Hi Keith,

Thats Great............for a minute i thought you had grabbed the last lifeboat.

Cant wait for the December.

Ahhhhhhhhhhhhhhhhh,.......Kingfisher, Smirnoff,Kingfisher, Smirnoff.........................Ahhhhhhhhh....... ..............


Ahhhhhhhh wot a f****** day iv had..........Ahhhhhhhhhhhhhhhhhhh

Douglas could you give me any information i have heard that the rupee is going to be floated on the market, that will then mean if you sell your lease you can take your money out of goa or change it on the internet banking into sterling pounds. also do you know how many people have got their money back from acron, and how and it what currency. thank you.

Hi flowermoon, or is it Iris?

The name sounds nice any way and welcome to the site. Assuming you are a FN it is refreshing to note that you didnt use the word buying in your intro.

regards
douglas

Hi flowermoon,

If india is to become part of the global village they obviously will have to float their currency at some stage. It is unlikely to happen soon and you must consider the current macro economic situation . The us economy could possibly implode and take the tiger economies with it, that would delay progress in this area. Even if they do float the INR i dont think they will adopt an instant open door policy, it will be introduced in stages.

On your acron queries i am a little puzzled, as from your previous post you appear to be an acronite of several years standing and surely must already know the answers to all of these questions.

As a general comment most FNs will not be selling their leases as their leases are not transferrable. The freeholder may sell the lease if he can find someone stupid enough to buy it at an inflated price and perhaps subsequently make some form of payment to the original lessee.

The banking directives i have seen refer to repatriation of proceeds from the sale of freeholds by FNs, not leaseholds, so i think the FN is in new territory here.The fact that there is no legislation that i am aware of regarding repatriation of proceeds from leaseholds by FN is not surprising, as a short term lease is not worth very much. You should also read my previous posts on black money and can you actually sell anything on a tourist visa in the first place?

I dont know how many people have received their money back as acronites are not very forthcoming with information on this site (plenty of misinformation though)

You should ask keith on this one (repayment) , i understand he received return of a deposit rather than a payment for a lease. Any developer will offer a put option on the goan property market as long as the property is increasing in value, but as soon as the market turns down the put will be inevitably be withdrawn.

Most acronites we hear from appear to be happy with their lot ( as you seem to be) but they are in general technically unaware , as you also appear to be.


regards
douglas

Hi Flowermoon,
At last an Acornite "owner", well one who is not still in the throes of "buying", welcome to the site.
Has "Mr Acron" explained to you the method by which you can "sell" your lease? If so please post it on this site as its a very good way of finding out if its legal or indeed in your best interest as there are many wise heads reading these posts (and not so wise) who perhaps can offer some good advice.
Regarding getting your money back, I think this offer only applies up until the time before you actually make the final payment and start your lease period i.e at the time when the finished apartment is handed over to you.
If you paid for your apartment using Acron's normal method i.e through official transfer channels stating that the money was to used for the purchase of property, that amount of money can be bought back out of Indian, any profit or money used to fit the apartment out cannot and again it would be subject to capital gains, though lord knows under what set of rules as its a bit of a minefield as to wether a leasee should actually be paying it.
I beleive most refunds have been transferred in sterling, not sure about "sales" though.
On a lighter note, as we seldom get a 'real" Acronite writing can you pass on some of your experiences for the the would be Acronites who are watching.
Like getting a gas supplier, any problems?
Any problems setting up a bank account to pay bills ect.
Any downsides you've come up against apart from this current situation.
Do you know of any problems that others on your development have had?
Sorry for all the questions but you are a rare beast on this site.
Best Regards
Bryson _
Please note Douglas, not one question on tiles!

Hi Noni and the gang...

Yes,thetitle is mine and it is underwritten by the Turkish Cypriot government,I have official papers to prove this. After my Goa farce,I wasn't prepared to move forward without this confirmation.


So,champers all round then.

Can Douglas make a flying visit as well to complete the set ????

Cheers for now !!!


Keith

Hi Keith,
Congratulations.
What's the property scene like in Northern Cyprus now ? as when I first looked there I was advised against the North because of the disputed ownership of land there as many Greeks were forced from their homes and land by the Turks. It was thought that at some future date they could have a legal claim against any new owner. Has that all been settled?
Regards
Bryson

Hi Bryson7,

You are mixing your metaphors here -

If you paid for your apartment using Acron's normal method i.e through official transfer channels stating that the money was to used for the purchase of property, that amount of money can be bought back out of Indian, any profit or money used to fit the apartment out cannot

Fundamental point here , how can a non resident FN state that the money to be repatriated was used for the purchase of immovable property when they are explicitly prohibited from purchasing under FEMA and haven't signed and registered a sale deed . Whatever this payment you allude to is for, it is not the proceeds of a sale .

This is a perfect example of the mess that FNs are getting themselves into, if the bank manager or rbi asks the FN for evidence of the sale, original cost etc ( which they most certainly will on instruction to remit to uk) what will the FN say and how long do you think the remittance will be delayed , how will you explain it, or will it even be allowed at all?

FNs seem to have no idea of the risks they face if they are put in a position where an indian official can leverage them.

regards
douglas

Hi Douglas,
Yes, I see your point.
Perhaps I should have said for a lease agreement purchase.
But I must admit I seem to remember that the wording which was actually used on the form was for property purchase. UGH!!
Regards
Bryson

Hi Bryson7,

You could have a good day if and when you wish to repatriate your funds, but you could also have a bad day.

If its a bad day the official concerned will want every document you have in triplicate and notarised and may well tell you that the act only mentions proceeds from sales and not leases or return of deposits and how can you tell us that you have brought in money to purchase a property when foreigners are prohibited from doing so, and how do i know that you didnt forge this document and so on.

Hope you get the drift.

regards
douglas

Hi Douglas,
Yes, you have made your points very clear as always, and I thank you for it.
Please don't give up on this site Douglas or on us mere mortals.
Think I'll spend the rest of the day in a deep trance.
Mmmmm maybe I've been in one for the last eighteen months, certainly begining to feel like it.
Best Regards
Bryson

Hi Bryson for your eyes only Ha Ha

I have had my apartment with acron for 3 years, and i am very very happy with it and i have had no trouble getting a gas supplier, paying my electric bills, or opening a bank account etc. And after three years any problems i have with the apartment acron have always attended to. I unlike others have faith in acron, and believe they will keep rolling over my lease ( which is my opinion) and unlike others have a family member who sold their lease after moving into their apartment for a year and made 6000 pounds profit,and are now living off this money during their holidays in Goa. I did not go into this project with the understanding of retiring in Goa, just to spend 5 to 6 months of the year there, i do however understand that things have changed, which are beyond the control of acron or myself at present. And I have just started to embark on another property in Goa with Acron FOR RENTAL PURPOSES and i am wondering with all the problems should i ask for my money to be returned, but i would never do this on my original apartment because i love it. It would take me a lifetime to spend this money if returned in rupees thats why i was asking the question, with regards to getting my money out of India. Maybe like my cousin i will see it through keep the lease for one year and sell and make a profit,bath in rupees and live like a queen or mogul, as there are lot of Indias from bombay and delhi wanting to purchase properties/leases Who Knows. I am keeping positive at the moment.

Hi flowermoon,

We presume that you are a FN.

If you are a FN on a tourist visa you dont know your subject.Your nro bank account should be closed at the end of your six month period, where are you going to keep the money in india ?

You need a business or employment visa to run a business and rent immovable property in india.

You cannot trade as a sole trader in india if you are a FN.

Notwithstanding the above, you are presuming that someone will want to rent your apartment and that you can make a profit after paying your taxes and expenses and after allowing for cost of carry.

Does your lease allow you to sub let?

Regarding selling, you are presuming that property prices will keep rising and that there is a greater fool than you who will continue to pay freehold prices for 5 year leases.

Do not extrapolate the past and presume that will form the future.

The only certainty is that nothing stays the same.

The fact that you love your apartment is irrelevant, it doesnt change the rule book or the political climate or the indian mind.

regards
douglas

Hi Flowermoon,
Thank you so much for your reply.
Having reread my lease wording I now feel a lot happier that we aren't likely to have infringed any of the current laws in place at the moment.
Gee, I'm getting a funny feeling that some one is reading your message over my shoulder.
Thank you for sharing your very positive experiences with us, I do hope you are wearing your Flak jacket and tin hat in readiness for the "bararge" which will I'm sure be coming in from the East.
Best Regards
Bryson

Hi Bryson 7,

Nothing to be happy about, your fellow acronites will tarnish you too.

Maybe flowermoons attitudes and practices are not typical of the average acronite, but they are certainly what we are becoming used to from acron contributors on this site.

I can see nothing positive in these attitudes , rather am saddened by them.
I am sad for the people of goa that foreigners think its ok to come to someone elses country and cover it in concrete and speculate and break their laws with impunity.

I am also sad for the FNs who do have some understanding of India and its culture and who genuinely want to live there. I suppose we cannot expect the authorities to differentiate, we are all just FNs to them .

The more i hear of these attitudes and practices the more i am convinced that the authorities will eventually move against all FNs in goa, responsible and otherwise.

FNs dont need flack jackets , just some intelligence, knowledge, awareness, and sensitivity to their host country.

regards
douglas