Foreign owned property in Goa, (Part One)

goangoangone

http://oheraldo.in/node/15627

__________________
GoanGoan......here

luca

Here are the facts about buying property in Goa. Any foreign national who desires to buy in Goa first has to reside in Goa for 182 days or more in a fiancial year. (May 1st to April 31st). However, it is also legal for a 100 percent foreign owned company to purchase property. The comapany then has to submit accounts for each financial year. The company also has to conduct meetings at which the minutes are recorded. All this has to be conducted by a company secretary which the company (represented by its director or directors) hires for a fee. The company is then free to rent out the properties acquired by it as this constitutes the carrying out of businness activities by the company. Hence the director(s) of the company are then rented out the property in which they live. The property is owned by the company at all times. However , since the directors control the company, the property is their own for all practical purposes. This is how most foreigners have bought property in Goa. It is perfectly legal as long as you adhere to the above mentioned guidelines. A point though- The government of Goa has made hasty statements that will not stand in a court of law in the republic of India. Goa would do well to realise that foreign and economic policy is dictated by the central Government in Delhi. Hence they should not go about making absurd statements as finally ,they are subject to Indian law! Further more, India is a signatory to WTO and is bound by it to allow companies to be 100 percent foreign owned and own immoveable property on Indian territory (Goa is Indian teritory even if they do not like it) I would advise most people wanting to buy in Goa to hire a Goan lawyer for the checking of papers, etc, but then take up the services of a non Goan (Indian) lawyer for company formation, set up ,etc.

birds

I am intrigued why you recommend a non-goan lawyer to set up a company?

crvlvr

Have you tried taking anyone (let alone the govt) to court in India?

Nick-H

Is it? Is it? Does it?

No, I don't think it does, at least not in all sectors.

I don't know anything about WTO, but I know that India's economy is still quite closely controlled and regulated by the Indian Government.

The Rupee is not even a convertible currency. What does the WTO have to say about that?

goangoangone

There's nothing new in this post that has not been discussed elsewhere. The fact remains that the RBI are currently averse to companies owning residential property.

goangoangone

http://oheraldo.in/node/15808

goangoangone

http://oheraldo.in/node/15807

goangoangone

Here's another from the Herald but I can't find a link.
Rajan Ghate is the one who's been stirring the sh!t.

Panjim, June 29 -
Nationalist Youth Congress has decided to plough the agricultural land which has been sold to some foreigners.
NYC chief Rajan Ghate said that he has come to know of some agriculture land which has been bought by some foreigners of non-Indian origin and that the land has already been converted.

Nick-H

Indeed. This thread probably should be merged with the other current one on this topic.

I used to stdy things like RBI regulations, immigration and visa regulations, etc.

Then I applied for my (100% black-and-white eligable) residents permit. Now I know that what the Indian law says and what the Indian beurocrat does are not at all the same thing. Life here is just not that simple...

goangoangone

I was talking to a Goan yesterday who owns a lot of land. Some of it is in strips. A foreigner (English, I think he said) has bought some land adjoining. Part of his building encroaches on to the next strip. The guy has been politely asked 3 times to demolish the offending part, but to no avail. The Goan said that rather than go to court for 15 years, he'll move in and demolish it himself! That's the law.

luca

The reason here being- Indian law is written in English. If you had a casual look at the Goan newspapers published in English, you would see why. If you needed a lawyer to fight on your behalf, he or she should at least speak the language of the judiciary. Unfortunately, most Goan lawyers lack sufficient knowledge of English. I do recommend Goan lawyers for the checking of papers,etc. as here you will need someone who speaks Portuguese.

Annett

Are you sure? Portuguese is still an official language of Goa?

Portuguese was widely spoken till 1961 when Goa was liberated from the Portugal regime. The older generations can still speak Portuguese. However, the main languages spoken now in Goa are Konkani and Marathi - right, English as well...

Nick-H

A guess: old documents may be writen in portugese?

crvlvr

I am sorry but law school and the bar exams in India is in English. So if an goan lawyers have studied, read the laws, taken the exam and passed -- all in english -- I suspect their knowledge of english must be sufficient to get the job done.