I see a lot of HNIs and UHNIs have flats abroad in places like NYC, London, Singapore. How exactly are they remitting more than $250,000?
Maybe bank loans in the country where they are buying. Repayment would not be a issue as they are HNI’s. India allows USD 250,000 pa which would be adequate to repay the installment.
This is only my guess
As a resident Indian, you are not allowed to leverage outside of India.
Also, some of these properties are worth millions. It would take decades to repay the loans with the LRS allowance.
AFAIK, LRS is not an absolute limit on outward remittances.
Additional regulations/procedures/disclosures kick-in for higher volume of outward remittances that exceed the threshold permitted under LRS.
Also, outward remittance is not always involved in foreign purchases/investments.
Folks have income outside India, and assets already outside India to sell.
Ah that makes sense.
I ask this because it is very hard to get income outside India without being able to send capital there.
Ummm…
it’s easier these days as (compared to the past) due to modern technology.
One can be employed internationally (or have customers outside india)
while continuing to be resident in India.
Currently, i believe there are a lot of financial incentives
towards these modes of employment/entrepreneurship,
as they lead to inward remittances / inflow of Forex.
Makes sense. It’s weird how there is no additional LRS allowance for exporters who bring in Forex into India.
Also if you are earning from outside India, odds are you’ll leave soon due to the terrible tax treatment and heavy compliance burdens.
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Lot of them are actually not resident Indians. Many are non residents. Lot of them have businesses outside of India too.
LRS stands for liberalized remittance scheme, as in you can send 250K without lot of questions or paperwork. Also this is applicable mainly for Individuals, not corporates.
Corporates are eligible to send out more capital, off course with additional paperwork and approvals.
Ehhh… No. 
That’s just a meme/trope that i see is popular on online social-media.
LRS becomes irrelevant then since it is only for Residents.
Check NRE and NRO accounts. You can repatriate uptown USD 1MM per fiscal year, in an NRO account. Anything in NRE account can be repatriated…
For example:
That’s for NRIs. LRS is for resident Indians. Different categories.