Can OCI (Overseas Citizenship of India) card holder buying property india or open bank account in India ? Here is the Benefits of and disadvantages of being an OCI Card holder
Advantages of OCI card
- Multi-purpose, multiple entries, lifelong visa for visiting India.
- Exemption from registration with local police authority for any length of stay in India.
- Parity with NRIs in respect of economic, financial and education fields except in matters relating to the acquisition of agricultural / plantation properties.
- Parity with Non-Resident Indians in the matter of inter-country adoption of Indian children.
- Parity with resident Indian nationals in matters of tariffs in domestic air fares.
- Parity with domestic Indian visitors in respect of entry fees for visiting national parks and wildlife sanctuaries, visiting national monuments, historical sites and museums in India.
- Practicing the following professions – doctors, dentists, nurses and pharmacists, advocates, architects and chartered accountants.
Disadvantages of OCI card
- You have to renounce your Indian Passport.
- You have no voting rights.
- You cannot be a candidate for Lok Sabha / Rajya Sabha / Legislative Assembly / Council or a member of the House of the People or of the Council of States.
- You cannot hold constitutional posts such as President, Vice President, Judge of Supreme Court / High Court, etc..
- You cannot normally hold employment in the Government of India.
[ source https://www.in.ckgs.us/ ]