Foreign owned property in Goa, (part Two)

a_f_d

"If that is the case why is the FRO Panjim telling British retirees to retire in their own country? One would have thought that since a retired person has no job in his country of origin, he has the intention to stay in India for an unspecified period."

That is just common abuse not a statement of the legal position!

Noni

Life is not fair - telling retirees to "go and retire in your own country"

If we did that over here we would be called racists, and end up in a great deal of trouble.

Nick-H

Noni, I think that some of the policies, attitudes and ways of treating people that the British Government, its Immigration officials, Home Office and police, etc have is probably much worse than that.

a_f_d

I'm pretty sure you're wrong about that. Some of them may think bad things, but no-one in an official capacity would say them these days.

Nick-H

Well, I read on the BBC site only today, a Philippino nurse, working for NHS, recruited to come here, been here for four years with wife, family and own house --- being deported because he wasn't on time to renew his work visa. That's just today.

I've heard plenty over the years, both in the news, and from people that I have known, that is far from good about our own country. The media is anti-imigrant and the politicians play up to that.

I was tempted to post the link to the above story when I read it, but I don't want the thread to become a tit-for-tat over which country treats its immigrants the worst.

TDK

Hi Kinrara, just to let youknow (for a bit of solidarity), i'm in the same boat as you are as i reserved an appartment off plan in 2005 afte rmuch careful research and making sure i met all the criteria (to the best of my knowledge), but hadn't bargained on the goal posts changing prior to me registering the freehold (as you know no longer possible). Anyway at least one positive point is that property prices in Goa seem to have shot up over the last few years so even if i do decide to sell, even at a discount to shift it, hopefully should see some profit.

However, one major concern i have is can i legally sell the property (for full market value) if i only have a 5 year rolling Lease contract (with an option to apply for freehold at no extra charge and to transfer that option to aquire the freehold to any future owners.As i have already paid in full for the property (before being told that its no longer possible to get the freehold), i really need to know what the best exit strategies are in the current situation, so if any members of this forum have successfully sold their (leasehold) properties i'd be very grateful if you could please let me know how you got on,(and any potential pitfalls/advice/legalities/loopholes etc)!

Also i'm not quite clear about the law in India re: repatriating the sale proceeds back to the UK from India as i'm confused as to whether i can repatriate the original payment i made for the property (but not any profit), or if i can repatriate the orrigianl ammount paid and any capital gain (after paying CGT)? Also does anyone knows if there is a double taxation treaty between UK/India? Sorry for so many Qs but am in a bit of a muddle! Thanks for any help with this. TDK

goangoangone

Sell it to a "dreamer" (they are still turning up all the time) on an Agreement of Sale and get them to pay you sterling in the UK.

__________________
GoanGoan......here

goangoangone

As, officially, you cannot have bought, what will you say if the bank ask where you got such a large sum of money from? (Laundering laws,terrorism etc).

dzibead

I honestly can't see why telling a person to retire in his or her own country should be considered "bad" or "racist." And I think both of you have an unrealistically rosy view of British immigration officials! Unless the hopeful UK-retiree could demonstrate some officially sanctioned ground for wanting to immigrate to Britain (which would have to be more than something like "I'd like to retire there"), he'd probably be told much the same thing -- as was the aging Gurkha VC-recipient who was the subject of extensive news coverage recently. He asked permission to reside in the UK to receive medical treatment he couldn't receive in Nepal and was told he had not demonstrated "sufficient ties" to Britain to qualify for immigration - being willing to lay down your life for Queen and Country (well, King and Country at the time) and saving the lives of other British soldiers in the facts of extreme danger just didn't cut it. Fortunately, the Home Office backed down in the face of outrage by some high ranking Army-types, as well as actress Joanna Lumley, whose father's life was saved by the guy. Many, many foreigners working in medical professions in the UK have been sent packing recently, after having lived in the country for years or even decades, when the govt decided they were no longer needed. And I can assure you, a foreigner - from anywhere - who just got a bee in his or her bonnet that s/he "wanted to retire" in the U.S. but had no other status that would permit immigration would get similarly short shrift.

To me, the British ex-pat's who exhibit this attitude of entitlement, and get sort of huffy when they're told to go home, are the ones who, consciously or not, seem a bit racist and patronizing, because they're acting as if India isn't a sovereign nation that has every right to control the conditions under which people may immigrate into and reside long-term (or permanently) in the country. I've said this before in this forum and the others where the subject comes up: Wake up! The Raj is over!

Noni

TOTALLY AGREE WITH YOU. THIS GURKA WITH A VC(OR WITHOUT) SHOULD HAVE BEEN GIVEN ALL HE NEEDED WITH THE NHS IN THIS COUNTRY.

BUT we should all be given fair play whatever our birthplace, and governments any should not move the goal posts, if we have played by the book.
p.s. still waiting for my lesson of cut and paste noni

dzibead

Oops! My apologies - will sit down this afternoon (after a bout of gardening) and drop you a PM telling you how to do it.

TDK

Thanks for your selling suggestions GGG and i'd still love to hear from any foreigners who have successfully sold a property in India on either and Agreement of Sale or on a 5 year Rolling Lease. I doubt i'll be able to get a Lease contract organised till back in Goa again (while my developer has gone off the radar!)So if i can sell on just an Agreement of Sale, would be good to know.

Also thanks for your thoughts GGG on potential problems of getting Rs out of India. As i (probably stupidly) decalred on my money transfer that the money was for buying a property, i'm not too sure best way round this one, but a gain any ideas on best way to deal with this would be much appreciated.I'm a bit reluctant to get someone to pay me in sterling in the UK, as i don't want to cause problems for the buyer (or my self) along the line, but if this is the only option, may have to consider it! One idea i had was to try and open an Indian bank a/c with an international ATM card that i could use to withdraw the cash from in the UK (in dribs and drabs)maybe(?)

Incidentally whilst flicking through papers in the library just now came accross article in today's (03/06/07) Financial Mail section of the Mail on Sunday on foreigners buying property in goa (haven't read yet so can't commentbut they give a link for more info: www.thisismoney.co.uk/homesabroad

Nick-H

I think you can repatriate at least the original cost of the property.

TDK

Thanks Nick, and i really hope you are right as theres so much conflicting and ambiguous information out there (including from the 5 or so lawyers i spoke to in Goa), its really hard to know the real situation! Anyway its all part of the joys of samsara i guess!

Nick-H

but do notice I say 'I think' --- I haven't had to be worrying about this one, and hope I never do, so I don't know.

It'll be in those RBI online FAQs somewhere, but, on top of that, I have a feeling that there was some easing up a year or so ago.