Tax-free investment offering for NRIs to invest in India via GIFT City, India
Dubai — Belong, a new fintech platform for global Indians to invest safely and easily in India, has expanded its suite of investment products with the launch of a tax-free, USD-denominated direct mutual fund. Starting from just $500, non-resident Indians can directly invest in Indian mutual funds in GIFT City.
Offered in conjunction with Tata Asset Management Company, the first Mutual Fund on the Belong app is Tata’s India Dynamic Equity Fund. It is also the first-ever inbound retail mutual fund out of GIFT City. This USD-denominated, tax-free direct mutual fund can be accessed seamlessly through the Belong app and transacted directly from UAE and NRE bank accounts. Domiciled under a GIFT City jurisdiction, there are no capital gains taxes, and therefore no tax deduction at source (TDS)
Belong will continue to add additional funds to the app as they are launched. “The launch of the Tata India Dynamic Equity Fund is another significant milestone in our journey to simplify the investment experience for NRIs looking to participate in India’s growth story. A ticket size of US$500 makes this a viable investment opportunity for a significant percentage of the NRI population”, said Ankur Choudhary, co-founder and CEO of Belong. “We are constantly growing the suite of services available to NRI investors on the Belong app, all available without maintaining NRE/NRO accounts, zero capital gains tax or TDS in India, and simplified KYC processes.”
In the UAE, Belong research showed that nine out of ten non-resident Indians reported difficulties in accessing Indian mutual funds due to the paperwork-heavy onboarding process. Taxation and repatriation processes dampened the investment appetite of 85 per cent of the respondents. 65 per cent also cited high Foreign Exchange and remittance fees as deterrents to investing in India as an NRI. Belong does not charge transaction fees and ensures very competitive currency conversion rates. Belong also offers direct Mutual Funds without commissions, thereby increasing the net gains for investors.
Key highlights of the launch include:
- Direct Mutual Funds starting at $500 only
- Tax-free returns (no TDS) from GIFT City with full repatriation globally
- No transaction fees and best conversion rates from AED to USD, helping NRIs save more in cross-border transfers
- Hassle-free doorstep KYC for UAE NRIs
- Direct USD investments from UAE bank accounts — no NRE/NRO accounts needed.
Backed by Tata, Powered by GIFT City
Tata Asset Management Company, a part of the globally respected Tata Group, manages over INR 2 trillion for more than 6 million investors. Their partnership with Belong and GIFT City ensures NRIs can finally invest in India’s markets with the ease, transparency, and returns they deserve.
What’s Next for Belong
Authorised by IFSCA as a distributor, payment services provider, and broker dealer, Belong plans to expand into the GCC, Singapore, Hong Kong, UK, and US, adding Indian and US equities, GIFT City IPOs, global insurance solutions, and NRI-focused payment cards in the coming months.