> India even prohibits foreign long-term residents from maintaining an account in their country of nationality
That is very, very excessive... Do you know what the official reasoning is for that?
That is very, very excessive... Do you know what the official reasoning is for that?
Also, since that some may just scratch their head, here is the relevant provision from MasterCard (https://www.mastercard.us/content/dam/public/mastercardcom/n...).
It's the same in most countries. The regulatory burden may be different but banking presence is required in the country if you are serving domestic market at scale.
Indian residents can open HSBC expat account domiciled on the jersey island as an example.
It's the default regardless of the country unless you are sanctioned.
It's a factor but only a single one among multiple others.