Foreign owned property in Goa, (Part One)

crvlvr

this goes back to the letter of the law vs the spirit of the law. Yes, India wants foreign investment that will create jobs. People may comply with the letter of the law -- as you have stated. But if it turns out that most people are just buying property and not really conducting any business, The Indian govt will either change the law to close the loophole or start making life difficult for these corporations. all this depends on how the locals view these "foreign investors" Remember, they vote and foreign investors don't.

Nick-H

Yes, I was talking to an accountant/lawyer this evening. He said there was no problem with my bringing money into India, but to be certain first, as getting it out again would be harder.

The house-buying Indians I'm talking about are earning in UK, not taking Rupees there.

karen and cliff

I don't know where you got your information that property in Birmingham is cheap a studio flat here would cost your dad one hundred grand my friend so if he has that kind of money he's welcome
we welcome anyone here in Brum any nationality you name it we have them all
I like Steve and June would also like to thank all you Goans for the wonderful warm welcome we have recieved on this forum to date
If Id have recieved this sort of reception on my many visits to Goa Id have never of bought
Karen and Cliff

goangoangone

I am not asking for approval of anything. You appear to have a problem understanding what I've said. I am not a spy for RBI. I didn't ask about your business and I couldn't give a toss about your financial situation. What you call lots and lots of money is more than likely a piss in the Arabian Sea to me. If you don't like what you're reading then...........
Oh, and by the way, I hope your spelling is better on your advertising literature.

__________________
GoanGoan......here

goangoangone

Ask your bank for a Foreign Inward Remittance Certificate. This shows that your do$h came into the country legally, through the correct channels. You can take out the same amount as you brought in They're after dodgy money from foreign companies coming into the country in suitcases, or backpacks.

greenchutney

thank you for your kindness but your democratically elected government doesnt share the same attitude. with one hundred grand i wouldnt get a visa. any visa period. i am sure i will be able to buy a property if not in birmingham..maybe the hoods of birmingham...my dad is a tough guy.. . however for visas, UK/EU is a fortress. i think a minimum they want is a million.

goangoangone

You can have all of Birmingham for that!

karen and cliff

How very rude you are about Birmingham and I read your earlier comment to Steve and June your bad language leaves a lot to be desired
I really don't think that your comments are helpful and I hope you get kicked off this site
I did'nt think bad language was aloud
I am going to un-subscribe to this thread
Karen and Cliff

dzibead

Bad language is never aloud on IM. It's only typewritten.



Well, adios, then, Karen and Cliff. It's been real. Too bad you didn't seem to appreciate the value of the
realistic feedback and commentary many people were providing here.

goangoangone

No sense of humour either.

Nick-H

No one is going to get kicked off the site as a result of this thread.

IndiaMike is subscribed to by many, many different people of different natures, cultures etc etc etc. The vast majority of the time these people get on together in a way that makes this site stand out among internet forums. Sometimes people misunderstand or fall out. It happens. The mods keep it clean but we don't expect anyone to be a saint. A certain amount of banter, sometimes quite robust, has long been part of the nature of the site.

Karen, Cliff, Steve, June: you are very welcome to be here on IM.

Take us as you find us. If you don't like us you are equally welcome not to be here.

Now. Can we please get back to any news or discussion about what might be happening in Goa re foreign property ownership....

capt_mahajan

if i was a foreigner who wanted to buy in goa, i would spend a little bit more to pay a very good/reputed legal firm there (and not some fly by night operator) to confirm my status enabled me to do so. and i would spend some time reading all the relevant laws firsthand, not the interpretations.

scrutiny of property dealings will increase over time throughout india, even for locals. it has happened with most other assets... and property may be the last frontier.

if in any doubt, i would not buy.

goangoangone

This is where we came in. Why do people come on holiday for 2 weeks and "buy" a holiday home without any thought? I was in a shack in Jan and a guy who I met last year came over. We started chatting. He'd brought some friends to Goa for the first time and one of them had just "bought" 2 row houses, with swimming pool. I thought yeah OK, here we go again.
What can you do with these clowns? What to Do?

goangoangone

Sorry Nick, shouldn't have said B rmingham.

dzibead

Of course, now we'll have a bunch of people popping up here saying angrily, "I didn't just come for 2 weeks and buy a holiday home, I've been coming to Goa for years, I stay for months at a time, I never holiday anywhere else, I love Goa ... blah, blah" -- but they still "bought" when they had only a tourist visa. It doesn't matter whether you've been to Goa (or anywhere else in Inda) 50 times or once. If you don't have the proper status for purchasing immovable property, you don't. And a lot of people seem to be in major denial about that.

I can understand the distress a person would feel at the thought that the property transaction he or she has done might not be rock solid, or that one might be anxious about the prospect of a fine or the confiscation of the property. But a lot of the angry declamations we have seen here, to the effect of "I've done nothing wrong, I consulted a lawyer, I did everything by the book" seem like whistling in the dark to me: attempts to assure themselves that everything will be OK, in the face of suspicions that maybe everything won't.

But please don't ask me to feel particularly sorry for people in this position. Common sense would tell anyone that the purchase of real property is a complex matter, likely to be bound up in rules and regulations, particularly if you are buying in a foreign country. If you know or could easily find out that there are regulations governing the ownership of real property by foreign nationals, and particularly if you've taken affirmative steps to circumvent those regulations under the pretext of "complying" with them (like forming a bogus business entity), then you knew or should have known that the transaction was risky, and you'll just have to take your lumps if the deal goes awry.