An NRI sought suggestions online as he expressed his willingness to return to his home country after 11 years with savings of ₹1 crore. The user in a Reddit post said that he moved to New Zealand when he was 19 but now wants to return back to India permanently with $200K NZD (or ₹1.03 crore) savings.
The Non-Resident Indian stated, “I been living in New zealand since I was 19 and now 30. When I left India (2013) 1 crore seems like a big money. How about these days? Reason I am asking this question because I want to return back to India permanently. Have around $200K NZD in savings, will that be enough to survive in a Punjab village as I own house there.”
He further provided information about his wealth status and income flow. “I own 1 Shopify store which generates around 100K NZD per year (so you can call its a remote job/business),” the NRI added.
The NRI yearning to return to his native state further noted that he owns US stocks worth about $138K NZD.
‘Check tax situation before….’
A varied range of comments poured in saying, “Depends on your lifestyle.” Another user commended his Shopify store business and said, “Your sales is impressive.”
A third user wrote, “One crore is not retirement money. But if you plan to invest and generate passive income, it can be doable with a descent lifestyle. If you want to do that, I suggest you first identify what you want to do or where you want to invest. Try and see if it works out or generates enough income. Then decide on switching.”
A fourth advice stated, “As someone who lives splits time between India and NZ, you won’t be able to have a NZ like lifestyle if you aren’t planning to do any other job. I would say find a remote job with a NZ company and then move. There are plenty.”
A fifth comment read, “I don’t know your situation, but if I were you, I wouldn’t come back unless necessary. It is a good amount of money, but check the tax situation before you transfer your savings. You won’t be able to retire on it but it can comfortably support you if you do something on the side like kheti etc.”