You’re a software professional working in the US, staying there for several decades. You’ve been away from India for quite a while and hold a US passport. An extensive traveler, you have created substantial assets abroad, and now wanted to spend quality time with your ageing parents. Back home, your parents had bought properties over the years. However, maintaining properties and following them up with the tenants and vendors has never been easy. Yet, they wanted to maintain the assets, and never intend to sell them, being their ancestral property. So, what best can be done to resolve them, with you far away from home? You definitely need an advisor who understands financial services, and what it takes to make an informed decision when managing assets in India. In other words, what’s required is an agency for property management services for NRI.
The dilemma in deciding about how to manage your properties can be confounding. There are always issues involved in managing, maintaining and dealing with properties, especially when there is nobody back home designated for managing the assets. The emotional decision of not wanting to sell an ancestral property can outweigh the financial advantages of selling it. Only an agency for property management services for NRI will be able to maintain and manage the rented property in every way. Besides, we, at Reach NRI, recommend putting the rental income into an investment option for managing the future expenses of the property.
At Reach NRI, we talk to NRIs and help them chart out a plan for the management of the assets in India over the long haul, within their risk-taking ambit. We make them understand the cross-border situations of NRIs, and operate under a fiduciary standard, similar to the way that is done in India.
Taxation
We highlight our NRI client’s concerns in the matters of taxation in India, especially if an NRI has failed in tax filing, with some deposits and investments in India and acting as a joint owner in some properties involving regular steady income. Mostly NRIs though compliant and thorough with all their assets abroad, they are unaware of the tax implications on inheritance in the event of an unforeseen death. We, as a reliable property management agency, have great expertise in dealing with cross-border transactions for our NRI clients, and helped resolve their tax filing effectively. A lot depends on the NRI’s emotional preference for an informed decision on property management. We also help our clients in the area of creating a trust for their assets. When it comes to dealing with assets and properties, a lot of emotional stress on relationships comes into play. That is why Reach NRI Services is extremely watchful in offering guidance in the area of property management services for NRI and other services for NRI.