60% of NRIs from Australia, Canada, USA, Singapore and Canada consider settling in India post-retirement: Survey

The Indian economy demonstrates great resilience across sectors, especially after the pandemic. The country continues to make itself financially stable for its citizens and non-residents. Against this backdrop, the majority of people who packed their bags to move abroad to accomplish their dreams are considering settling down in India after retirement.  

The financial benefits India provides to its NRIs are quite significant as it allows them to earn in foreign currencies and convert their income to invest and save in India. In a recent survey, SBNRI—an NRI-focused fintech platform unveiled—at least 60 per cent of NRIs from Australia, Canada, the USA, the UK, and Singapore are considering returning to India as part of their retirement plans. The SBNRI platform surveyed 100 NRIs. 

Though retirement planning is off the radar for many people in their 30s and 40s, NRIs have set a robust financial plan well in advance. The SBNRI survey reveals that 80 per cent of NRIs based in Australia and Singapore, 70 per cent from the UK and 75 per cent from the USA consider returning to India as part of their retirement plans, followed by 63 per cent of Canadian NRIs. 

India is an emerging global start-up hub with momentous manufacturing capabilities, financial services and technology advancements. It is formulating a strong strategy to stabilise its economy. This has made a whopping 72 per cent of NRIs believe that India has a stable investment avenue for its inhabitants as well as non-residents. This gives an ample opportunity to NRIs to diversify their investments, ultimately affecting their decision to return to their native land post-retirement.  

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Mudit Vijayvergiya of SBNRI said, “India is making a strong rebound with digitised and stable economic activities emerging in the market. This makes India hold a promising future for investors. The country is also making it easy for NRIs to understand complex taxation systems and certain norms that make India a high return market for NRI investors to utilize as their retirement plans.”  

According to the SBNRI survey, 37 per cent of Canadian NRIs, followed by 33 per cent of NRIs based in Australia and 23 per cent in the UK and the US, are confident of spending their golden years in their home country. To some extent, cost of living, cultural familiarity, family and social connections, healthcare facilities and investment opportunities are attributed to their decision, aligning with their long-term financial goals.  

Financial assets are substantial to the holistic and long-term financial goals of NRIs. The SBNRI survey findings also reveal a whopping 56 per cent of the US, followed by 44 per cent of the Canada-based NRIs, have started investing in India to support their decision to return to India post-retirement. 

Additionally, 35 per cent of NRIs from the UK and 45 per cent from Singapore have also started making financial preparations and investments to support this decision. 

The survey indicates India’s evolving financial landscape and more attractive investment opportunities reinforce its position as a promising retirement heaven for its diaspora, especially from countries such as Australia, Singapore, the USA, the UK, and Canada. Many NRIs who participated in the survey are bullish about the India growth story and have started their retirement planning within the country.