Indian private clients: new challenges, needs, solutions

Changes/anticipated changes in Indian tax and regulatory laws
Migrating from India: preferred jurisdictions
Leaving the UK after the reform of the UK Non Dom Regime
Returning to India: what precautions to take before

Overview of Global Indian Diaspora

• ‘Global Indians’ around the globe
• What is driving the movement: business expansion, better standard of living, excess to education, mobility across the globe
• The preferred jurisdictions to migrate to: Singapore, Dubai, UK, USA…

Changes in Indian tax and regulatory laws and the impact on returning Indians

• Tax regime of India
• Deemed individual tax residency: impact on the Indians staying in zero tax countries
• “Place of effective management” rules applicable to companies: impact on individuals holding key managerial personnel of a company in India; what planning for the migration of such individuals from income-tax and legal standpoint
• Residential tax status determination – individuals, corporates
• Disclosure of offshore assets and implications
• Amendments to exchange control laws in recent past
• Introduction of Foreign Investment Fund regime in 2022 – a move by India to introduce formalised family office structure

Anticipated changes: estate duty, family law

• (Re)-Introduction of estate duty: planning options settling up trust structures in India, restructuring the trust once any party to the trust (trustee, beneficiary) migrates from India to an offshore jurisdiction)
• Project to establish a Uniform Civil Code to unify personal laws across religions, covering marriage, divorce, adoption and inheritance

Indians returning to India

• What are the reasons for migrating back to India?
• What precautions to take before returning to India:
• obligation of disclosure of offshore assets including interests in trusts, assumption of trusteeship roles or settlement of offshore trusts; consequences of failing to disclose
• how to restructure offshore assets of returning Indians