Information for buying property in Goa

carol · Sep 25th, 2004, 08:35

The legal requirements for buying property in Goa at this present moment are: to have been in India for 182 days or over (doesn't have to be consecutive) in the previous financial year. The financial year is 1st April to 1st april.

So if you have stayed in India for 182 days between 1st April 2003 and 1st April 2004 you can legally buy property.

Cheers

Carol

gary · Feb 14th, 2005, 17:36

From what I've been reading it seems that "foreign citizens of non Indian origin" on submission of form IPI-I to the RBI, that the RBI "considers such applications favorably subject to the following conditions".

a The property to be purchased is for residential use only.

b The consideration for purchase of the property is met out of foreign exchange remitted from abroad in any convertible currency through normal banking channels.

No mention of the 181 day thing

Now as this is India it is unlikely to be that simple.

Help Needed!

Speculator · Feb 16th, 2005, 04:20

Quote:

Originally Posted by carol

So if you have stayed in India for 182 days between 1st April 2003 and 1st April 2004 you can legally buy property.

Cheers

Carol

1. You are correct in so much as in order to buy and obtain the deeds to a
property you must complete 182 days stay in India within the tax year of April
to March.
However if the above is not possible in the short term you can enter into an
agreement to purchase with the seller this enables you to basically lease the
property until you are able to fullfil the above.
For example arrange a 99 year lease which would mean you would obviously have
the property for the rest of your life.

2. Another option is to form a Company in India and purchase the property
through the business. This is a very simple way to purchase although can be
time consuming and costs approx £250.

If in the future you decide to obtain your residency ie the 182 days stay you
would then be able to transfer the deeds to your name.

The above may seem daunting, however many hundreds have already bought.

Rich · Feb 17th, 2005, 04:24

Have you seen the indiainvest.net website. It makes it sound very straightforward for NIO's to invest?

crvlvr · Feb 17th, 2005, 05:35

Quote:

Originally Posted by Rich

Have you seen the indiainvest.net website. It makes it sound very straightforward for NIO's to invest?

I anything straightforward in India, especially if you have to deal with the govt?

Lynne999 · Feb 27th, 2005, 19:45

How long can I stay in Goa I will need along stay visa is this possible? Thanks

Nick-H · Feb 28th, 2005, 17:37

Lynne; there is heaps of stuff on IM about visas and the various trials, tribulations and restrictions.

From UK there are few ways of getting more than a 6-month tourist visa.

Look at the Indian High Commision's web site: it is all there

agni5454 · Jul 11th, 2005, 01:23

Quote:

Originally Posted by kismet

I am a Scottish woman who is looking to buy a permanent home and an apartment for letting purposes, possibly in Calangute or Benaulim areas. I would be grateful for any help or advice on these matters. Does anyone know if there is an expats community permenantly based in North Goa. Any and all advice gratefully received. Arwen.

Hey, i have a similar question as well. Thanks for starting this thread. Does the rules vary from City to city?

Also does anyone know how a foreign investor can invest in development or stocks in india?

-John

charlotte · Jul 20th, 2005, 06:32

Why do you want to buy property in Goa - you all do not understand the legal requirements and have to ask on a web site from most people who do not understand the Indian Law.
How many times do UK citizens want to be told that it is difficult to "buy" property in Goa.
Rent a property - it is so cheap.
For 6 months per year we have a Goan landlord who charges us 8,000 rps /£105 per month for a very nice apartment - with pool - near to the beach - or we could have chosen one for 6,000 which was ok.
If we stay for the whole year we could have had it cheaper.
Think about it - if you sell your property in the UK and put the money in Premium Bonds - you could have done what we have done and won enough money to keep us in Goa in the Taj for the rest of our lives (or not) what ever the case may be.

We rent out 2 properties in the UK for £500 per month each so why should we sell them to buy a property in Goa when we can rent a nice place for so little money.------------- It is worth thinking about.

GoanCanuck · Jul 20th, 2005, 08:01

Quote:

Originally Posted by agni5454

Hey, i have a similar question as well. Thanks for starting this thread. Does the rules vary from City to city?

Also does anyone know how a foreign investor can invest in development or stocks in india?

-John

No, the rules do not vary from city to city. One rule for the entire country. If you are not a person of Indian origin then it is not possible for you to buy stocks in India.

agni5454 · Jul 20th, 2005, 08:37

what about investing in real estate?

GoanCanuck · Jul 20th, 2005, 08:50

Quote:

Originally Posted by agni5454

what about investing in real estate?

You can start a civil construction company in India and then buy and develop land. The only way you can buy land as an individual is by staying for more than 182 days in one year. That won't be advisable for investment purposes because there are restrictions on how much money you can repatriate out of India.

hoshii2000 · Jul 21st, 2005, 10:49

Quote:

Originally Posted by GoanCanuck

You can start a civil construction company in India and then buy and develop land. The only way you can buy land as an individual is by staying for more than 182 days in one year. That won't be advisable for investment purposes because there are restrictions on how much money you can repatriate out of India.

Hi GoanCanuck I was wondering if you know exactly how much money you can repatriate out of India? Is this limited to investments or is salary earned while in India subject to this law?

Thanks

crvlvr · Jul 21st, 2005, 13:20

hoshii,

IMHO, the RBi allowas repatriation only in funds are brought in from abroad. illegally, yiou can repatriate as much as you want in cash for a small premium. you might better off off if you receive a portion on your earning in a hard currency.

GoanCanuck · Jul 21st, 2005, 13:29

Quote:

Originally Posted by hoshii2000

Hi GoanCanuck I was wondering if you know exactly how much money you can repatriate out of India? Is this limited to investments or is salary earned while in India subject to this law?

Thanks

Only for investments. Salary earned is fully repatriable.

Sep 25th, 2004, 08:35	#31
carol Member Join Date: Sep 2004 Location: india/Ireland Posts: 32	legally buy property in your own name The legal requirements for buying property in Goa at this present moment are: to have been in India for 182 days or over (doesn't have to be consecutive) in the previous financial year. The financial year is 1st April to 1st april. So if you have stayed in India for 182 days between 1st April 2003 and 1st April 2004 you can legally buy property. Cheers Carol

Feb 17th, 2005, 04:24	#34
Rich Member Join Date: Feb 2005 Location: Yorkshire, England Posts: 1	Buying In Goa Have you seen the indiainvest.net website. It makes it sound very straightforward for NIO's to invest?

Feb 27th, 2005, 19:45	#36
Lynne999 Member Join Date: Feb 2005 Location: Croydon surrey uk Posts: 5	Aghori How long can I stay in Goa I will need along stay visa is this possible? Thanks

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Feb 14th, 2005, 17:36	#32
gary Member Join Date: Feb 2005 Location: London Posts: 3	From what I've been reading it seems that "foreign citizens of non Indian origin" on submission of form IPI-I to the RBI, that the RBI "considers such applications favorably subject to the following conditions". a The property to be purchased is for residential use only. b The consideration for purchase of the property is met out of foreign exchange remitted from abroad in any convertible currency through normal banking channels. No mention of the 181 day thing Now as this is India it is unlikely to be that simple. Help Needed!

Feb 28th, 2005, 17:37	#37
Nick-H This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India Posts: 36,225	Lynne; there is heaps of stuff on IM about visas and the various trials, tribulations and restrictions. From UK there are few ways of getting more than a 6-month tourist visa. Look at the Indian High Commision's web site: it is all there

Jul 20th, 2005, 06:32	#39
charlotte Senior Member Join Date: Jul 2002 Location: Cold UK at moment Posts: 282	Why do you want to buy property in Goa - you all do not understand the legal requirements and have to ask on a web site from most people who do not understand the Indian Law. How many times do UK citizens want to be told that it is difficult to "buy" property in Goa. Rent a property - it is so cheap. For 6 months per year we have a Goan landlord who charges us 8,000 rps /£105 per month for a very nice apartment - with pool - near to the beach - or we could have chosen one for 6,000 which was ok. If we stay for the whole year we could have had it cheaper. Think about it - if you sell your property in the UK and put the money in Premium Bonds - you could have done what we have done and won enough money to keep us in Goa in the Taj for the rest of our lives (or not) what ever the case may be. We rent out 2 properties in the UK for £500 per month each so why should we sell them to buy a property in Goa when we can rent a nice place for so little money.------------- It is worth thinking about.

Jul 20th, 2005, 08:37	#41
agni5454 Mr. 200 ...and counting. Join Date: Apr 2005 Location: PA, US Posts: 538	what about investing in real estate?

Jul 21st, 2005, 13:20	#44
crvlvr Guru Join Date: Sep 2004 Location: Hollywood Posts: 4,668	hoshii, IMHO, the RBi allowas repatriation only in funds are brought in from abroad. illegally, yiou can repatriate as much as you want in cash for a small premium. you might better off off if you receive a portion on your earning in a hard currency.