common Wealth of Dominica through "Citizenship through Investment Program" due to the fact that RBI and The Indian government does not allow individual to trade in global - currency or Financial market. The investment program does not require one to visit its country. all the procedure can be done from here itself without visiting the country . My question is if I change my citizenship without going to the country itself am I permitted to get A OCI card ? I don't know any rules that you can't change your citizenship sitting in one's country itself ! Secondly If I get an OCI card will my income from trading and investment in global market( through a bank in Dominica) be taxed ? I will be spending the rest of my life here in india and I am not planning to move abroad. in a nutshell just changing my citizenship sitting in india itself(IT CAN BE DONE FOR THOSE WHO DON'T KNOW) then surrendering my indian passport and getting an OCI? Will I be considered an NRI ? I will trade and invest from India itself through Internet the business would be controlled from here itself but take executed in dominica . sos that is a foreign income! am i eligible to open a NRE account to transfer money from dominica to This NRE account which would be tax free?

Nikhil, yes, you can get an OCI staying in India. I did.

But you do not become a NRI, as you are resident in India.

As long as you are resident, you have to pay tax on your global income.
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Any time things appear to be going better, you have overlooked something.

Thanks Dbs, I understand that staying more than 182 days I will have to pay taxes on global income but I do not understand how am i a resident of india? Oci is like a green card, a visa which is lifelong. I do not get any voting right, cannot buy agriculture land, cannot get employment in government job, cannot go to restricted area without permission, cannot stand up for government employment .It is clearly mentioned that I will have have the same parity as to those who are NRI. I do know that I will be residing in India but I will not be a citizen of India so how does the trading law apply to me? I will be a citizen of Dominica and trading in global market is permitted there but as I will be a resident in india trading in global market is banned so I am confused?

Generally speaking, residency for tax purpose differ from citizenship. A citizen for XYZ country, if he resides for certain number of days (or other criteria) would be considered as a resident of India and liable for taxes on global income.

forexworld;470402Thanks Dbs, I understand that staying more than 182 days I will have to pay taxes on global income but I do not understand how am i a resident of india? Oci is like a green card, a visa which is lifelong. I do not get any voting right, cannot buy agriculture land, cannot get employment in government job, cannot go to restricted area without permission, cannot stand up for government employment .It is clearly mentioned that I will have have the same parity as to those who are NRI. I do know that I will be residing in India but I will not be a citizen of India so how does the trading law apply to me? I will be a citizen of Dominica and trading in global market is permitted there but as I will be a resident in india trading in global market is banned so I am confused?

You may be a citizen of Dominica but are not resident in that country. I do not know how that country taxes its ciizensm by residence or by nationality.

Residence in India is defined as staying in the country, breathing the polluted air, drinking its impure water and ruled by corrupt politicians for more than 182 days in a year. No escaping it. That is the rule.

Generally countries tax by residence ( in addition usa taxes by nationality.) Residence does not grant a person any rights. These rights are granted on different basis. Many of our members are citizens (not just residents) of usa but will not be allowed to contest for the president's post as they were not born in usa.

Income is also taxed by origin but in your case that is not the consideration.

The rights and obligations do not necessarily go hand in hand.

In this case, these do not. So you can not supplant ManMohan and neither can you replicate many CON leaders that do not pay taxes even they are resident and citizens as well, but still hide thier wealth abroad.