I am Indian national, and I am thinking to apply for Portugal Golden Visa (ā¬280,000). There is a limit of $250,000 (approximately ā¬238,000) per person per financial year (which is March to April) from India.
However, Is this an issue if I were to send some of the funds, and my wife could send the remaining amount to my Portuguese account?
Also, I donāt have any account outside of India that I can use.
You must have your own bank account opened in Portugal in your own name only.
The transfers to this account must be made from outside Portugal.
It does not matter from which account the international transfer is made as it is not stated on bank declaration for SEF. Your Portugal bank declaration will confirm that:
Your PT bank account is opened in your name only
This account received incoming international transfers of the required PT GV amount
From this account you made outgoing domestic transfers (investments) of the required PT GV amount.
I am in the same boat, yes you can use your wifeās account or for that matter any friend/relatives account to do the transfer if you want to do this in the same financial year.
But please note that the bank is going to charge you TCS (5%) on every transfer and the person doing transfer will then have to file return and claim it back. If your wife is already filing the tax returns then it should not be an issue
I am not in a hurry given the SEF timelines and will do it over two financial years 2022/2023
I had the same problem. The Indian government also asks that any investment in the property be in the name of the person making the transfer; however, the SEF needs the funds to come from the account of the applicant only.
One solution is as Tommy suggested to open an account in an intermediary country and then transfer to Portugal. However, this may raise some eyebrows by Indian authorities and is somewhat avoidable.
I finally just straddled two financial years. Made one transfer in the last week of March, and another in the first week of April
A lot of investors from India are facing this problem.
You need to comply with the RBI norms regarding LRS which as you mentioned is $ 250,000. Further clubbing of funds from Family members is not permitted.
Besides you need to make proper disclosure in your IT return as the remittance data is linked to your PAN.
Hence proper planning and execution is required to remit funds for PGV. For further clarification, you may DM me or contact me on +91 7506767350
I would advise you to be very careful and double check every decision with an accountant and lawyer. The Authorities can make your an absolute hell if you exceed the limit.