I have a question regarding investments by foreign nationals in Mutual funds. My sister is Indian by birth and she has invested some amount in Mutual funds in India. In few months she is going to attain her Nationality in UK. I would like to know what would happen to the already invested amount. Can she redeem them like any other Indian investor? Also can she invest in Indian mutual funds after she attaining her foreign nationality?
I believe that she can continue to hold her current investments in MFs, have to update her Residential status details with her Bank(s) and also have to submit fresh KYC to MF R&T or to AMCs.
Overseas Citizens of India (OCI) can invest in Indian mutual fund schemes.
Suggested readings :
What is cKYC?
What is FATCA declaration?
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