GIFT-IFSC and LRS- Insurance Products for Resident Indians?

Background

In recent years, the Indian government has made significant strides toward enhancing the operational framework of the International Financial Services Centre at Gujarat International Finance Tec-City (“GIFT-IFSC”). GIFT-IFSC was established with an aim to redirect all financial transactions conducted by residents in foreign financial centres to India. By virtue of RBI circular[1] titled ‘Operational guidelines on International Financial Services Centre (IFSC)’ dated March 31, 2015, GIFT-IFSC is deemed as an offshore jurisdiction under the Foreign Exchange (Management) Act, 1999. However, due to the restrictive nature of the Liberalised Remittance Scheme (“LRS”), there were not many GIFT-IFSC products marketable to Indian residents. In order to cement the status of GIFT-IFSC as a viable financial centre for Indian residents and pursuant to feedback received from various stakeholders, the Reserve Bank of India (“RBI”) vide a circular dated July 10, 2024 (“LRS Circular”) permitted Indian residents to remit money to GIFT-IFSC for all permissible purposes under the Master Direction- Liberalised Remittance Scheme, 2016[2] (“LRS Master Direction”). Detailed analysis on the LRS Circular and its implications on GIFT-IFSC can be found here.Continue Reading GIFT-IFSC and LRS- Insurance Products for Resident Indians?

Unlocking Offshore Opportunities for Indian HNIs and Family Offices under the new Overseas Investment Regime

“You can never cross the ocean unless you have the courage to lose sight of the shore.”

Christopher Columbus

Columbus’s expeditions in the late 14th century ushered in a period of exploration for the modern world. This has been aptly described as the ‘Age of Discovery’. Centuries later, the allure of offshore opportunities continues to enchant and has grown multi-fold. Today, these opportunities need not be sought out by deploying a flotilla, but require you to simply navigate certain regulatory and global banking channels.Continue Reading Unlocking Offshore Opportunities for Indian HNIs and Family Offices under the new Overseas Investment Regime

Leaving on Jet Plane Key Legal Considerations for Business Owners Migrating Abroad

All my bags are packed, I’m ready to go…’

-John Denver

The opening line of John Denver’s iconic song ‘Leaving on a jet plane’ may seem prosaic at first glance, but it describes the single most important act before embarking on any journey – packing your bags! While packing for a vacation in Monaco or St. Tropez is fairly easy, ‘packing’ for an offshore migration is likely to parachute you into a regulatory and compliance maze.Continue Reading Leaving on Jet Plane – Key Legal Considerations for Business Owners Migrating Abroad