Foreign owned property in Goa, (part Two)

Nick-H

This is the Continuing Story opened in This Thread Here

Please let us try to keep to current news, experiences, questions and answers and avoid too much of the rest...

If you are new to this topic, especially if you are thinking of buying, click the above link and read the 700+ posts before asking the same questions again here.

Thanks, folk. Over to you...

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dzibead

Ah, Nick, what an optimist you are!

Nick-H

But next time I think we'll nudge people over to the off-topic forum to discuss their more controversial views...

I'm not against that discussion: I just think we need a thread with good information level for people to whom this is a vital subject, ---although the occasional disillusionment of a newcomer is probably inevitable.

manreet_16

right -)

luca

http://www.rbi.org.in/scripts/FAQView.aspx?Id=33#2

Q-55. If you already are resident, then you can buy-but you need permission from the local state government in this case.
Q-41. You can buy only if you run a business in Goa or are opening a branch of your business which exists abroad.
Q-42- you can even mortgage.
Q-13 and Q-14- you can leave it to your children-etc.
Q-8. For a longer lease than 5 years you will need permission
Q-7- Quite clearly states that if you are an foreign invividual, then you are not allowed to buy property. Hence the only way to owning property in India is either by setting up business and filing returns or by opening a branch of your existing foreign company. Even in this case you will have to file returns. Issue Settled as it is in black and white from the Reserve Bank of India itself

goangoangone

And therein lies the problem. Visas other than 6 month Tourist are not being issued, therefore you will not get Resident Status, and the State Government are not giving permission to anyone.

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Nick-H

Doesn't say the same thing.

Some state governments have very restrictive rules on land purchase. Does the Goa state government specifically require permission to be given?

GoanCanuck

Many people have expressed dismay at the change in attitude of the government in putting a stop to foreigners buying land in Goa. This article should help in clearing any confusion,

http://economictimes.indiatimes.com/...how/131756.cms

crvlvr

Any thoughts on why the Russian mafia would want to purchase property in India?

capt_mahajan

Diversification?

goangoangone

Money laundering.

crvlvr

how would that work in India as the rupee is not freely convertible?

capt_mahajan

Hawala

http://www.gdrc.org/icm/hawala.html

capt_mahajan

From today's Economic Times, emphasis mine

"Shaken by reports of a large number of foreigners making a beeline for the coastal state to make real estate investments by taking advantage of a lax interpretation of the Foreign Exchange Management Act (Fema), the state government has now initiated an inquiry to identify such investments and their sources. It has, in the process, discovered that close to 500 foreigners have bought land, most of it agricultural, in the state"

“If we’re able to establish that agricultural land has indeed been sold to foreigners in clear violation of the rules and laws, we may take the extreme step of cancelling the allotments,’’ a senior state government official told ET.

full story: http://economictimes.indiatimes.com/...how/175667.cms

GoanCanuck

Another update http://oheraldo.in/node/20017