Retire in India and live off interest payments?

Nick-H · Feb 11th, 2007, 20:17

YY... you mentioned usa and uk the imperialists of the world today will not give up power so easily. I responded to that point!

Living here has advantages, it has disadvantages. Of course there are things that I miss from that economy --- but they are all things that depend entirely on having at least (preferably far more than) the income I once had. I live an upper-middle-class Indian lifestyle in India. That enables me to have most of what I want in the local market at local prices. It includes some luxuries like a car, but not an expensive imported car. I may even live to regret the extravagance I have invested in fitting out our new kitchen!

And yes, I do appreciate that, whatever my insecurities regarding the future, I am, today, a lot richer than many millions of other people here. And that my lifestyle in UK, even if I had somehow managed to keep my house (mortgage to be paid every month) would have become very undesirable very quickly.

Having made that point, I guess it is also worth making the point that it takes more than the fact of being able to afford it to make moving to a different culture and economy successful --- but then most people come to this forum because they love India first, so it a point they do not need to hear.

Kinrara · Feb 13th, 2007, 21:12

Quote:

Originally Posted by Nick-H

Permanently, jasmin. I have no home anywhere else and, even affording trips back to the UK is going to be tough.

I'm new to this brill site

, just wondered Nick how you live permanently in India? My husband and I have purchased an apartment in Goa but are up against the 182 day residency rules! Our 1 year toursit visa only allows us a max 180 day stay. We are planning to live in Goa, off our UK rental, but this ruling is making things very difficult.

Nick-H · Feb 13th, 2007, 22:29

Welcome to the site

I'm afraid that if you were to follow my example, you'd have to get divorced.

And both marry Indian citizens.

But it sounds as if you are happy together so....

On a more serious note, many of us would query the status of any property 'purchase' you have made in India as you would not appear to qualify to have done so.

Suggest you take a look at all the stuff in the Goa Property threads which start -> Here

Kinrara · Feb 14th, 2007, 04:31

Hi Nick

Thanks for the Thread advice. When I say purchased, we have paid our money through the Indian banking system and got a Inward Remittance Advice, so hopefully this complies with the FEMA 1999 Act. We, as you know, cannot get our deeds until we do the 182 days residency, which up until recently you could do when granted an X visa, but as you also know X visas have been stopped and you cannot do the residency period on a tourist visa, so this is where we are stuck!

At the end of the day we are hoping that as we have our sale agreement, we can always live in our apartment for a max 180 days, we did not purchase with profit in mind, only for somewhere to live, so hopefully this will always be the case, unless like some say, the government will confiscate it. Any comment and view would be appreciated.

Nick-H · Feb 14th, 2007, 20:47

Kinrara, I suggest that you take this to the current Goa property thread, as the basis of this thread is income.

Kinrara · Feb 15th, 2007, 04:49

Quote:

Originally Posted by Nick-H

Kinrara, I suggest that you take this to the current Goa property thread, as the basis of this thread is income.

Thanks

tolanisri · Mar 28th, 2007, 20:19

India is lovely and beautiful country,
where a person can live and survive
starting from rupees 50 per day to
rupees 50,000 and further per day.

if you go and live in a small town , and live on indian veg diet
and live peacefully and calm small town
you can live at minimum ..
and if you wish to live in a big city like Bombay and Delhi soon, the rest is based on your type of accomodation, luxuries, transport system, cooling / heading system, eating habbits etc.
and your way to visit places .. like temples/ pubs etc.

still there are peopel in India, we are living on mare Interest earned from their life time savings........
and there are some who earn thousands every day.. and still carrying on in cool and nice way..
simply.. india is fit to your requirement and monetary availabilities.....
Good luck and enjoy ...

tony

the irish indian · Apr 12th, 2007, 00:21

I was reckoning that 400 rupees a day was quite enough to live on in Goa(accomodation not included)but then i read somewhere that Goa is actually one of the cheaper states in India in which to live. Is this true? I imagined that being touristy it would have been more expensive.

capt_mahajan · Apr 12th, 2007, 07:42

I think Goa is expensive, by Indian standards. At least along the coast, but elsewhere too.

p3rdes1 · Apr 12th, 2007, 21:04

Goa is very costly at the tourist places. Very small cups of tea were 25 rps at the beachside shaks, they were 3 rps further inland, twice the volume and twice as nice!

jyotipg · Apr 14th, 2007, 16:28

I can see this thread has mainly replies from Indophiles living away from it and dream to return to "Mother India".

I am already in India and stay in Bangalore. But I dream to leave this city life and settle down in himalayas. So, even I am making similar calculations as you guys are doing.

My cost of living in Bangalore is around 30k/month. A big 10k goes for the rental(inclusive of maintenance).

It difficult to retire early if you are on an Indian salary. So, the viable option is to relocate to a smaller town/village in hills where cost of living low. In such places, you can stay comfortable at half the cost. To get a monthly interest of 15k from the safe Post office schemes(which guarantess 8% returns without any risk), I may need a corpus of some 25 lacs.

I have already selected the place. Its near Mukteswar around 50 kms from Nainital. Nice scenic place which affords me to live lavishly with the limited budget that I have.

Again Lavishness is a relative term. I dont drink, dont smoke, pure vegeterian. Here is my defination of lavishness:
A nice 2 bhk with good views of himalayas
A maid/servant to do all household work
A car at my disposal.
Dining out twice a week.
A good health insurance policy with covers me for all major diseases.

Hopefully, I would be able to have the required corpus in few years to retire soon.

the irish indian · Apr 14th, 2007, 16:47

Sounds Great. Yeah being of indian origin i would love to retire to Goa in around 12 years time. I always imagined the coastal belt in Goa to be expensive and some of your replies have confirmed that.Interesting about the post office schemes, are they also available to PIOs or just Indian citizens. Do they work like a saving scheme?

Because the interest is quite high in India compared wiyh the UK
would it be worth transfering some money from UK to an Indian bank account or would there be hidden pitfalls in doing this?

Nick-H · Apr 14th, 2007, 17:15

Jyoti, that sounds like a very nice definition of lavishness to me

I'd have to add a broadband internet connection and some regular non-veg food, and I'm happy not to eat out every week.

And when I do eat out I'm often happy with a dosa!

By the way... It seems that, at nearly 55 and with one or two operations (years back, I can't understand the fuss) I am already too old for medical insurance here. So that is a risk we just have to ensure enough capital to cover.

Once we get settled into our house, and the new car purchase finished, I am fairly confident that we can live for Rs15,000 a month.

the irish indian · Apr 14th, 2007, 17:33

Nick,

It sounds to me like you have it sorted.
In Northern Ireland house prices have doubled in the past year alone. Not very nice if your looking for a property. Abasic 2up 2down is costing around 200K GBP can you imagine what you would have to find each month to pay that off before you even eat?
Some of the banks are now doing 40 year mortgages.
People are more and more stressed and getting more and more in debt. I think tat is why so many people are looking to escape the rat race for a simpler more relaxed life abroad.
You have done the right thing Nick and good luck to you mate.
I know india has its problems but i think even with all its warts, we could learn a lot from it.

Nick-H · Apr 14th, 2007, 17:49

Sure... but I wish I hadn't sold my little London house

Still, one can always look back and see how things could have been differently. If I was still living in it I would now be forced to be living on my modest inheritance from my mother (or, god forbid, get a job I suppose! If possible!) until it was all gone. Now its all gone anyway, but we have a house in Chennai to show for it

Feb 11th, 2007, 20:17	#166
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 25,832	YY... you mentioned usa and uk the imperialists of the world today will not give up power so easily. I responded to that point! Living here has advantages, it has disadvantages. Of course there are things that I miss from that economy --- but they are all things that depend entirely on having at least (preferably far more than) the income I once had. I live an upper-middle-class Indian lifestyle in India. That enables me to have most of what I want in the local market at local prices. It includes some luxuries like a car, but not an expensive imported car. I may even live to regret the extravagance I have invested in fitting out our new kitchen! And yes, I do appreciate that, whatever my insecurities regarding the future, I am, today, a lot richer than many millions of other people here. And that my lifestyle in UK, even if I had somehow managed to keep my house (mortgage to be paid every month) would have become very undesirable very quickly. Having made that point, I guess it is also worth making the point that it takes more than the fact of being able to afford it to make moving to a different culture and economy successful --- but then most people come to this forum because they love India first, so it a point they do not need to hear. __________________ . Just one member of the IndiaMike Mod Team

Mar 28th, 2007, 20:19	#172
tolanisri Member Join Date: Mar 2007 Location: Brazil south america Posts: 3	from rupees 50 per day to rupees 50,000 per day ... India is lovely and beautiful country, where a person can live and survive starting from rupees 50 per day to rupees 50,000 and further per day. if you go and live in a small town , and live on indian veg diet and live peacefully and calm small town you can live at minimum .. and if you wish to live in a big city like Bombay and Delhi soon, the rest is based on your type of accomodation, luxuries, transport system, cooling / heading system, eating habbits etc. and your way to visit places .. like temples/ pubs etc. still there are peopel in India, we are living on mare Interest earned from their life time savings........ and there are some who earn thousands every day.. and still carrying on in cool and nice way.. simply.. india is fit to your requirement and monetary availabilities..... Good luck and enjoy ... tony

Apr 14th, 2007, 16:28	#176
jyotipg Lives virtually on IM Join Date: Oct 2004 Location: Bangalore Posts: 451	Relocating: from India to India I can see this thread has mainly replies from Indophiles living away from it and dream to return to "Mother India". I am already in India and stay in Bangalore. But I dream to leave this city life and settle down in himalayas. So, even I am making similar calculations as you guys are doing. My cost of living in Bangalore is around 30k/month. A big 10k goes for the rental(inclusive of maintenance). It difficult to retire early if you are on an Indian salary. So, the viable option is to relocate to a smaller town/village in hills where cost of living low. In such places, you can stay comfortable at half the cost. To get a monthly interest of 15k from the safe Post office schemes(which guarantess 8% returns without any risk), I may need a corpus of some 25 lacs. I have already selected the place. Its near Mukteswar around 50 kms from Nainital. Nice scenic place which affords me to live lavishly with the limited budget that I have. Again Lavishness is a relative term. I dont drink, dont smoke, pure vegeterian. Here is my defination of lavishness: A nice 2 bhk with good views of himalayas A maid/servant to do all household work A car at my disposal. Dining out twice a week. A good health insurance policy with covers me for all major diseases. Hopefully, I would be able to have the required corpus in few years to retire soon. __________________ http://groups.yahoo.com/group/himalaya_trekkers/ Last edited by jyotipg : Apr 14th, 2007 at 16:47. Reason: Forgot to add soem info.

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Feb 13th, 2007, 22:29	#168
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 25,832	Welcome to the site I'm afraid that if you were to follow my example, you'd have to get divorced. And both marry Indian citizens. But it sounds as if you are happy together so.... On a more serious note, many of us would query the status of any property 'purchase' you have made in India as you would not appear to qualify to have done so. Suggest you take a look at all the stuff in the Goa Property threads which start -> Here

Feb 14th, 2007, 04:31	#169
Kinrara Member Join Date: Feb 2007 Location: Goa Posts: 27	Hi Nick Thanks for the Thread advice. When I say purchased, we have paid our money through the Indian banking system and got a Inward Remittance Advice, so hopefully this complies with the FEMA 1999 Act. We, as you know, cannot get our deeds until we do the 182 days residency, which up until recently you could do when granted an X visa, but as you also know X visas have been stopped and you cannot do the residency period on a tourist visa, so this is where we are stuck! At the end of the day we are hoping that as we have our sale agreement, we can always live in our apartment for a max 180 days, we did not purchase with profit in mind, only for somewhere to live, so hopefully this will always be the case, unless like some say, the government will confiscate it. Any comment and view would be appreciated.

Feb 14th, 2007, 20:47	#170
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 25,832	Kinrara, I suggest that you take this to the current Goa property thread, as the basis of this thread is income.

Apr 12th, 2007, 00:21	#173
the irish indian Totally Clueless Join Date: Apr 2007 Location: Northern Ireland Posts: 174	I was reckoning that 400 rupees a day was quite enough to live on in Goa(accomodation not included)but then i read somewhere that Goa is actually one of the cheaper states in India in which to live. Is this true? I imagined that being touristy it would have been more expensive.

Apr 12th, 2007, 07:42	#174
capt_mahajan (in charge of navel affairs) Join Date: Sep 2005 Location: India Posts: 9,741	I think Goa is expensive, by Indian standards. At least along the coast, but elsewhere too.

Apr 12th, 2007, 21:04	#175
p3rdes1 Member Join Date: Jun 2006 Location: UK Posts: 40	Goa is very costly at the tourist places. Very small cups of tea were 25 rps at the beachside shaks, they were 3 rps further inland, twice the volume and twice as nice!

Apr 14th, 2007, 16:47	#177
the irish indian Totally Clueless Join Date: Apr 2007 Location: Northern Ireland Posts: 174	Sounds Great. Yeah being of indian origin i would love to retire to Goa in around 12 years time. I always imagined the coastal belt in Goa to be expensive and some of your replies have confirmed that.Interesting about the post office schemes, are they also available to PIOs or just Indian citizens. Do they work like a saving scheme? Because the interest is quite high in India compared wiyh the UK would it be worth transfering some money from UK to an Indian bank account or would there be hidden pitfalls in doing this?

Apr 14th, 2007, 17:15	#178
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 25,832	Jyoti, that sounds like a very nice definition of lavishness to me I'd have to add a broadband internet connection and some regular non-veg food, and I'm happy not to eat out every week. And when I do eat out I'm often happy with a dosa! By the way... It seems that, at nearly 55 and with one or two operations (years back, I can't understand the fuss) I am already too old for medical insurance here. So that is a risk we just have to ensure enough capital to cover. Once we get settled into our house, and the new car purchase finished, I am fairly confident that we can live for Rs15,000 a month.

Apr 14th, 2007, 17:33	#179
the irish indian Totally Clueless Join Date: Apr 2007 Location: Northern Ireland Posts: 174	Nick, It sounds to me like you have it sorted. In Northern Ireland house prices have doubled in the past year alone. Not very nice if your looking for a property. Abasic 2up 2down is costing around 200K GBP can you imagine what you would have to find each month to pay that off before you even eat? Some of the banks are now doing 40 year mortgages. People are more and more stressed and getting more and more in debt. I think tat is why so many people are looking to escape the rat race for a simpler more relaxed life abroad. You have done the right thing Nick and good luck to you mate. I know india has its problems but i think even with all its warts, we could learn a lot from it.

Apr 14th, 2007, 17:49	#180
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 25,832	Sure... but I wish I hadn't sold my little London house Still, one can always look back and see how things could have been differently. If I was still living in it I would now be forced to be living on my modest inheritance from my mother (or, god forbid, get a job I suppose! If possible!) until it was all gone. Now its all gone anyway, but we have a house in Chennai to show for it

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