Survey: Majority of NRIs from Australia, Canada, USA, Singapore, and Canada Contemplate Retirement in India

05 Sep, 2023

Survey: Majority of NRIs from Australia, Canada, USA, Singapore, and Canada Contemplate Retirement in India

A significant number of Non-Resident Indians (NRIs) from Australia, Singapore, the UK, and the USA are contemplating returning to India for their retirement, according to a recent survey. The resilient Indian economy, coupled with favorable financial benefits for NRIs, has made India an appealing retirement destination. SBNRI, an NRI-focused fintech platform, conducted the survey and found that at least 60 percent of NRIs from various countries are considering India as part of their retirement plans. Among these, 80 percent of NRIs in Australia and Singapore, 70 percent in the UK, 75 percent in the USA, and 63 percent in Canada are contemplating a return.

India's emergence as a global startup hub, robust manufacturing capabilities, advancements in financial services and technology, and efforts to stabilize its economy have garnered the confidence of 72 percent of NRIs in its stable investment opportunities. This stability allows NRIs to diversify their investments, influencing their decision to retire in India.

Mudit Vijayvergiya, of SBNRI, noted India's resurgence in economic activities and its efforts to simplify complex taxation systems, making it an attractive high-return market for NRI investors.

The survey also revealed that 37 percent of Canadian NRIs, 33 percent of NRIs from Australia, and 23 percent in the UK and the US are confident about spending their retirement in India. Factors such as the cost of living, cultural familiarity, family and social connections, healthcare facilities, and investment opportunities align with their long-term financial goals. A substantial percentage of NRIs from the US (56 percent) and Canada (44 percent) have already begun investing in India to support their post-retirement plans. Similarly, 35 percent of UK NRIs and 45 percent from Singapore have initiated financial preparations and investments for their return.

This survey underscores India's evolving financial landscape and growing investment opportunities, solidifying its position as an attractive retirement destination for its diaspora, particularly from Australia, Singapore, the USA, the UK, and Canada. Many NRIs participating in the survey are optimistic about India's growth story and have initiated retirement planning within the country.