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Tips and Information on the Retirement Options in India - A Great Guide for NRIs Looking to Retire
Is India a good place to retire?
India has emerged as a global hot spot for outsourcing. The country is being much talked about because of its low cost advantage.
The question is: Is India a good place to retire?
Foreigners prefer to retire overseas due to several personal factors including cost of living. Affordable care for elderly is a major driving factor for Americans and Europeans to consider India as a possible retirement destination. NRIs have always had this nostalgia of returning home and now the country’s status and level of services match their expectations to consider a return at retirement.
Retirement is synonymous with old age, volunteering activities and spiritualism. India seems to be a good place for care of elderly, has enough avenues for volunteering activities and spirituality is a way of life with many.
Can foreigners retire in India?
People who are Indian by descent need to apply for Overseas Citizenship of India (OCI) category. The OCI citizens can live in India.
However, foreigners are in semi retirement mode-living six months and then returning to the home country.
Where in India?
Popular places with foreigners could be Puducherry (earlier known as Pondicherry), Goa, Kerala, Himalayan regions of Garhwal, Kumaon apart from the major cities and interesting smaller towns close to the metropolitan hubs. It is important to appreciate that the major cities in India, like Bangalore, New Delhi, Mumbai, Pune, Chennai, are undergoing rapid growth. Staying in these cities will have its share of rush and traffic but surely better services compared to smaller towns. A good retiring home is critical as staying alone in metropolises is not a great idea.
Are there good retirement homes in India?
The important aspect is to check on the services and facilities that are assured. Not all retirement homes may be happy or well serviced. Some may cost a fortune if they have the looks and feels of a resort- a popular trend as NRI money flows in for parental support.
What are the notes for caution?
Retirement homes for foreigners are an idea whose time has come. The hospitality retirement business is a new area of opportunity. It may follow the same growth path as medical tourism. India may soon become a retirement hub.
India is a good place to retire if you can get used to the ‘functioning anarchy’.
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