Citizen ship and owning property in India

[dcp]

If I become a citizen of usa, can I still own land or any other property in India. What will happen to the NRI bank accounts. Would they all have to be sold/closed??

Is dual citizen ship approved now??, if so, does taking a second citizen ship in India let me hold the properties?

How long after getting the US citizenship, can we apply for dualIndia citizenship? How much time does it take to get citizenship in India, after application ?

Thanks
Lakshmi

[immihelp]

1. You can still keep that land/property. You just can't purchase new agricultural land.

2. India does not really have dual citizenship. It has OCI which is not same as dual citizenship. Read /oci-card/

3. You can apply right away. Processing timings are not known yet as they started processing them just last week.

[Dinvrind]

What happens to the NRI Bank accounts

since now I have become a US citizen?

Appreciate your inputs,

Thanks,

[knowledgeable]

Nothing ....

.... if you get your OCI, then you need not do anything. Else, you need to notify your banks of your status, but then that means a higher withholding of any income or interest.

Do try to file your taxes in India. There is a special treaty between the US and India which helps you avoid double taxation. If you have repatriable bank accounts and have local income whereby you pay your taxes there, then you can declare that income in the US and not have to pay that much in taxes here.

Talk to your CA in India and your CPA in the US who knows about foriegn investments.