NRIs / OCIs
May use eligible GIFT IFSC structures for India-focused or other investment opportunities.
NRI / OCI Investing
GIFT City Investing for NRIs & OCIs Explained Simply
Living outside India and looking to invest in Indian opportunities? GIFT IFSC is India's international financial centre, created to facilitate cross-border financial services from India. It brings together fund managers, banks, exchanges, insurers and other financial institutions under the regulatory framework of the International Financial Services Centres Authority (IFSCA). For NRIs and OCIs, this creates another route to explore India-focused and international investment funds from an international financial jurisdiction within India.
NRIs & OCIsUSD-denominatedIFSCA-regulatedIndia & global strategies
Why it matters
Why Should an NRI Know About GIFT City?
Traditionally, an NRI looking to invest in India might use Indian mutual funds, equities, deposits, PMS/AIF structures or other investment routes. GIFT IFSC adds another ecosystem to consider. The important difference is that GIFT IFSC has been designed specifically for international and cross-border finance.
IFSCA has also taken specific steps to facilitate investment by NRIs and OCIs into Indian securities through funds established in IFSC. Under the framework announced in 2024, qualifying IFSC-based FPIs can have NRI/OCI/RI investors contribute up to 100% of their corpus, subject to the applicable conditions.
NRI living abroad
↓ Invests in an eligible GIFT IFSC fund
↓ Fund may invest in Indian securities
↓ Investor receives exposure according to that fund's strategy
Compiled from official material published by IFSCA circular facilitating investments by NRIs and OCIs into Indian securities through IFSC funds (2 May 2024). Figures carry the period stated by the publishing authority. Always verify current requirements before acting.
Investment options
What Can NRIs Invest In Through GIFT City?
GIFT City is not one investment product. Different Fund Management Entities (FMEs) can operate different schemes with different mandates. Depending on the particular fund, the investment strategy could include:
- Indian equities
- Indian debt
- Global equities
- International feeder strategies
- Private equity / venture capital
- Private credit
- Infrastructure
- Real estate-related strategies
- Multi-asset strategies
- Other permitted alternative or specialised strategies
The important question isn't simply “Can NRIs invest in GIFT City?” it is “Which GIFT City funds am I eligible for, and what does that particular fund invest in?”
Eligibility
Can NRIs Invest in GIFT City Funds?
Yes, eligible NRIs and OCIs can invest in GIFT IFSC funds that permit them, subject to the individual fund's eligibility criteria, applicable regulations, KYC/AML requirements and offer documents. In fact, IFSCA specifically worked with SEBI and other authorities to facilitate greater NRI and OCI participation in Indian securities through IFSC-based funds. However, this does not mean every fund listed in GIFT City automatically accepts every NRI.
Eligibility can depend on:
- Fund structure
- Investor category
- Country of residence
- Minimum investment
- Fund documentation
- KYC/AML requirements
- Applicable tax and regulatory rules
Therefore, GIFTCity360 displays eligibility at the individual fund level wherever verified data is available.
Currency
Can I Invest in US Dollars?
Many GIFT IFSC investment structures operate in foreign currencies, with USD commonly used across the international financial ecosystem. For an NRI already earning or holding money abroad, this can make the investment journey different from first moving money into a conventional INR investment route.
USD held abroad → Eligible USD subscription into GIFT IFSC fund → Fund deploys capital according to its investment strategy
But the actual subscription currency, base currency and redemption currency must always be checked for the individual fund.
Important
USD-denominated does not mean zero currency risk.
If you invest USD 10,000 into a USD-denominated GIFT IFSC fund that ultimately invests in Indian equities, the transaction may begin in USD but the underlying portfolio may have exposure to INR assets. Movements between INR and USD can still influence investment outcomes.
GIFTCity360 separately shows, wherever available: Fund Currency | Underlying Geography | Underlying Asset Currency
Conversion
Do I Need to Convert My Dollars Into INR?
Not necessarily at the investor level. If an eligible GIFT IFSC fund accepts subscriptions in USD, an NRI may be able to subscribe using the permitted foreign-currency route rather than personally converting the investment into INR first. The fund or investment structure then handles deployment according to its mandate.
Traditional INR route
USD → INR → Indian investment
Possible GIFT IFSC fund route
USD → GIFT IFSC fund → underlying investments
But this should not be marketed as eliminating foreign-exchange costs or currency risk. The actual banking route, conversion mechanics and costs depend on the fund, bank and investment structure.
Fund direction
India-Focused vs Global GIFT City Funds
This is one of the easiest ways to understand the ecosystem.
Inbound World → GIFT IFSC → India
An overseas investor uses a GIFT IFSC structure to obtain exposure to Indian opportunities.
NRI in Dubai → GIFT IFSC India-focused fund → Indian securities
This is broadly what we refer to on GIFTCity360 as an Inbound Fund.
Outbound / Global Investor → GIFT IFSC → Global Markets
Some GIFT IFSC funds can instead provide exposure to international markets or overseas strategies.
Investor → GIFT IFSC global/feeder fund → International assets
This is broadly what we refer to as an Outbound or Global Fund.
These are useful discovery labels, not substitutes for the official legal classification or investment objective of a scheme.
Minimums
What Is the Minimum Investment?
There is no single minimum investment for all GIFT City funds. The minimum depends on the fund structure and the individual scheme.
Under the current IFSCA Fund Management Regulations, a Restricted Scheme generally permits investors investing at least USD 150,000, while accredited investors are exempt from that minimum; specified employees/directors/designated partners of the FME have a lower USD 40,000 threshold. Retail schemes and other structures can operate differently.
Always check: Minimum Investment → on the individual fund page. GIFTCity360 displays the latest verified minimum wherever available.
Compiled from official material published by IFSCA (Fund Management) Regulations, 2025. Figures carry the period stated by the publishing authority. Always verify current requirements before acting.
How to invest
How Can an NRI Invest Through GIFT City?
- 1
Understand your investor status
Confirm whether you are investing as an NRI, OCI, Foreign Investor or Institution.
- 2
Decide what exposure you want
Are you looking for India exposure, global exposure, equity, debt, alternatives or private markets?
- 3
Discover relevant GIFT City funds
Use GIFTCity360 to compare available funds based on fund manager, strategy, NAV, performance, benchmark, holdings, currency, minimum investment, inception and documents where that data is available.
- 4
Verify your eligibility
Check whether the particular fund accepts NRIs/OCIs, investors from your country, your investor category and your investment amount.
- 5
Complete onboarding
Depending on the fund and investor, documentation may include passport/identity proof, PAN where applicable, overseas address proof, bank details, tax-residency information, FATCA/CRS declarations, source-of-funds information, OCI documentation where applicable and fund-specific subscription forms. The exact list must be confirmed with the relevant FME/intermediary.
- 6
Remit through the permitted banking route
Follow the subscription instructions provided in the official fund documentation.
- 7
Receive your allotment
Once the application, KYC and subscription are accepted, units/interests are allotted according to the scheme's process.
- 8
Track the investment
Monitor NAV, returns, benchmark, portfolio, holdings, fund documents and manager updates where available through GIFTCity360.
Taxation
How Are GIFT City Investments Taxed for NRIs?
GIFT City is not automatically “tax-free” for every NRI.
GIFT IFSC has specific tax provisions and incentives, but the tax treatment of an individual investment can depend on your tax residency, the legal structure of the fund, the type of income or transaction, applicable Indian tax provisions and the tax laws of the country where you live.
An Indian tax exemption or concession does not necessarily mean that the income is exempt in your country of residence. Someone living in UAE, USA, UK, Singapore, Canada or Australia can face different home-country tax and reporting rules even when investing in the exact same GIFT IFSC product.
Indian tax treatment + Home-country tax treatment = Your actual tax picture. GIFTCity360 explains the Indian framework, but investors should obtain appropriate professional advice for their individual circumstances.
Special note
Special Note for U.S. Taxpayers
If you are a U.S. taxpayer, additional tax and reporting considerations can be important. Certain foreign corporate investment structures can fall within the U.S. Passive Foreign Investment Company (PFIC) rules. The IRS states that a U.S. person who directly or indirectly owns a PFIC may have Form 8621 filing obligations in specified circumstances. This does not mean every GIFT City fund is automatically a PFIC the classification depends on the actual legal vehicle and circumstances.
U.S. taxpayer? Verify the specific fund's U.S. tax classification before investing.
Compiled from official material published by U.S. IRS Form 8621 / PFIC guidance. Figures carry the period stated by the publishing authority. Always verify current requirements before acting.
The broader ecosystem
Is GIFT City Only for NRIs?
No. The broader GIFT IFSC ecosystem can serve different categories of investors and financial institutions. GIFT City is better understood as an international financial ecosystem located in India, rather than an NRI investment product.
Resident Indians
Can access permitted international financial products/services through the applicable FEMA/LRS framework.
Foreign Investors
Can use qualifying IFSC structures for India or other investment exposure.
Institutions & Family Offices
Can access institutional, alternative and private-market structures subject to eligibility.
The case
Why Consider GIFT City as an NRI?
GIFT City should not be presented as automatically better than every existing NRI investment route. Instead, it gives investors another regulated ecosystem to evaluate.
- Access to eligible India-focused IFSC funds
- Foreign-currency-oriented investment structures
- Access to different fund strategies
- International financial infrastructure within India
- Dedicated IFSC regulatory framework
- Potentially different operational and tax structures depending on the product
- Growing ecosystem of global and Indian financial institutions
The correct question is not “Is GIFT City better?” it is “Does a particular GIFT IFSC product make sense for my investment objective, country, currency, tax position, minimum investment and risk profile?”
Before you invest
Before You Invest: 8 Things to Check
✓Investor eligibility
Does the fund accept NRIs/OCIs from your country?
✓Investment strategy
Where will your money actually be invested?
✓Currency
What currency do you subscribe and redeem in?
✓Minimum investment
What is the actual scheme minimum?
✓Fees
Management fee, performance fee and other expenses.
✓Liquidity
How frequently can you subscribe/redeem? Is there a lock-in or notice period?
✓Taxation
What applies in India and in your country of tax residence?
✓Official documents
Read the latest offer/placement document and disclosures.
Questions
Frequently Asked Questions
Can NRIs invest in GIFT City funds?
Yes, eligible NRIs and OCIs can invest in IFSC funds that permit them, subject to fund-specific and regulatory requirements. IFSCA has specifically facilitated greater NRI/OCI participation in Indian securities through IFSC-based funds.
Can an NRI invest in India in USD through GIFT City?
Certain GIFT IFSC funds accept foreign-currency subscriptions and may provide India exposure. The exact currency and route must be checked for the individual scheme.
Do I have to convert USD into INR before investing?
Not necessarily where the relevant IFSC fund accepts USD or another permitted foreign currency. The underlying fund may subsequently invest in INR assets.
Does that remove INR/USD currency risk?
No. Subscription currency and underlying portfolio currency are different things.
What is the minimum investment in a GIFT City fund?
There is no universal minimum. Restricted Schemes generally have a USD 150,000 threshold for non-accredited investors under current IFSCA rules, while other structures can have different minimums.
Are GIFT City funds tax-free for NRIs?
Not universally. Tax depends on the fund structure, income/transaction, Indian tax provisions and the investor's country of tax residence.
Can an OCI invest?
Eligible OCIs can participate in IFSC funds subject to the individual scheme and applicable regulations. IFSCA's NRI/OCI facilitation framework explicitly covers OCIs.
Can a U.S.-based NRI invest?
Potentially, where the fund accepts the investor, but U.S. taxpayers should separately examine U.S. tax classification and potential PFIC/Form 8621 implications.
Who regulates GIFT City funds?
Fund-management activity in GIFT IFSC is regulated by IFSCA, the International Financial Services Centres Authority.
Where can I see GIFT City funds?
GIFTCity360's Funds section contains the deeper tracked universe, while Marketplace shows the broader fund universe available across GIFT IFSC.
Keep going
Where to look next
Explore Funds
Browse every live IFSC fund NAV, strategy, currency, minimum and documents.
Browse All Funds
Asset managers and schemes operating out of GIFT IFSC, grouped by strategy.
How to Invest
The step-by-step route for Resident Indians, NRIs/OCIs and foreign investors.
Taxation
How returns are taxed by vehicle and by where the investor is resident.
Educational summary only. Fund terms, tax positions, minimums and regulatory requirements change read the offer document and consult a qualified adviser before investing.