A New Zealand-resident NRI or OCI holder can remit up to USD 1 million per financial year from an NRO account, covering property sale proceeds and inheritance, after Indian tax and with Forms 15CA and 15CB. Funds traceable to earlier remittances from abroad can often be sent through the NRE route. We prepare the legal file and coordinate with your chartered accountant and bank.
- Document route
- New Zealand notary public, then apostille from the Department of Internal Affairs
- Time difference
- New Zealand is 6h30 (NZ winter) to 7h30 (NZ summer) ahead of IST
- NRE and FCNR
- Freely repatriable
- NRO and assets
- USD 1 million per financial year
Repatriation of Funds from New Zealand: how it works
Our first job is to show where each rupee came from, using the property deeds, the buyer's tax deduction certificates, any succession papers and your NRO statements. A chartered accountant certifies Form 15CB, Form 15CA is filed online and the bank processes the transfer to New Zealand. If the property was bought with NRE money or foreign remittances, proceeds of up to two residential properties can be repatriated outside the annual limit.
On the New Zealand side, large transfers may draw questions from your bank under anti-money laundering rules, so keep the Indian documents organised. Capital receipts such as inheritance are not income in New Zealand, but income and some gains may be taxable depending on your residence status and any transitional resident exemption. We provide a summary that your New Zealand accountant can use. If the bank asks for a further document, such as a no-objection letter from co-heirs or an updated KYC, we deal with it directly so the remittance does not stall.
What clients in New Zealand should know
- The Indian financial year runs April to March, and New Zealand's tax year also ends on 31 March, which makes matching amounts simpler than for many countries.
- Interest on NRO deposits is taxable in India; NRE interest is exempt in India but may be taxable in New Zealand.
- Remittances over USD 1 million in an Indian financial year need RBI approval through your bank.
Step by step from New Zealand
Video consultation
A call at a time that suits New Zealand, after we have read your documents.
Documents signed in New Zealand
New Zealand notary public, then apostille from the Department of Internal Affairs
Work in India
Our team files, appears and follows up in India, and shares scans of everything filed.
Result and handover
Certified copies and originals are couriered to you in New Zealand where needed.
The full guide
This page covers what changes when you are in New Zealand. For the law, the documents and the step-by-step procedure, read our main page on Repatriation of Funds, or see all services for clients in New Zealand and the Cross-Border Tax & Money practice area.
Questions from clients in New Zealand
Can I transfer my late mother's savings to New Zealand?
Yes. Once the bank releases her deposits to you as heir, they move through your NRO account to New Zealand within the yearly ceiling.
Is a chartered accountant needed?
Usually yes, to certify Form 15CB. We coordinate with one.
How long does the transfer take?
A few working days once documents are complete.