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Remittance of large funds over 100 million USD back to India
21-Jun-2023 (In Corporate Law)
I want to trade currencies i.e. EURUSD specifically when I move to Canada as an international student. As far as I know, NRIs are allowed to engage in international currency trading legally. I want to do this by setting up an offshore company in the British Virgin Islands to minimize corporate taxes. My question is, how can I transfer all of the money I earn back to India after I have liquidated my company, and decided to move back to India? Will I face legal trouble?
I can provide you with the legal opinion on this matter. You need to have a certain transactional strategy for this. It involves the regulatory framework i.e FEMA and RBI. Please let me know if you need any further assistance.
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Adv. Arvind Manohar
Mumbai | 25+ Answers
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Issues arise in disclosure of revenue and taxation regulations. While being a resident in Canada, any income transferred to your personal accounts in Canada will be subject to income tax norms prevalent there.
On remitting the funds back to India, you will be liable to pay taxes as there is no Double Taxation Avoidance Agreement with the British Virgin Isles (similar to most tax havens).
On remitting the funds back to India, you will be liable to pay taxes as there is no Double Taxation Avoidance Agreement with the British Virgin Isles (similar to most tax havens).
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Adv. Akshay Ubale
Mumbai | 100+ Answers
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