What is status of Indian citizens investment, when they leave india and settle USA?

My Son currently on Permanent resident status in US is likely to become US Citizen.he has a Demat A/c and ordinary Saving account in India. I am the 2nd Joint Holder in both accounts. he also has a Pancard.When he becomes a US Citizen,what are the implicaton and what steps need to be taken to comply with Law. As Father I would like to take money from my son, because all this amount was of mine and as such
he is well of in USA? what should i do to get money officially, as there is no problem between father and son?

I think your Demat account (held jointly by your son and you) shall be frozena s your son's PAN card shall become invalid owing to him becoming a US citizen.

So my suggestion would be that you close both Demat and Bank accounts and open both in your own name as Single holder. You can NOMINATE your son as legal inheritor of all your securites/bank balance in the unfortunate event of your unexpected death.

better u open aseparate account b coz however there'll be no problem.BUT U KNOW INDIA DUFFER BANK OFFICIALS & CLERKS, THEY'LL ROTATE U AROUND.
CLEAR BFORE HIS CITIZENSHIP OTHERWISE U MUST GET RBI PERMISSION FOR EVERY STEPS. AS FAR AS DEMAT & SHARE TREADING ACCOUNT CONCERN

Tags

　　Investment Company 　　Investment Calculator 　　Investment Bank 　　Investment Advice 　　Investment Account 　　Invest Money 　　Invest in Gold 　　Invest Fund 　　Income Fund

Related information

Traditional IRA investment?

You can open one or as many as you like. I opened one a Charles Schwab (22 years ago). I have stocks, Mutual Funds, Reits and ETF's in it. I've got great flexibility. What ever you d...

OCI - Investment Options?

Any plain recommendations without going into the details of your case specific could be suicidal for you. If you are serious about the whole issue, seek professional services which can customise a ...

What is the best investment option with $7500?

I just inherited $40,000 on Monday. The only stock market investment I felt comfortable with, was purchasing more Blue Chip Stocks within my DRIP Plan. They are seldom recommended by brokers du...

About investment income...?

The interest income is added to your income as interest income and 100% of it will be subject to tax at your marginal tax rate. So if you made $1000 in employment income, your total income for t...

Best investment...need advice?

You can put it in a real estate fund at Scottrade such as UMREX, and it is going up about 20% per year if you count the quarterly dividends. That is $333.33 per month, but not guaranteed, mutual fu...

Impact investment group is spam??

yes... To Avoid scams here is what i tell people... All spam emails/unsolicited phone calls/letters and faxes are scams. As a general rule - ANYTHING involving Western Union/money gram = Scam...

Paypal - Investment and lending?

You don't need a credit card to start a PayPal account - a savings account will do just fine.

...

Already filed - then got investment statement.?

You don't have to do anything. Form 5498 is an informational form that is provided to the IRS that documents your contribution to your Roth IRA. Since your Roth IRA is not deductible, it has...