TresoWealth is a specialized wealth management platform connecting global investors with premium Indian investment opportunities. Founded by experienced professionals with extensive non-resident experience, we serve as the interface between product manufacturers and investors, enabling access to customized investment solutions in India.

We provide access to Alternative Investment Funds (AIFs) and Portfolio Management Services (PMS) through the International Financial Services Center (IFSC) in GIFT City via Treso Wealth Management Pvt. Ltd.

Each investment product has different minimum requirements:

• AIFs: Generally $150,000 (can be reduced to $25,000 for accredited investors)
• PMS: $50,000

Yes. TresoWealth is a regulated intermediary licensed to distribute AIF & PMS products. We never hold your funds directly - all client assets are maintained in dedicated accounts with IFSC-regulated third-party custodians under your name.

We don't charge investors directly. Our revenue comes from the fund companies whose products we distribute.

Your investments remain secure as they are held in your name with third-party custodians. In the unlikely event of TresoWealth's closure, you retain full ownership and can manage or withdraw your investments directly from the relevant AIF/PMS provider.

GIFT City (Gujarat International Finance Tec-City) is India's first International Financial Services Centre (IFSC), offering:

• Robust Regulatory Framework
• Governed by the unified International Financial Services Centres Authority (IFSCA)
• Foreign investors can invest in foreign currencies with unrestricted repatriation
• Key Advantages
• 10-year tax holiday on business income
• No Goods and Services Tax (GST)
• No Securities Transaction Tax (STT)
• Exemption from Dividend Distribution Tax
• Competitive with global financial centers like Singapore and Dubai

Both operate as irrevocable trusts with investors as beneficiaries, but with key differences:

• IFSC Funds:
  • Target offshore and NRI investors
  • Investment manager fees exempt from 18% GST
  • No tax on derivatives gains
  • Lower tax rates on interest and dividend income
  • No requirement for Indian tax ID (PAN) for investors

AIFs are privately pooled investment vehicles regulated by authorities that collect funds for investing according to defined policies:

• Category I AIF
  • Invests in startups, SMEs, and social impact ventures
  • Minimum Investment: $150,000 ($25,000 for accredited investors)
  • Low liquidity with 7-10 year investment horizon
  • Close-ended structure
  • Limited leverage (temporary needs only: ≤ 30 days, ≤ 4 occasions yearly, ≤ 10% of investable funds)
  • Examples: Venture capital funds, angel funds, social venture funds
• Category II AIF
  • Invests in private equity, debt, or real estate
  • Minimum Investment: $150,000 ($25,000 for accredited investors)
  • Moderate risk with medium-term liquidity
  • Close-ended structure
  • Same leverage restrictions as Category I
  • Examples: Private equity funds, debt funds, real estate funds
• Category III AIF
  • Employs diverse trading strategies, including leverage and derivatives
  • Minimum Investment: $150,000 ($25,000 for accredited investors)
  • Higher risk profile with relatively more liquid investments
  • Examples: Hedge funds, PIPE funds, strategy funds

PMS provide personalized investment management by professional portfolio managers:

• Discretionary PMS
  • Portfolio manager makes all investment decisions
  • Minimum Investment: $50,000
  • Professional management with regular reporting
• Non-Discretionary PMS
  • Manager suggests investments but requires your approval
  • Minimum Investment: $50,000
  • Greater client control with professional guidance
• Advisory PMS
  • Manager provides advice only; you handle execution
  • Minimum Investment: $50,000
  • Complete control over your investment decisions

Yes. In addition to cash, you can transfer an existing portfolio of stocks, bonds, or mutual funds to a Portfolio Manager. However, the Portfolio Manager may, at their discretion, sell these securities to align with your investment strategy.

The choice depends on your investment goals:
Consider AIFs if you:

• Seek exposure to alternative assets like startups or private equity
• Have a longer investment horizon (5+ years)
• Want access to specialized investment strategies not available publicly
• Can accept lower liquidity for potentially higher returns

Consider PMS if you:

• Prefer customization based on your financial goals
• Want greater transparency and control over your investments
• Need more flexibility with withdrawals
• Have a moderate investment amount

There are significant tax benefits available to NRIs with regard to investments made in GIFT City and which may be ordinarily in foreign currency:

• Tax exemption on interest earned from deposits made in an Offshore Banking Unit in GIFT City. The exemption is also available on interest earned from money lent to any unit located in GIFT City's International Financial Services Centre, provided the loan was made after September 1, 2019.
• Tax exemption on income earned from investments managed by a portfolio manager in GIFT City's International Financial Services Centre. This income must come from investments outside India, managed in an account with an Offshore Banking Unit in GIFT City. The investments should be managed according to rules set by the government and regulators.
• Exemption from capital gains tax if NRIs invest in certain securities on a recognised stock exchange in GIFT City. The eligible investments include foreign currency bonds, rupee-denominated bonds, derivatives, mutual fund units, alternative investment funds, business trusts, equity shares in foreign currency, bullion receipts, and exchange-traded funds. To qualify, these investments must be bought or sold in foreign currency. The transaction should occur specifically on an approved exchange within GIFT City.
• Tax exemption on income earned from non-deliverable forward contracts, offshore derivatives, or over-the-counter derivatives through an Offshore Banking Unit in GIFT City. To qualify, these financial products must be arranged with a registered banking unit in GIFT City. Importantly, the transactions should not be conducted through NRI's permanent establishment in India. The Offshore Banking Unit ensures compliance with these rules.
• Tax exemption on income earned from holding or transferring units in specified investment funds located in GIFT City. A specified fund includes shares or partnership interests in eligible investment structures.

The exemptions listed above are exclusively available to individuals who qualify as Non-Residents of India. It would not apply to individuals categorized as 'Resident but Not Ordinarily Resident' (RNOR) and more so to individuals working in the Middle East due to the deemed residency condition. Simply being an RNOR does not confer eligibility for the benefits outlined above.

You need to obtain a Tax Residency certificate from the tax authorities of the country where you are a resident. There is a requirement to provide a specified form 10F along with the Tax Residency certificate if the TRC does not contain all the information for the individual to claim benefits of the relevant DTAA in India.

The determination of residency under a tax treaty typically follows a set of established guidelines to avoid double taxation and determine which country has the right to tax an individual's income. A general overview of how residency is usually determined under a tax treaty is given below:

• Resident Status: First, each country involved will determine whether the individual is considered a resident under its domestic tax laws. This usually involves criteria as provided in the domestic laws which would be like the person's physical presence, domicile, citizenship etc.
• Tie-Breaker Rules: If an individual is considered a resident of both countries under their domestic laws, the tax treaty's tie-breaker rules will apply to determine the country of residency for treaty purposes. These rules typically consider:
  • Permanent Home: Priority is given to the country where the individual has a permanent home available.
  • Centre of Vital Interests: If a permanent home is available in both or neither country, the country where the individual has stronger personal and economic ties (centre of vital interests) is considered.
  • Habitual Abode: If the centre of vital interests cannot be determined, the country where the individual habitually resides (i.e., the country where the individual spends more time) is considered.
  • Nationality: If the above criteria do not resolve the residency, the individual's nationality may be considered.
  • Mutual Agreement: If all else fails, the competent authorities of the countries involved will determine the residency through mutual agreement based on the individual's circumstances.

Each tax treaty may have variations on these rules, so it's essential to refer to the specific treaty involved to understand the exact criteria for determining residency. This helps ensure that taxes are paid appropriately without double taxation, respecting the fiscal rights of each country involved.

Determining the residential status for tax purposes in India hinges on the individual's physical presence in India during the financial year (FY), which runs from April 1st to March 31st of the following year. Indian tax law categorizes individuals into two primary residency statuses, with a third category focusing on the nuanced condition of residency:

1. Resident:An individual is considered a resident of India for tax purposes if they meet any of the following conditions:
   • Presence in India for 182 days or more during the FY, or
   • Presence in India for 60 days or more during the FY and 365 days or more during the four years preceding the FY.
   There are following exceptions to the 60-day rule which needs to be specifically considered:
   • For Indian citizens leaving India for employment abroad or as a member of an Indian ship's crew, only the 182-day condition needs to be considered in the year of departure.
   • For Citizen of India or Person of Indian Origin, who being outside India came on a visit to India, only the 182-day condition is the determinative test for the relevant year for which residency is being determined. Where such an individual has India sourced income exceeding INR 15 lakh, then instead of 60-day test, 120 days would have to be considered for the relevant year for which residency is being determined.
2. Non-Resident (NR):An individual who does not satisfy either of the conditions for Resident criteria mentioned at 1. a) and b) above is considered a NR.
   With regard to Indian citizens who do not fulfil either of the basic conditions for determining residency, generally they would qualify as NR. However, if such individuals are not liable to tax in any other country and have total income other than those from foreign sources exceeding INR 15 lakhs during the relevant FY, they are considered as Resident but Not Ordinarily Resident (RNOR). This concept is referred to as deemed residency. If the income of such individual is INR 15 lakh or less, he will be considered as a NR.
3. An individual classified as a Resident may further be considered RNOR or Resident and Ordinarily Resident (ROR) depending on his stay pattern in the preceding years which needs to be seen on a case-to-case basis.
   Generally, a Resident subject to certain exceptions would be considered to be RNOR if he fulfils either of the following conditions:
   • He must be a NR in India for at least 9 out of the 10 years immediately preceding the relevant financial year.
   • He must have stayed in India for 729 days or less during the 7 years immediately preceding the relevant financial year.
   A Resident not fulfilling either of the conditions would be ROR liable to tax on his worldwide income in India.
   An individual would qualify to be RNOR in the following situations as well:
   • Individual being an Indian citizen is covered under a deemed residency clause if he is not liable to tax in any country and his India sourced income exceeds INR 15 lakhs during the relevant financial year or
   • Individual being a citizen of India or person of Indian origin and has India sourced income exceeding INR 15 lakhs during the relevant financial year and his physical presence in India for the relevant year is 120 days or more but less than 182 days.

Overall, for determining the number of days stay in India, the law does not envisage that the stay needs to be continuous. The total number of days of presence in India throughout the financial year is what matters. Also, generally both the days of arrival and departure are counted towards the physical presence in India though there are few rulings which suggest that only completed days need to be considered.
Additionally, if you are based in a country which has a Double Taxation Avoidance Agreement (DTAA) with India, you may be entitled to treaty benefits on fulfilment of certain conditions that could reduce your tax liability in India. To be eligible to claim the benefit of DTAA, you should qualify as a Resident of that country. Therefore, determining one's tax residency is crucial since it dictates the scope of taxable income in India.

There are several countries that do not impose personal income taxes on individuals. Here are some of the countries known for having no personal income tax:

• United Arab Emirates including Dubai, Abu Dhabi, Sharjah
• Bahrain
• Kuwait
• Oman
• Qatar
• Saudi Arabia
• Monaco
• Bahamas
• Bermuda
• Cayman Islands

When considering the list of countries that do not impose personal income taxes, it is crucial to validate this information periodically as tax laws and regulations can change.
Individuals who live in these countries and visit India for short duration would qualify as RNOR where their total income other than those from foreign sources exceeds INR 15 lakhs during the relevant FY. In the event, such income is INR 15 lakh or less, they would qualify as NR of India.

• Long-Term Capital Gains (LTCG) Exemptions:
  • Exemption on LTCG from the sale of a residential house is available if the gains are reinvested into purchasing or constructing one residential house in India within the specified time frame (1 year before or 2 years after the sale or 3 years for construction). This is subject to a cap of INR 10 crore as cost of the new house and there are some additional conditions to be considered as well.
  • Exemption on LTCG from the sale of land or buildings or both, is available if the gains are invested in bonds issued by the National Highway Authority of India (NHAI) or Rural Electrification Corporation (REC) or Power Finance Corporation etc within 6 months of the sale, subject to a cap of INR 50 lakhs.
  • Exemption on LTCG from the sale of any long-term capital asset (other than a residential house) is available when the net sale consideration is reinvested into purchasing or constructing one residential house in India, subject to certain conditions. This is subject to a cap of INR 10 crore as cost of the new house.
• Interest Income Exemption:
  • Interest earned on funds held in NRE (Non-Resident External) accounts is completely exempt from Indian taxes.
  • Interest earned on FCNR (Foreign Currency Non-Resident) accounts is generally exempt from Indian taxes, although some restrictions might apply depending on the account type and tenure.
• Long Term Capital Gain Exemption on sale of listed equity shares/equity oriented funds:
  • Long-Term Capital Gains in excess of INR 1.25 lakh are subject to 10% rate for transactions before July 23, 2024. This rate increases to 12.5% for transactions on or after July 23, 2024. The gain in this regard is calculated without the benefit of indexation regardless of the taxpayer's income tax slab.
• Others:
  • Agricultural income is exempt from tax in India. However, it is included in total income for rate purposes.
  • Interest from account maintained with Public Provident Fund. While NRIs cannot open new PPF accounts, existing accounts opened while being residents can be continued until maturity.
  • Gifts received from relatives as defined under the Income Tax Act are exempt from tax. However, regulatory implications should be considered separately depending on the type of gift.
  • Maturity proceeds from a life insurance policy are exempt from tax provided the premium does not exceed 10% (or 15% in specified cases) of the sum assured. The tax exemption depends on the year of policy issuance and whether conditions like premium limits and purpose of receipt (e.g., death vs. maturity) are met. Each case must therefore be evaluated individually.

Additionally, it is also important to consider Tax treaty benefits that may apply to your situation, which can offer relief from double taxation or even exemption from tax in India. These benefits depend on the specific provisions of the tax treaty between India and the country where the income is earned. To be eligible to claim the benefit of tax treaty, you should qualify as a Resident of the country.

Yes, foreign investors must comply with both Indian requirements and their home country regulations:

• US Investors
  • Must meet SEC criteria: net worth exceeding $1 million (excluding primary residence) OR
  • Annual income exceeding $200,000 individually/$300,000 jointly for two consecutive years
• UK Investors
  • Must qualify as "sophisticated investors" or "high net worth individuals" under FCA regulations
• Singapore Investors
  • Must meet MAS accredited investor criteria (net worth over SGD 2 million)

Copies certified as 'true copies' by any of these authorities are accepted:

• Authorized official of a bank in a FATF-compliant jurisdiction with whom you have a banking relationship
• Notary Public (outside India)
• Court Magistrate (outside India)
• Judge (outside India)
• Certified public or professional accountant (outside India)
• Lawyer (outside India)
• Embassy/Consulate General of the country of which you are a citizen
• Any other authority specified by the relevant regulatory authority