GIFT City IFSC — the cleanest entry point.

An offshore financial centre, on Indian soil

GIFT City — Gujarat International Finance Tec-City — sits near Ahmedabad. Inside it lives India's only International Financial Services Centre (IFSC), regulated by IFSCA: a unified regulator that combines what RBI, SEBI, IRDAI and PFRDA do for the rest of India.

For practical purposes: products at IFSC are treated as offshore for Indian regulatory and tax purposes, even though they're physically inside India. That's the whole point. Foreign capital can transact in foreign currency, get tax pass-through on certain structures, and avoid the FEMA paperwork that would apply to mainland Indian products.

It's a deliberate copy of the Singapore / Dubai International Financial Centre playbook — bring offshore capital onshore by replicating offshore conditions.

What's actually accessible to a foreign national

• Open a Global Savings Account in USD, GBP, EUR, AED, SGD, CAD, AUD or HKD.
• Invest in IFSC mutual funds — some with USD 500 minimums.
• Buy into AIFs (Alternative Investment Funds) — typically USD 150,000 minimum, 3-year lock.
• Trade global equities — Apple, Tesla, Amazon — on NSE IFSC and India INX.
• Trade Indian bullion via the India International Bullion Exchange.
• Use feeder funds that invest into mainland Indian schemes — Indian equity exposure with IFSC tax benefits.

The tax advantages

• STT and CTT exempt on IFSC trades.
• No GST on financial services from IFSC intermediaries.
• Reduced withholding on certain bond interest (typically 4-9%, depending on bond type and listing date).
• Several capital gains streams exempt for non-residents on IFSC-listed instruments.
• From April 1, 2026: mutual funds and ETFs can relocate from Mauritius / Singapore / Luxembourg to GIFT City as a tax-neutral transaction. Expect a flood of new product options through 2026-27.

Account opening, step by step

1. Pick an IFSC Banking Unit (IBU). HDFC, ICICI, Kotak, Axis, SBI, Deutsche, Standard Chartered — all have GIFT City presence. Compare fees, currencies offered and product breadth before picking. As a foreign national, choose a bank whose international network you already use if possible — KYC carries over.
2. Submit video KYC. No India trip required. You'll need passport scans, a recent address proof, your home-country tax-resident status, and (often) a Tax Residency Certificate.
3. Fund the account. Wire foreign currency in. Banks typically clear within 2-3 business days. Use FX Compare to find the cheapest wire rate; banks routinely take 2-4% on FX which is meaningful on any wire over USD 25K.
4. Pick your products. Most retail foreign investors start with the savings account itself (USD-denominated, low-risk parking) and then layer in IFSC mutual funds. AIFs are larger commitments and require investor accreditation.

Frequently asked