OneWhen was the last time someone told you to exit a mutual fund or stock you’ve been holding for years?
TwoWhen was the last time you actually saw what your investments are earning, after tax and after currency moves?
ThreeWhen was the last time anyone looked at your full portfolio, across countries, accounts, and asset classes, and gave you advice tailored to you?
If the answer to any of these is “never” or “I’m not sure,” this short survey is for you. Halfway through, there’s a real calculation about cross-border investing that most people have never seen for themselves. Your honest answers help me understand what investors actually experience.
5 minutes
First, the easy part
Where do you currently live?
Your story so far
A few things about your investing journey.
When did you move from India?
Right now, what does your investing situation actually look like?
Where does most of your invested wealth sit?
Roughly, how much do you currently have invested across all your accounts?
Helps me understand context. Skip if you’d rather.
A bit more context
Got it. Help us understand your situation a little better.
A few questions to help us understand your situation. The story we’re showing you next applies whether you’ve started investing or not, but it lands differently when we know where you actually are.
Which of these is closest to your situation right now?
When you think about why you haven’t started investing, which feels closest?
Pick up to three.
A bit more about your money
Where things actually sit.
Two questions to help us understand your starting point. None of this gets shared anywhere.
Roughly how much have you saved that’s currently sitting uninvested?
Best estimate is fine. Skip if you’d rather.
Where is most of it sitting right now?
Pick up to three.
What’s in your head about all this
Some of these probably feel true. Tell us which ones.
Be honest. There are no wrong answers, and the ones you pick tell us more than the ones you don’t.
Which of these match what you currently believe?
Check all that resonate. Skip any that don’t.
How it feels right now
How money gets managed, day to day.
Which of these match how you currently feel about managing money across countries?
Check all that resonate. Skip any that don’t.
When you make an investment decision, who’s usually involved?
Check all that apply.
Do you currently use any of these to manage your finances?
Check all that apply.
A short calculation
Most NRIs never see this calculation for themselves.
The story below is set in Dubai. If you live somewhere else, your currency and tax rules differ, but the same dynamic plays out.
Aarav and Priya both moved from Bangalore to Dubai. In May 2021, each had AED 100,000 saved up. Aarav remitted his to India and bought a Nifty 50 fund. Priyakept hers in dirhams and bought an S&P 500 ETF. Both indices had a strong five years.
As of May 8, 2026, this is where their money sits, in dirhams (the currency they earn and spend in):
Aarav
Invested in India
Started with
AED 100,000
Worth on May 8, 2026, in dirhams
AED 127,800
+27.8%
Priya
Invested in US
Started with
AED 100,000
Worth on May 8, 2026, in dirhams
AED 187,600
+87.6%
The gap
AED 59,800
Same starting capital. Same five years. Same effort. The difference: where the money sat, and what currency and tax did to it.
Most NRIs see the headline returns. Few ever calculate what those returns become after the rupee weakens and after Indian capital gains tax.
Where Aarav’s gain went
Nifty 50 total return over 5 years (in rupees, with reinvested dividends)
+73.9%
Rupee weakened from 19.94 to 25.77 against the dirham
−22.6% drag
Indian tax on his gain when he sells (12.5% on amounts above ₹1.25 lakh)
−4.9% drag
One-time remittance friction
−0.2%
Net result, in dirhams
+27.8%
Step
Aarav
Priya
Starting position
Started with
AED 100,000
AED 100,000
Converted to local currency on May 7, 2021
INR 1,994,000 at 19.94 INR/AED
USD 27,229 at 3.6725 (the UAE keeps the dirham at this fixed rate to the US dollar)
After 0.2% conversion friction
INR 1,990,012
USD 27,175
Five years of market return
Index total return (price + reinvested dividends) May 7, 2021 to May 7/8, 2026
+73.9% Nifty 50 TRI
+88.0% S&P 500 TR
Holdings before tax
INR 3,461,228
USD 51,075
Capital gains tax
Tax owed if realized on May 8, 2026
INR 168,277 12.5% LTCG above ₹1.25L
USD 0 UAE has no personal capital gains tax
Holdings after tax
INR 3,292,951
USD 51,075
As of May 8, 2026, in dirhams
Converted back to AED on May 8, 2026
AED 127,782 at 25.77 INR/AED
AED 187,574 at 3.6725 (same fixed rate)
Final, rounded
AED 127,800
AED 187,600
FX rates from RBI / Google Finance archive. Index returns from primary sources: Nifty 50 Total Returns Index (NSE Indices) 21,084.26 on May 7, 2021 to 36,670.88 on May 7, 2026 = +73.9%. S&P 500 Total Return Index 8,787.82 on May 7, 2021 to 16,516.80 on May 8, 2026 = +88.0%. Indian LTCG of 12.5% above ₹1.25L per Section 112A, Finance (No. 2) Act 2024. A 4% Health and Education cess applies on top, taking the effective rate to 13%; we use 12.5% as a clean illustrative figure. UAE residents pay no personal capital gains tax on foreign securities. US non-resident aliens pay no US capital gains with W-8BEN filed. Money assumed to stay invested where placed; Aarav’s tax shown as if realized on May 8, 2026.
Calculation uses Nifty 50 TRI (Total Returns Index, includes reinvested dividends) and S&P 500 TR from May 7, 2021 to May 7/8, 2026, sourced from NSE Indices and S&P Dow Jones Indices. AED-INR validated against Google Finance / RBI (19.94 in May 2021, 25.77 in May 2026). AED-USD held at a fixed rate of 3.6725 (the UAE deliberately keeps the dirham at this rate to the US dollar). Indian LTCG: 12.5% on equity gains above ₹1.25L per Section 112A. Past performance is not indicative of future results. Not investment advice; tax rules vary by individual circumstances and warrant professional review.
A short calculation
Most NRIs never see this calculation for themselves.
Aarav and Priya both moved from Bangalore to London. In May 2021, each had GBP 100,000 saved up. Aarav remitted his to India and bought a Nifty 50 fund. Priyakept hers in pounds and bought an S&P 500 ETF. Both indices had a strong five years.
As of May 8, 2026, this is where their money sits, in pounds (the currency they earn and spend in):
Aarav
Invested in India
Started with
GBP 100,000
Worth on May 8, 2026, in pounds
GBP 129,800
+29.8%
Priya
Invested in US
Started with
GBP 100,000
Worth on May 8, 2026, in pounds
GBP 170,700
+70.7%
The gap
GBP 40,900
Same starting capital. Same five years. Same effort. The difference: where the money sat, and what currency and tax did to it.
Most NRIs see the headline returns. Few ever calculate what those returns become after the rupee weakens and after the layered tax (Indian LTCG plus UK CGT).
Where Aarav’s gain went
Nifty 50 total return over 5 years (in rupees, with reinvested dividends)
+73.9%
Rupee weakened from 102.47 to 128.60 against the pound
−20.3% drag
Indian tax on gains, plus the additional UK tax he still owes after that (the two countries have an agreement so he isn’t taxed twice on the same money, but he ends up paying the higher of the two rates)
−6.2% drag
One-time remittance friction
−0.2%
Net result, in pounds
+29.8%
Step
Aarav
Priya
Starting position
Started with
GBP 100,000
GBP 100,000
Converted to local currency on May 7, 2021
INR 10,247,000 at 102.47 INR/GBP
USD 139,400 at 1.394 USD/GBP
After 0.2% conversion friction
INR 10,226,506
USD 139,121
Five years of market return
Index total return (price + reinvested dividends) May 7, 2021 to May 7/8, 2026
+73.9% Nifty 50 TRI
+88.0% S&P 500 TR
Holdings before tax
INR 17,786,962
USD 261,478
Capital gains tax
Indian LTCG paid at source
INR 929,432 12.5% above ₹1.25L (Section 112A)
—
UK CGT top-up under DTAA (24% on GBP gain after credit)
GBP 1,248 credit for Indian tax already paid
GBP 21,389 24% above £3,000 allowance
As of May 8, 2026, in pounds
Converted back to GBP, post-tax on May 8, 2026
GBP 129,837 at 128.60 INR/GBP
GBP 170,733 at 1.361 USD/GBP
Final, rounded
GBP 129,800
GBP 170,700
Sources.Index returns from primary sources: Nifty 50 Total Returns Index (NSE Indices) 21,084.26 on May 7, 2021 to 36,670.88 on May 7, 2026 = +73.9%. S&P 500 Total Return Index 8,787.82 on May 7, 2021 to 16,516.80 on May 8, 2026 = +88.0%. FX rates from Google Finance / RBI archive. UK CGT at 24% higher rate (post-October 2024 budget) per HMRC GOV.UK; £3,000 annual exempt amount for 2025-26. India-UK DTAA provides foreign tax credit for Indian LTCG.
Two assumptions worth knowing about.First, we’ve assumed Aarav holds an Indian mutual fund with UK Reporting Fund Status (UKRFS), so gains are taxed at UK CGT rates (24% for higher-rate taxpayers). Many Indian mutual funds do not have UKRFS, in which case gains would be taxed as Offshore Income Gains at UK income tax rates (40% higher rate), making Aarav’s outcome materially worse. Second, a small portion of Priya’s gain comes from reinvested dividends, which UK rules tax annually at dividend tax rates (33.75% for higher-rate taxpayers, above the £500 dividend allowance), even in accumulating ETFs. We’ve used a clean 24% CGT figure; the blended effective rate including the dividend treatment is closer to 25-26%.
Money assumed to stay invested where placed; tax shown as if realized on May 8, 2026.
Calculation uses Nifty 50 TRI (Total Returns Index, includes reinvested dividends) and S&P 500 TR from May 7, 2021 to May 7/8, 2026, sourced from NSE Indices and S&P Dow Jones Indices. GBP-INR validated against Google Finance (102.47 in May 2021, 128.60 in May 2026). GBP-USD derived consistently. UK CGT at 24% higher rate per HMRC. India-UK DTAA mechanics: Aarav pays Indian LTCG of 12.5% on his rupee gain, plus UK CGT top-up with credit for Indian tax already paid. Tax rules vary by individual circumstances and warrant professional review. Past performance is not indicative of future results. Not investment advice.
A short calculation
Most NRIs never see this calculation for themselves.
Aarav and Priya both moved from Bangalore to Berlin. In May 2021, each had EUR 100,000 saved up. Aarav remitted his to India and bought a Nifty 50 fund. Priyakept hers in euros and bought an S&P 500 ETF. Both indices had a strong five years.
As of May 8, 2026, this is where their money sits, in euros (the currency they earn and spend in):
Aarav
Invested in India
Started with
EUR 100,000
Worth on May 8, 2026, in euros
EUR 132,000
+32.0%
Priya
Invested in US
Started with
EUR 100,000
Worth on May 8, 2026, in euros
EUR 176,000
+76.0%
The gap
EUR 44,000
Same starting capital. Same five years. Same effort. The difference: where the money sat, and what currency and tax did to it.
Most NRIs see the headline returns. Few ever calculate what those returns become after the rupee weakens and after tax wherever they live.
Where Aarav’s gain went
Nifty 50 total return over 5 years (in rupees, with reinvested dividends)
+73.9%
Rupee weakened from 89.03 to 111.18 against the euro
−19.9% drag
German tax on his gain when he sells (the India-Germany agreement gives Germany the sole right to tax mutual fund gains, so Aarav doesn’t pay Indian tax on this)
−5.0% drag
One-time remittance friction
−0.2%
Net result, in euros
+32.0%
Step
Aarav
Priya
Starting position
Started with
EUR 100,000
EUR 100,000
Converted to local currency on May 7, 2021
INR 8,903,000 at 89.03 INR/EUR
USD 121,100 at 1.211 USD/EUR
After 0.2% conversion friction
INR 8,885,194
USD 120,858
Five years of market return
Index total return (price + reinvested dividends) May 7, 2021 to May 7/8, 2026
+73.9% Nifty 50 TRI
+88.0% S&P 500 TR
Holdings before tax
INR 15,454,018
USD 227,152
Capital gains tax
Indian tax
INR 0 DTAA Article 13(5): Germany has sole right to tax mutual fund gains
—
German Abgeltungsteuer (after Teilfreistellung 30% and Sparer-Pauschbetrag €1,000)
EUR 7,015 18.46% effective on equity ETF gains
EUR 16,982 18.46% effective on equity ETF gains
As of May 8, 2026, in euros
Converted back to EUR, post-tax on May 8, 2026
EUR 131,985 at 111.18 INR/EUR
EUR 176,011 at 1.177 USD/EUR
Final, rounded
EUR 132,000
EUR 176,000
Sources.Index returns from primary sources: Nifty 50 Total Returns Index (NSE Indices) 21,084.26 on May 7, 2021 to 36,670.88 on May 7, 2026 = +73.9%. S&P 500 Total Return Index 8,787.82 on May 7, 2021 to 16,516.80 on May 8, 2026 = +88.0%. FX rates from Google Finance / ECB. German Abgeltungsteuer at 26.375% (25% + 5.5% solidarity surcharge) per BMF. Equity ETF Teilfreistellung of 30% per §20 InvStG (Investment Tax Act), giving effective rate of 18.46% on equity ETF gains. Sparer-Pauschbetrag €1,000 per individual.
How the India-Germany tax treaty works for Aarav. Article 13(5) of the India-Germany DTAA is a residual clause: gains from the sale of property other than immovable property, business assets, ships and aircraft are taxable only in the country of residence. Indian mutual fund units are units of a trust, not shares of a company, so they fall under this residual clause. Two recent ITAT rulings (Saket Kanoi vs DCIT, Delhi 2024, on India-UAE; Anushka Sanjay Shah, Mumbai 2025, on India-Singapore) have confirmed this interpretation, which applies analogously to the India-Germany treaty since the residual clause language is identical. Result: Germany has the sole right to tax Aarav’s mutual fund gains, and India does not.
Practical reality worth knowing about. Indian fund houses still typically deduct TDS at redemption (12.5% on equity LTCG). Aarav reclaims this by filing an Indian tax return (ITR-2) with a UAE/Germany Tax Residency Certificate and Form 10F, claiming the DTAA benefit. The math above shows the DTAA-correct outcome; the practical cash-flow timing involves a refund cycle that can take months.
Money assumed to stay invested where placed; tax shown as if realized on May 8, 2026.
Calculation uses Nifty 50 TRI (Total Returns Index, includes reinvested dividends) and S&P 500 TR from May 7, 2021 to May 7/8, 2026, sourced from NSE Indices and S&P Dow Jones Indices. EUR-INR validated against Google Finance (89.03 in May 2021, 111.18 in May 2026). EUR-USD derived consistently. German Abgeltungsteuer at 26.375% with 30% Teilfreistellung for equity ETFs (effective 18.46%) and €1,000 Sparer-Pauschbetrag per BMF. India-Germany DTAA Article 13(5) gives Germany the sole right to tax mutual fund gains for German residents (residual clause; ITAT precedent confirms mutual fund units fall under this clause as they are not "shares"). Tax rules vary by individual circumstances and warrant professional review. Past performance is not indicative of future results. Not investment advice.
After seeing that
Where does the hesitation actually live now?
A calculation isn’t always enough to move someone. Sometimes it sharpens the question. Pick the one that feels closest to where you are right now.
Looking at what you just read, which of these is closest to true?
What would actually move you
If you did start in the next 90 days, what would have to be true?
Be honest, even if some of these feel like they shouldn’t matter. Pick up to three.
Which of these would actually unlock you?
Now, your reaction
Two questions about what you just read.
Did you know this kind of gap could exist for cross-border investing?
When you read Aarav’s situation, how does it make you feel about your own?
What you’d want
If you had a tool that did this calculation continuously across all your accounts, what would you most want from it?
Pick the three that matter most to you. If you’re torn between options, that’s the signal we need most.
If it existed
What would feel like a fair monthly subscription price for this?
For reference
A CA in India for NRIs (filing and basic advisory)
$200–500 per year (~$17–42 / month)
Local tax filing in your country of residence
Varies by country
An online research / advisory subscription
$10–30 per month
A personal financial advisor (1–2% of assets)
$80–160 per month on a $100K portfolio
Netflix
$14 / month
Almost done
One last thing.
Would any of these be useful to you?
Pick whichever apply. Each one means I’ll reach out by email about that specific thing. No marketing lists, no third parties.
For you, specifically
Different situation, same kind of question.
You invest in India, and that comes with its own set of decisions that nobody really helps you with. Which mutual funds are still worth holding. Whether to add global exposure. How to know when to exit. How to make sure your portfolio actually matches your goals.
The next five questions are about what you’ve experienced, what you’ve tried, and what would actually help. Your answers shape this directly.
About 3 minutes.
Your situation
Right now, what does your investing situation actually look like?
A bit more context
Got it. Help us understand your situation a little better.
A few questions so we understand where you’re starting from.
What’s most true for you right now?
When you think about why you haven’t started investing, which feels closest?
Pick up to three.
A bit more about your situation
Two questions to help us understand where you’re starting from.
Best estimates are fine. None of this gets shared anywhere.
Roughly, what’s your current monthly income?
Optional, but it helps us tailor what we’d actually recommend. Whichever bracket feels right is fine.
Which of these are true for you right now?
Pick all that apply.
What’s in your head about all this
Some of these probably feel true. Tell us which ones.
Be honest. There are no wrong answers, and the ones you pick tell us more than the ones you don’t.
Which of these match what you currently believe?
Check all that resonate. Skip any that don’t.
A short calculation
Most Indians who eventually start investing wish they’d started earlier.
If five years ago you’d put ₹10,000 a monthinto a Nifty 50 index fund, here’s where you’d be on May 8, 2026, after Indian capital gains tax.
You would have invested
₹6,00,000
It would be worth
₹7,80,000
The difference
+₹1,80,000(+30%)
The Nifty 50 returned about 10% a year over this stretch. The difference came from time in the market, not from picking right.
We’re not showing you this to make you feel bad about not starting. We’re showing it because almost no one we’ve talked to has actually done this calculation for themselves.
Looking at this, what comes up for you?
After seeing that
Where does the hesitation actually live now?
A calculation isn’t always enough to move someone. Sometimes it sharpens the question. Pick the one that feels closest to where you are right now.
Looking at what you just read, which of these is closest to true?
What would actually move you
If you did start in the next 90 days, what would have to be true?
Be honest, even if some of these feel like they shouldn’t matter. Pick up to three.
Which of these would actually unlock you?
How it feels right now
Which of these match how you currently feel about your investments?
Check all that resonate. Skip any that don’t.
What you’d want
If you had a tool that monitored your full portfolio and gave you specific recommendations, what would you most want from it?
Pick the three that matter most to you. If you’re torn between options, that’s the signal we need most.
If it existed
What would feel like a fair monthly subscription price for this?
For reference
A CA for ITR filing (basic salaried, with mutual funds)
₹3,000–5,000 per year (~₹250–415 / month)
A CA with tax planning and advisory (HNI / complex)
₹15,000–30,000 per year (~₹1,250–2,500 / month)
An online research subscription with model portfolios
₹2,000–5,000 per year (~₹165–415 / month)
A SEBI-registered financial advisor (1–2% of assets)
₹4,000–8,000 per month on a ₹50L portfolio
Netflix
₹500 / month
Almost done
One last thing.
Would any of these be useful to you?
Pick whichever apply. Each one means I’ll reach out by email about that specific thing. No marketing lists, no third parties.
That’s everything
Thank you, truly.
You gave me five minutes of honesty. That’s more than most surveys deserve.
Your answers are now part of how this product gets shaped. Not a generalization across thousands. Yours, specifically, alongside a few hundred other voices that matter.
Want to talk it through?
Book a 30-minute conversation.
No pitch — just a chance to walk through anything from the survey that’s worth unpacking.