What Are The Disadvantages Of OCI Card?

Is OCI good or bad?

OCI isn’t a substitute for dual citizenship and doesn’t offer all the benefits other citizens of India have.

However, with this, you can get life long visa free entry to India and exemption from having to report your stay and movements to police when you’re in the country..

How long can you stay in India with OCI?

Yes, as long as the local laws of at least one of the countries allow dual citizenship in some form or the other. cardholders ? (i) An OCI is entitled to life long visa with free travel to India whereas for a PIO card holder, it is only valid for 15 years.

Can I buy property in India with OCI?

OCI card holders can purchase residential and commercial properties in India. But they are not permitted to purchase agricultural land, including farmland or any kind of plantation property. … However, he/she can acquire or transfer immovable property in India, on lease, not exceeding five years.

Can I apply OCI while in India?

Foreign nationals cannot apply for OCI in India while on Tourist Visa, Missionary Visa and Mountaineering Visa. Moreover, the foreigner has to be ordinarily resident of India to be eligible to apply for OCI registration in India.

Is OCI card lifelong?

OCI card holders are required to get their OCI cards reissued whenever passport is renewed for persons under twenty years of age, and OCI card needs to be renewed after crossing 50 years of age only once, that too when the US passport is renewed.

What are the advantages of OCI card?

Following benefits will accrue to an OCI:Multiple entry, multi-purpose lifelong visa to visit India;Exemption from reporting to Police authorities for any length of stay in India; and.Parity with NRIs in financial, economic and educational fields except in the acquisition of agricultural or plantation properties.More items…

Which is better OCI or Visa?

If you require an OCI card for staying in India for under five years, opting for an India visa is an ideal choice. … Thus, it saves you both time and money unlike applying for an OCI card. Moreover, in the case of your stay exceeding the 5-year mark, you can always apply for a new visa.

Is OCI an asset?

Key Takeaways. In business accounting, other comprehensive income (OCI) includes revenues, expenses, gains, and losses that have yet to be realized. … A bond portfolio is a prime example of an asset that may be considered OCI, as long as the business does not classify the underlying bonds as held-to-maturity.

How much does OCI cost?

If the Indian Passport is not cancelled or is lost/damaged and not in possession (the applicant will need to provide a statutory declaration attested by a JP): For OCI / PIO / VISA Application Au$ 147 is payable along with the submission of the OCI/ PIO/ VISA application and the surrender certificate will be issued …