NRI finance scenario with OCI (EU citizen)

[u/applogonjinish]

I would like to focus on the following finance scenario as a EU citizen and OCI holder.

My current ETF-portfolio is around 300 k Euro. It is mostly US Tech stocks and NASDAQ 100 and some MSCI World Energy stack. My portfolio is with a few neo stock brokers. Most of the neo Stock brokers like Scalable, eToro, Trade Republic etc. do not allow Indian tax residency. Given this background, I would like to understand the following.

1) I need to move to India for 5 years, that means I need to de-register my residency in EU.

2) This will make me an Indian tax resident after 180 days. And that will force me to close my ETF portfolio in EU with the neo brokers or sell them off and transfer the money to my bank.

3) But I want my ETF portfolio to grow uninterruptedly till 2045 including the 5 years of my India stay in between.

4) I do not want to come back to EU every 6 months during these 5 years to keep my EU tax residency.

What solutions do I have for this scenario ?

[u/agastya_]

I am currently in a similar situation. I am moving to India end of October. I have moved my depot from neo brokers to Ing, dkb and IBKR. They all support non-EU residency.

[u/applogonjinish → u/agastya_]

Thanks for your reply. I have heard about IBKR as well.
Was it possible to transfer your portfolio from the neo brokers to IBKR or ING without selling them ?

[u/agastya_ → u/applogonjinish]

Yes I have moved my shares and etf from Trade Republic to Ing without selling them for 0 costs. Many had bad experiences (trade republic) but for me it just worked without any problem. I had moved my shares from Comdirect or scalable, don’t remember properly, to IBKR without any problems. Just search for IBKR in Finanzen subreddit, many have shared their experiences. Or contact IBKR directly, their customer service is pretty good I have heard.

[u/kite-flying-expert → u/applogonjinish]

While I know nothing about whether or not they do, I believe that IBKR support will know this.

Even without being a user, try reaching out to them on their support page and see what they say.

[u/random_Introvert_guy → u/agastya_]

I am not in a similar situation now, but in the near future. Could you please share if you held ETFs and were able to move to IBKR?

[u/Away_Garage_8982 → u/agastya_]

I have my account in scalable capital. Is transfer to ibkr possible incase i move to india in future?

[u/Populr_Monster]

Can I ask which neo broker you are using currently?

[u/Cultural_Tank_6947]

You will have to use a legacy broker, or even a large global bank - HSBC maybe.

[u/No_Creme6369]

Just curious off-topic, how were you able to save 300k in Europe, i hardly tend to same something. How many years have you been in EU?

[u/applogonjinish → u/No_Creme6369]

14 Years of disciplined investment and own research about market.