7 Documentation Issues NRIs Face Investing in USD

"My application got rejected. They said my utility bill was too old."

We hear variations of this every day at Belong. An NRI in Dubai decides to invest in a GIFT City USD FD. They've done the research.

They've picked a bank. They've compared FD rates. They're ready.

Then documentation trips them up. Not because the paperwork is hard. Because nobody told them exactly what's accepted, what's rejected, and what catches banks off guard.

USD investments through GIFT City follow IFSCA rules, not RBI rules.

The document requirements look similar to NRE account opening but differ in critical ways. Here are the seven issues that delay or derail NRI investors, and how to avoid each one.

1. Your Passport Has Less Than Six Months Validity

GIFT City banks require a passport with at least six months remaining validity at account opening (Source: IFSCA KYC guidelines).

This mirrors international banking standards, not Indian domestic norms.

Many NRIs don't check. Their passport expires in four months. The bank rejects the application.

Renewal through the Indian consulate takes 2-4 weeks. The entire investment timeline shifts.

👉 Tip: Check your passport expiry before starting any GIFT City application. If it expires within 8 months, renew first.

2. Address Proof Gets Rejected More Than Any Other Document

This is the single biggest documentation headache. GIFT City banks accept overseas address proof dated within the last 3 months (Source: Belong GIFT City Guide).

Acceptable documents: utility bills, bank statements, or government-issued letters.

Here's what gets rejected regularly. Mobile phone bills (Etisalat/du) are not accepted by most GIFT City banks.

Bank statements older than 90 days expire before you finish applying. Address mismatch across your Emirates ID, utility bill, and salary certificate triggers clarification requests, adding 5-10 business days.

The fix: download a fresh DEWA bill (Dubai) or ADDC bill (Abu Dhabi) dated within the current month.

Make sure the address matches your Emirates ID. If you've moved, update your Emirates ID first.

👉 Tip: DEWA bills are the most universally accepted address proof for UAE NRIs opening GIFT City accounts.

3. PAN Card Confusion: Required or Not?

For basic GIFT City account opening, PAN is not mandatory (Source: Belong GIFT City Guide). Passport, overseas address proof, and Emirates ID suffice.

The catch: without PAN, you cannot claim DTAA benefits on your returns.

For GIFT City mutual funds or AIFs, PAN becomes essential for compliance and reporting. Applying for a new PAN from overseas takes 15-20 business days through NSDL or UTIITSL.

Our recommendation: get PAN sorted before you begin investing. It prevents bottlenecks later. If you've lost yours, here's how to reprint it.

4. No Tax Residency Certificate When You Need One

A Tax Residency Certificate (TRC) proves where you pay taxes.

It's mandatory for claiming DTAA benefits on Indian income (Source: Income Tax Act, Section 90). Most UAE NRIs don't have one until they suddenly need it.

For UAE residents, the TRC is issued through the EmaraTax portal by the Federal Tax Authority. You need 183+ days in the UAE (or 90+ days with specific ties). Processing takes about 5 business days.

Valid for one year from issue date. Cost: AED 50 submission fee plus processing fee. Read our detailed UAE TRC guide.

You'll also need Form 10F filed alongside the TRC with Indian tax authorities. Many NRIs discover this only at tax filing time, months after the investment was made.

👉 Tip: Apply for your UAE TRC as soon as you cross 183 days of residence. Don't wait until tax season.

5. Source of Funds Documentation Trips Up Larger Investors

For investments under $10,000, a bank statement showing adequate balance suffices.

For larger amounts ($25,000+), GIFT City banks follow IFSCA's AML guidelines and may request salary certificates, 6 months of bank statements, or proof of property sale/inheritance (Source: IFSCA AML/CFT guidelines).

The common mistake: NRIs try to fund from an NRO balance. This gets rejected because GIFT City is "foreign territory" under FEMA.

You must wire from your overseas bank. If your savings sit in an NRO account, repatriate them first, which has its own paperwork (Forms 15CA/15CB for amounts above ₹5 lakh).

Keep 6 months of UAE bank statements ready.

For lump sums from property sales or inheritance, have sale deeds or probate documents scanned.

6. FATCA Declaration Catches US-Connected NRIs Off Guard

If you hold a US Green Card, citizenship, or tax residency, the FATCA declaration is mandatory for GIFT City account opening (Source: IFSCA FATCA/CRS guidelines).

You must provide your SSN or ITIN. Some GIFT City banks have restricted account opening for US persons entirely due to compliance complexity.

Beyond the declaration, US NRIs face ongoing reporting. GIFT City mutual funds may be classified as PFICs under US tax law, requiring annual Form 8621.

Foreign accounts exceeding $10,000 in aggregate trigger FBAR reporting.

UK NRIs face a lighter version through CRS. Your GIFT City bank automatically shares account information with HMRC. No extra filing, but know your holdings are visible to UK tax authorities.

👉 Tip: US-connected NRIs should consult a cross-border tax advisor before opening any GIFT City account. The tax implications differ significantly from UAE NRIs.

7. Document Attestation Delays When Video KYC Isn't Available

IFSCA introduced video KYC in 2025 for NRIs in the UAE, US, UK, and other countries (Source: IFSCA).

Video KYC means 3-5 business days to account activation. Without it, the fallback is physical document attestation.

Video KYC may fail due to: your country not being on the approved list, technical issues (poor internet, lighting), limited bank scheduling slots, or account types requiring in-person verification.

In these cases, documents need Indian consulate attestation (AED 50-100 per document, 1-2 week wait for appointment) or local notarization (AED 200-500, faster).

Add 5-7 days for courier and processing. Total non-video path: 2-3 weeks versus 3-5 days.

👉 Tip: Always attempt video KYC first. Ensure stable WiFi, good lighting, plain background, and all original documents within reach. The Belong app offers simpler digital onboarding that avoids many attestation hurdles.

Get the Documents Right, and the Investment Follows

Most GIFT City investment delays aren't about choosing the wrong product.

They're about submitting the wrong utility bill or missing a TRC. The financial decision takes hours. The paperwork, if unprepared, takes weeks.

Thousands of NRIs in our WhatsApp community share real-time documentation tips, including which bank accepted which address proof, how long their TRC took, and what to say during video KYC. Join them before you start your application.

The Belong app streamlines much of this documentation pain. Single digital KYC.

No separate bank-by-bank applications. Compare rates, access GIFT City mutual funds, track GIFT Nifty, and explore AIFs from one place. Because your time should go into choosing the right investment, not fighting with paperwork.

Disclaimer: For informational purposes only. Not financial, tax or legal advice. Consult qualified advisors before investing. Regulations and documentation requirements subject to change. Information current as of February 2026.