Foreign owned property in Goa, (part Two)

Nick-H · Feb 13th, 2007, 02:54

Quote:

Originally Posted by palomnik

Most of the Eurpoean foreigners I met in Goa that were living there permanently were there either on tourist visas or X-visas; generally they were leaving every six months, ...

If your conversations with them got as far as finding out what sort of visas they have, surely it's you that should be telling us how they do it?

palomnik · Feb 13th, 2007, 03:05

Goancanuck:

Regarding the "leases" you're referring to, I suppose that this is based on the RBI statement:

"Q.8 Can a foreign national of non-Indian origin acquire residential property on a lease in India ?

A.8 Yes. A Foreign National of non-Indian origin including a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan may acquire only residential accommodation on lease, not exceeding five years for which he / she does not require prior permission of Reserve Bank of India."

Apparently these leases observe the letter of the law, although I can imagine actually entering into one can be fraught with potential difficulties, at least if you intend on being able to renew the lease perpetually.

Nick:

Frankly I'm not sure any more what the status of those individuals was. I am beginning to suspect that people who told me they had "bought" their places had actually entered into a lease agreement.

Personally, I don't care to live in Goa - too many foreigners! - and I'm planning a look at some of the backland areas of Tamil Nadu this spring, but I am worried about what will happen to my friend, and his house, especially since I know that he definitely did buy his place.

GoanCanuck · Feb 13th, 2007, 03:12

Quote:

Originally Posted by palomnik

Frankly I'm not sure any more what the status of those individuals was. I am beginning to suspect that people who told me they had "bought" their places had actually entered into a lease agreement.

Many of these individuals who have entered into a lease agreement do not themselves know whether they have leased or purchased the property!

They feel because they have signed some legal looking document, that the property belongs to them now. Talk about living in a fools paradise.

Nick-H · Feb 13th, 2007, 03:20

One of the dangers of buying property in any country other than one's own, is that, even if the deal is strictly legal and above board at the time, there is always the possibility that future changes in immigration law might prevent one enjoying it.

This same thing applies to investing one's life, never mind one's money, in another country. Risky business...

Prop · Feb 13th, 2007, 03:52

But what happens if I take all the precautions, find land, set up a company, get legal representation, buy and register the land ...........

And get hit by a bus?

If you do it right, as laid out by RBI. You ARE protected by the law.

Prop

dzibead · Feb 13th, 2007, 07:39

Quote:

Originally Posted by Prop

But what happens if I take all the precautions, find land, set up a company, get legal representation, buy and register the land ...........

And get hit by a bus?

If you do it right, as laid out by RBI. You ARE protected by the law.

Prop

But a foreigner can't "set up a company" simply for the purpose of acquiring residential property. This is what a lot of people, especially the British expats who tend to congregate in Goa, have erroneously been led to believe they can do. But this information is wrong, and conseqently people who did this are not "protected by the law."

crvlvr · Feb 13th, 2007, 08:16

Quote:

Originally Posted by dzibead

But a foreigner can't "set up a company" simply for the purpose of acquiring residential property. This is what a lot of people, especially the British expats who tend to congregate in Goa, have erroneously been led to believe they can do. But this information is wrong, and conseqently people who did this are not "protected by the law."

Actually Foreigners can Directly Invest (FDI) in real etate development. But, it has to be on a fairly large/commercial scale. Take a look at the requirements:

Quote:

...Certain guidelines exist within the reform measures:

Project Conditions

In residential development, the minimum land area must be 10 hectares (approximately 25 acres)
In commercial development, the minimum land area must be 50,000 square meters (approximately 540,000 square feet)
If the project combines residential and commercial development, either one of the above conditions may be satisfied
At least 50% of the project must be completed within five years from the date of obtaining all statutory clearances
The project must comply with all local land use guidelines
The sale of undeveloped land is not permitted, i.e. the developer may purchase undeveloped land but must develop the land before selling it further

In addition to the above project conditions, the following financial conditions must be satisfied:

Financial Conditions

Minimum capitalization requirement of US$10 million for wholly-owned subsidiaries of foreign companies and US$5 million for joint ventures with an Indian partner
Capital must be brought into India within six months of incorporation of the subsidiary or joint venture
Holding period of three years on repatriation of any of the initial investment unless with the prior approval of the Foreign Investment Promotion Board.

All interested parties on IM could pool their resources and invest so as to meet the requirements..

dzibead · Feb 13th, 2007, 08:50

Yeah, what I meant was a foreigner can't set up a so-called "company" to buy a house (or even a house or two).

palomnik · Feb 16th, 2007, 23:23

There were several newer posts on this thread. They've all disappeared. What happened?

Nick-H · Feb 17th, 2007, 00:37

We did a bit of tidying up where posts by an ex member who contributed nothing but silly ideas. We don't mind that so much: we do mind being insulted. The board is moderated, and we do reserve the right blah blah and all that jazz... Glad to say that we don't have to use that right very often.

crvlvr · Feb 17th, 2007, 01:06

Quote:

Originally Posted by Nick-H

We did a bit of tidying up where posts by an ex member who contributed nothing but silly ideas. .

Damn... all that work and research I had to do respond to those ideas..

steven_ber · Feb 17th, 2007, 01:20

Quote:

Originally Posted by crvlvr

Damn... all that work and research I had to do respond to those ideas..

I sympathise, honestly I do.

Many times I've done loads of research and spent hours on a reply, yet I never even find out if the person read the reply or not, as they just don't bother replying.

But there may be something else happening....

I truly believe there are a number of people who come to the site, cause as many problems as they can get away with, have many members replying to them or otherwise helping them, they eventually get banned, then join again and start over again.

I could be wrong, maybe there is an endless stream of idiots joining one at a time, all posing ridiculous questions and comments, all having no respect for the website or it's members, and all having a tremendous knowledge of longer term members and old posts, and an abitity to twist old comments into damaging comments.

bellcrank · Feb 17th, 2007, 03:23

These pages were clearly removed because of the posts of a member (prop) whose language and attitude upset one or more of the moderators.

Despite my view that the Mods on the whole do a great job in policing this place, (presumably putting in a great deal of their unpaid time), and that their contributions encourage building blocks for further discussion, I believe that in this case (and one or two others in the past), they have overstepped the mark by banning this member and removing these pages.

Props posts were relevant; he actually had experience of the topic in question and he was on the whole quite articulate. He dared to challenge the views of some of the usual regular suspects in this thread and irritate those in power with his sometimes unseemly (but not unpalatable) language.

The mods should think harder about using their powers which they have sometimes exercised more like the members of a golf club committee, rather than on a forum like IndiaMike where debate and disagreement are essential ingredients.

steven_ber · Feb 17th, 2007, 04:30

Quote:

Originally Posted by bellcrank

These pages were clearly removed because of the posts of a member (prop) whose language and attitude upset one or more of the moderators.

Despite my view that the Mods on the whole do a great job in policing this place, (presumably putting in a great deal of their unpaid time), and that their contributions encourage building blocks for further discussion, I believe that in this case (and one or two others in the past), they have overstepped the mark by banning this member and removing these pages.

Props posts were relevant; he actually had experience of the topic in question and he was on the whole quite articulate. He dared to challenge the views of some of the usual regular suspects in this thread and irritate those in power with his sometimes unseemly (but not unpalatable) language.

The mods should think harder about using their powers which they have sometimes exercised more like the members of a golf club committee, rather than on a forum like IndiaMike where debate and disagreement are essential ingredients.

We (the mods) won't always get it right, we are under a lot of pressure, this week in particular has not been a fun week, not really wanting to log-in and face all the crap again.

Maybe the member prop made his comments at the wrong time, but as soon as I saw the comments I banned him.

prop referred to an old thread and comments a senior member made in that thread, he took the words completely out of context, twisted them, then posted them to try to discredit the senior member, he then tried to tell us how the website should be run.

Personally, I've had enough of people joining the forum, contributing nothing, causing arguments and telling us how the website should be run.

There are hundreds of people who've contributed an awful lot to this website, they have an absolute right to comment on how the website is run, new members who contribute nothing do not have that right (my opinion, not IM).

prop was a new member, are we to allow a new member to make the kind of comments he made and just allow him to remain a member?

Sorry, I’ve no idea how a golf club committee behaves.

Regarding other members being banned, more often than not there’s a lot more goes on than others realise.

GoanCanuck · Feb 23rd, 2007, 11:39

FEMA issues 70 notices to foreigners
BY HERALD REPORTER
PANJIM, FEB 22 – The Directorate of Enforcement under the Foreign Exchange Managament Act (FEMA) has issued nearly 70 notices to foreigners owning property in Goa.

http://oheraldo.in/node/22690

Feb 13th, 2007, 03:52	#185
Prop Account Closed Join Date: Feb 2007 Location: England Posts: 1	Off the fence. But what happens if I take all the precautions, find land, set up a company, get legal representation, buy and register the land ........... And get hit by a bus? If you do it right, as laid out by RBI. You ARE protected by the law. Prop

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Foreign owned property in Goa, (Part One)	steven_ber	Property in India	739	Oct 22nd, 2006 01:08

Feb 13th, 2007, 03:05	#182
palomnik Searching for Enlightenment Join Date: Aug 2006 Location: Pondy Posts: 35	Goancanuck: Regarding the "leases" you're referring to, I suppose that this is based on the RBI statement: "Q.8 Can a foreign national of non-Indian origin acquire residential property on a lease in India ? A.8 Yes. A Foreign National of non-Indian origin including a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan may acquire only residential accommodation on lease, not exceeding five years for which he / she does not require prior permission of Reserve Bank of India." Apparently these leases observe the letter of the law, although I can imagine actually entering into one can be fraught with potential difficulties, at least if you intend on being able to renew the lease perpetually. Nick: Frankly I'm not sure any more what the status of those individuals was. I am beginning to suspect that people who told me they had "bought" their places had actually entered into a lease agreement. Personally, I don't care to live in Goa - too many foreigners! - and I'm planning a look at some of the backland areas of Tamil Nadu this spring, but I am worried about what will happen to my friend, and his house, especially since I know that he definitely did buy his place.

Feb 13th, 2007, 03:20	#184
Nick-H This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India Posts: 36,213	One of the dangers of buying property in any country other than one's own, is that, even if the deal is strictly legal and above board at the time, there is always the possibility that future changes in immigration law might prevent one enjoying it. This same thing applies to investing one's life, never mind one's money, in another country. Risky business...

Feb 13th, 2007, 08:50	#188
dzibead res ipsa loquitur Join Date: Sep 2004 Location: Northern California Posts: 2,885	Yeah, what I meant was a foreigner can't set up a so-called "company" to buy a house (or even a house or two).

Feb 16th, 2007, 23:23	#189
palomnik Searching for Enlightenment Join Date: Aug 2006 Location: Pondy Posts: 35	There were several newer posts on this thread. They've all disappeared. What happened?

Feb 17th, 2007, 00:37	#190
Nick-H This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India Posts: 36,213	We did a bit of tidying up where posts by an ex member who contributed nothing but silly ideas. We don't mind that so much: we do mind being insulted. The board is moderated, and we do reserve the right blah blah and all that jazz... Glad to say that we don't have to use that right very often.

Feb 17th, 2007, 03:23	#193
bellcrank Member Join Date: Jan 2006 Location: uk Posts: 64	These pages were clearly removed because of the posts of a member (prop) whose language and attitude upset one or more of the moderators. Despite my view that the Mods on the whole do a great job in policing this place, (presumably putting in a great deal of their unpaid time), and that their contributions encourage building blocks for further discussion, I believe that in this case (and one or two others in the past), they have overstepped the mark by banning this member and removing these pages. Props posts were relevant; he actually had experience of the topic in question and he was on the whole quite articulate. He dared to challenge the views of some of the usual regular suspects in this thread and irritate those in power with his sometimes unseemly (but not unpalatable) language. The mods should think harder about using their powers which they have sometimes exercised more like the members of a golf club committee, rather than on a forum like IndiaMike where debate and disagreement are essential ingredients.

Feb 23rd, 2007, 11:39	#195
GoanCanuck Maha Guru Member Join Date: Oct 2004 Location: Vancouver Posts: 3,398	FEMA issues 70 notices to foreigners BY HERALD REPORTER PANJIM, FEB 22 – The Directorate of Enforcement under the Foreign Exchange Managament Act (FEMA) has issued nearly 70 notices to foreigners owning property in Goa. http://oheraldo.in/node/22690