The benefits of retiring can be abundant, but the effort required can be exhausting. For those with ties to India, retirement to the subcontinent is a relatively simple endeavor; For everyone else, there are significant administrative hurdles.
But even for those with such ties, India may not necessarily be the ideal place, due to cultural and language differences and disparities in the lifestyles of the rich and the poor. Such a culture shock was dramatized in “Best Marigold Exotic Hotel,” the 2012 film about British retirees relocating to Jaipur. Still, retirees eager to try a different lifestyle will find that modest assets can secure accommodation, along with diverse options for urban and rural life.
However, unlike some countries that host foreign retirees, India has erected barriers that make it difficult, though not impossible, for many Americans to relocate there during their golden years. The first step for anyone considering such a move is to determine if it is feasible.
Your ranking determines your options
For those interested in retiring, tax and other regulations apply according to three separate classifications of potential residents. It is critical to determine which of these categorizations is appropriate:
- Person of origin (pio): a person is considered to be of origin if he or she (or any parent or grandparent) was born in undivided India.
- Non-resident Indian (nri): an individual who is a citizen or a person of origin who does not reside.
- Foreign citizens (oci): this grants a multiple visa for life that allows the holder to have unlimited travel and stays.
- All citizens of countries other than india.
The visa route
What about all the people without such connections to India? What are the options for Americans without blood or marital ties to Indian citizens or immigrants? the options are often quite limited.
For this group, the best option might be to consider some of the basic types of visa for traveling to India:
- Tourist visa: this type is valid for 180 days with multiple entries, but not extendable.
- Employment visa– this type is generally valid for one year or the period of a multi-entry employment contract; It can be extended.
- Business visa: this type is valid for five years and expandable, with multiple entries.
If your definition of retirement no longer works, India may not be the right place for you. But for Americans interested in working part-time, there may be ways to use a work visa or a business visa.
However, there are caveats; According to the US state department, for example, some visas require holders to spend two months outside of India before re-entry is allowed.
Cost assessment
For those who find a way to retire, the financial climate will be quite welcoming, with some of the lowest expenses in the world. We have used the cost of living site number to determine prices for the basics.
- Housing: For a one-bedroom apartment, the average monthly rent is 6,973.46 Indian rupees (inr) (approximately $ 100 *) outside urban areas to 11,362.96 inr ($ 164) in city centers. Monthly rent for three-bedroom apartments averages from 16,142.58 inr ($ 232) outside urban areas to 26,592.34 inr ($ 383) in city centers.
- Utilities– Basic services including electricity, heat, water, and garbage should run about 2,487.70 inr ($ 36) per month.
- Dining Room: Eating out for a three-course meal at a mid-range restaurant for two costs around 700.00 inr ($ 10). meanwhile, a meal in an inexpensive restaurant costs around 150.00 inr ($ 2).
- Transportation: a monthly pass on local transportation ranges around 650.00 inr ($ 9). For benchmarking purposes, a gallon of gasoline costs approximately 288.89 inches ($ 4).
These currency conversions are calculated through google finance and show the most current conversion rate as of June 18, 2019. Remember, these rates fluctuate daily.
The bottom line
The average monthly salary available after taxes comes to around INR 31,584.12 (approximately $ 455). Although prices vary across the country, the low average costs obviously mean the average American has many options when it comes to retiring. in fact, a monthly disposable income twice the Indian average (around $ 1,000) can translate into a very comfortable standard of living.
