Foreign owned property in Goa, (Part One)

goangoangone · Jun 12th, 2006, 10:01

Or as my lawyer put it: you would be legal but illegal.

goangoangone · Jun 12th, 2006, 10:17

Quote:

Originally Posted by karen and cliff

I agree with Steve and June these houses that are being bought by foreigners in Goa are not your typical Goan house
do we blame the Indians in Britain for pushing up the house prices NO
I think who ever has opened this can of worms should think first about the revenue it will bring to Goa We have spoken to lots of Goans and friend who think it's great that British people are buying property in Goa
Karen and Cliff

It's not just the property you're buying. Land prices are being pushed up whether you build a holiday home or local accomodation.

goangoangone · Jun 12th, 2006, 10:31

Homes & Estates is a quarterly magazine. Costs Rs.30/-, UK 2quid, US $3, Euro 3. Properties, land prices, rentals etc.
Also they have a website with a Q/A legal section.
http://www.homesgoa.com/index1.htm

dzibead · Jun 12th, 2006, 10:37

Quote:

Originally Posted by goangoangone

Or as my lawyer put it: you would be legal but illegal.

Yep, something like that. Maybe the word "legal" should be put into ironic quotation marks.

goangoangone · Jun 12th, 2006, 11:09

Quote:

Originally Posted by Steve and June

Seems to me you're all missing the point. When somebody retires, buys a house in Goa, pays all the taxes to the Indian Government, pays for the solicitor's services, lives in Goa for six months every year, pays their utility bills, eats in restaurants, to which they have probably gone by taxi, buys furniture etc for their house and has friends come over to visit and do the same to me that's all contributing to the Goan - and Indian - economy raising everybody's standard of living.

What's wrong with that?

It's my experience that short term holidaymakers are the prolific spenders. Once the long termers have made their initial purchases they tend to be low spenders, living as far as possible at local rates.
Come over in the monsoon and spend a bit. That might help the local economy.

dzibead · Jun 12th, 2006, 11:52

Quote:

Originally Posted by Steve and June

Hello
Your dad would proably be able to buy somewhere if he he has the money . However the residency visa is a different matter.Like us he may have to go home periodically and reapply for a tourist visa !
Good luck ! but Manchester is nicer !

Actually, the RBI also regulates the ability of Indian nationals to buy real property outside of India. So regardless of whether the UK would allow it, he'd also have to comply with whatever RBI rules might apply to him.

goangoangone · Jun 12th, 2006, 13:44

How has the tourism sector, reportedly the highest tax payer in the State, affected the lives of Goans?
http://oheraldo.in/node/15030?PHPSESSID=349a9fc262e882 36ca153efde8499251

.........and in today's Herald Editorial,
http://oheraldo.in/node/15051

WARNING!
CLICKING MY LINKS MAY BE UPSETTING TO SOME MEMBERS.

Steve and June · Jun 12th, 2006, 15:23

Quote:

Originally Posted by goangoangone

I don't understand your problem then. If you already have RBI approval, then you've nothing to worry about.
I can tell you this though: the latest advisory from the RBI is that they do not approve of companies being formed to buy residential property.
Additonally, if you have a company, you must have a head office in the UK that is actively trading and a branch office in Goa that is actively trading.
This is what my lawyer tells me. Your lawyer may tell you differently.

Of course we have a company of the same name registered at company house in England.We are actively advertiseing trips for Britons to come over to Goa and spend lots and lots of money.
Hope this meets with your approval .

Steve and June · Jun 12th, 2006, 15:30

Quote:

Originally Posted by greenchutney

i dont think he will get a tourist visa. you see,unlike the indian embassy, the british embassy is tough on people who are older than 60 going alone there without any dependents..they dont issue any category of visas...hmmmm

yeah edinburgh is the best but its pricer... a studio is all he wants and its so cheap in birmingham that he is telling his friends. thanks!

I think the British may be a bit tougher because our health system is free at source whereas if i am ill in India I will have to fund it !
I am not being funny with you but that is all I can think of .If you want me to have look into it for you I would be only too willing !

Steve and June · Jun 12th, 2006, 15:36

Quote:

Originally Posted by dzibead

Yes, and Steve and June's first post talked about retiring to Goa, not conducting a legitimate business there, so one has to wonder about the comment about being a director and sole shareholder of an Indian company. If a person forms a sham business entity in order to circumvent the requirements of the FEMA, I'm sure that wouldn't withstand legal scrutiny, as the the latest RBI advisory indicates. And frankly, a business that has only one shareholder, who is a foreigner, is likely to raise a red flag for any regulatory body that's starting to look into these property transactions.

Sorry! I mean't retiring from my job I do in England not retiring from work full stop .I am only in my forties !I have not won the lottery yet !

greenchutney · Jun 12th, 2006, 21:14

Quote:

Originally Posted by Steve and June

I think the British may be a bit tougher because our health system is free at source whereas if i am ill in India I will have to fund it !
I am not being funny with you but that is all I can think of .If you want me to have look into it for you I would be only too willing !

sure the NHS is free. i would probably die before my scheduled date for any appointment with it comes up.

a bit tougher?..its a fortress man ..UK, EU are closed doors for indians doing what you do here in India .....for the same budget you are buying a property here in goa, if my dad were to buy a studio flat in some remote place in UK..would the UK govt even issue a visa? doubt it..but if your research indicates, that its easy to score one, please let me know...

Quote:

Originally Posted by Steve and June

We are actively advertiseing trips for Britons to come over to Goa and spend lots and lots of money.

My dad and mom if they 'retire' in britain can actively advertise trips for Indians to come over to Britain and spend lots and lots of money.

Steve and June · Jun 12th, 2006, 21:59

Quote:

Originally Posted by greenchutney

sure the NHS is free. i would probably die before my scheduled date for any appointment with it comes up.

a bit tougher?..its a fortress man ..UK, EU are closed doors for indians doing what you do here in India .....for the same budget you are buying a property here in goa, if my dad were to buy a studio flat in some remote place in UK..would the UK govt even issue a visa? doubt it..but if your research indicates, that its easy to score one, please let me know...

My dad and mom if they 'retire' in britain can actively advertise trips for Indians to come over to Britain and spend lots and lots of money.

Great idea ! This what its all about circulation of wealth and not just the rich getting richer !

greenchutney · Jun 12th, 2006, 22:05

i hope you realise you have a priviledge that indians dont enjoy equally in return. there is no chance we are going to get that visa to 'retire' in england by buying maybe a cheap seedy property in britain which might be cheaper than buying an equivalent one in bombay.....

its a skewed world. no complains about it.....enjoy while it lasts..the asians are coming!

Nick-H · Jun 13th, 2006, 00:58

I don't think (but I'm very far from sure) that there is aany restriction on land ownership in UK. Certainly many of my Indian friends there were quick enough to buy when still on annual work permits.

However, GC is right: you might own the property, but they still might refuse the visa!

dzibead · Jun 13th, 2006, 01:24

Quote:

Originally Posted by Nick-H

I don't think (but I'm very far from sure) that there is aany restriction on land ownership in UK. Certainly many of my Indian friends there were quick enough to buy when still on annual work permits.

However, GC is right: you might own the property, but they still might refuse the visa!

I think the Reserve Bank of India itself imposes some restrictions on Indians buying abroad, even if the foreign country allows it - because I guess they don't want money & investments going out of India! I don't think such purchases are flatly banned by the Indian govt, but there are conditions that have to be met -- and God only knows what they are!

Actually, I think even for Indians buying property in India, at least for some States, you have to be a resident of that particular State to buy property there. My friends in Sikkim said that rule applies up there. Too bad, cuz that's one place I'd love to be able to buy a piece of property!

Jun 12th, 2006, 10:01	#76
goangoangone What happened? Join Date: Aug 2004 Location: Goa Posts: 1,953	Or as my lawyer put it: you would be legal but illegal. __________________ GoanGoan......here

Jun 12th, 2006, 10:31	#78
goangoangone What happened? Join Date: Aug 2004 Location: Goa Posts: 1,953	Homes & Estates magazine Homes & Estates is a quarterly magazine. Costs Rs.30/-, UK 2quid, US $3, Euro 3. Properties, land prices, rentals etc. Also they have a website with a Q/A legal section. http://www.homesgoa.com/index1.htm

Jun 12th, 2006, 13:44	#82
goangoangone What happened? Join Date: Aug 2004 Location: Goa Posts: 1,953	A timely Poll in today's Herald How has the tourism sector, reportedly the highest tax payer in the State, affected the lives of Goans? http://oheraldo.in/node/15030?PHPSESSID=349a9fc262e882 36ca153efde8499251 .........and in today's Herald Editorial, http://oheraldo.in/node/15051 WARNING! CLICKING MY LINKS MAY BE UPSETTING TO SOME MEMBERS.

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Jun 12th, 2006, 22:05	#88
greenchutney Account Closed Join Date: Apr 2005 Location: planet earth Posts: 1,578	i hope you realise you have a priviledge that indians dont enjoy equally in return. there is no chance we are going to get that visa to 'retire' in england by buying maybe a cheap seedy property in britain which might be cheaper than buying an equivalent one in bombay..... its a skewed world. no complains about it.....enjoy while it lasts..the asians are coming!

Jun 13th, 2006, 00:58	#89
Nick-H This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India Posts: 36,173	I don't think (but I'm very far from sure) that there is aany restriction on land ownership in UK. Certainly many of my Indian friends there were quick enough to buy when still on annual work permits. However, GC is right: you might own the property, but they still might refuse the visa!