Re: D'Costa Palms, Siolim
 

Hello DL
Yes Douglas is convincing but he is NOT THE AUTHORITY!
If you can give me more details about your investment.. I might be able to guide you.

Re: D'Costa Palms, Siolim
 

Hi Milward,

If you think you can be of help, fire away.

I am not negative, just realistic.

Please tell us all about the current possibilities and options for FNs to own immovable property in goa ( please do your homework first and get it right, you have been warned)

I am not trying to scare anybody, just give them the cold hard facts.

I didnt try investing in goa, but i did live there for a couple of years and still own a house there (I think) .

Please do your homework and read my previous posts before responding.

I am peace loving too, fortunately.

Over to you

douglas

Re: D'Costa Palms, Siolim
 

Hi Milward,

I have never claimed to be the authority, RBI, FEMA, Home dept are the authorities i am quoting.

I repeat i have never invested in goa, it is not a place any knowlegeble FN would invest in in my opinion.

Now please tell us all about these options for FNs, as you promised.

douglas

Re: D'Costa Palms, Siolim
 

Hi dickylewis,

Why on earth would anyone ask one of the parties who contributed to their current predicament, for further advice? I am incredulous.

Read FEMA , all the answers and confirmation of everything i have said are there.

Please also read my previous posts.

douglas

Re: D'Costa Palms, Siolim
 

Douglas,
If you have not invested in Goa & have no intention of investing in Goa than why do you harp about the polices effecting FN in goa. I am sure the said FN are taking a legeal opinion before they make a commitment. Secondly I see no reason for you to mis - inform someone as you are not the authority nor a investor/purchaser. Furthermore per your post you have no clue about Goa.

Regards,
Milward

Re: D'Costa Palms, Siolim
 

Hi again Milward,

I said " i have not invested " in goa by that i mean as a professional investor with the intention of making a profit .

I do know quite a lot about the law and policies effecting FNs in goa. If you had bothered to read my posts instead of jumping in, you would understand why.

Legal opinions in goa are not worth a light, if you are a resident goan you will surely know that.

I am not misinforming and you are beginning to bluster.

I think you have a vested interest in the goan property market and you are making a not very successful attempt to create a diversion and obscure the truth out of self interest. So now it would appear that we have goans in denial, as well as FNs.

If you feel that i have no clue about goa, please for the third time, tell us all about the things that you know, that i dont know, with regard to FNs purchasing immovable property in goa. Please give full details, acts, sections, paras, case law etc and paste the appropriate evidence to disprove my points.

thankyou

douglas

Re: D'Costa Palms, Siolim
 

AAAAAAAAAAAAAAAAAAAAAgggggggggggghhhhhh!!!!!! this is all making my head hurt; I knew I should have bought a cottage in Wales!

Re: D'Costa Palms, Siolim
 

Hello Douglas,

didnt try investing in goa, but i did live there for a couple of years and still own a house there (I think)

Your above post says that you have lived in Goa and you THINK that you own a house.. so how can you comment on the local attorneys. I still say the local attorney is the best person to seek advise from.

For your info I have no vested interest in the property market in Goa ..... I would not discourage any FN to Invest in My Goa. I still say foreign investors are welcome to invest in INDIA.

Finally its no use pasting paras, rules etc etc the main objective is making it Happen!

Regards,
Milward

Re: D'Costa Palms, Siolim
 

hi dicky, i know how you feel, i have a 4 bed detached lovely house in cheshire, and also i will have a lovely 3 bed villa in soilim in goa, and nothing or any one will change the way i feel. smile and be happy

Re: D'Costa Palms, Siolim
 

Hi Milward,

You are digging yourself a deeper and deeper hole here.

Milward may well say that foreigners are welcome to invest in india, but your government says otherwise.

Please now take a deep breath, gather your thoughts and tell us all why and how Milward would "make it happen!"

Or just quietly slink away.

douglas

Re: D'Costa Palms, Siolim
 

Hi dicky,

More oxygen in the air there and you really can buy immovable property in Uk, dont need a visa either. Thats the fundamental difference.

regards

douglas

Re: D'Costa Palms, Siolim
 

If nothing else my Email inbox dulls the boredom of another day at the office. Still no joy from Churchills yet but I will let you all know as soon as I hear anything.

Re: D'Costa Palms, Siolim
 

Hi again Milward,

When you say you dont have a vested interest in the property market in goa, does that mean that the apartment you or your family owns and rent out to FNs is made out of fairy dust then, not sort of out cement and tiles as we all understand it.

So it doesnt really exist like, but it like sort of does when you collect the rent i suppose. Or god forbid, maybe even try and sell it to a FN.

How else do you explain the following posts, one from you and one from a satisfied FN who stayed in your appt.

Nice to see you active on the forum, your father took us to the airport on Sat, no probs getting back to Cochin, and we very much enjoyed our stay, your apartment was ideal for us and would recommend it to anyone.

I am happy that you liked my place and thank you for the tot of recomending my place I need all the possible help. I will be upgrading my place with free internet service & VOIP telephone with a local UK number.

Thanks
Milwrd




douglas ( you know, the one who knows nothing about goa or goans )

Re: D'Costa Palms, Siolim
 

Hi Milward,

First of all i would like to say that i love Goa and the Goan people but i also agree with what Douglas is saying.
Legally FNs can only register property in their own name once resident and as the HCI have stopped issuing x visas to FNs it is now practically impossible to do this. If you read previous posts you will see that FNs who previously held x visas are no longer able to get them renewed.

Now, a tourist visa is strictly for Holidaying or Visiting family/friends according to the Government and you are not permitted to purchase property or legally open bank accounts with one. So because of the on going investigations into bogus companies that tourists have set up to try and get around this and the current row over foreigners land grabbing in Goa, property is definately a very unstable and unsecure investment at this time for FNs.

Most FNs dont actually own their properties what they actually own is a five year rolling lease and are being charged freehold prices for the same. This can be translated as a very expensive rental agreement with little or no chance of ever obtaining the title deeds.:eek:

As property is one of the main investments that FNs are making in Goa they are taking a very big risk with their money and are also being mis-led by the property developers and estate agents by being told that every thing will be ok.

Would you buy a house in the UK at its full value if you knew you would never get the title deeds, never be deemed resident, and run the risk of having it confiscated?
Does this not sound risky to you?

For PIOs and OCIs sure there are no problems but at the moment for FNs it is too risky. Maybe things will change or maybe things will get even tighter.

Regards,
Remy

Re: D'Costa Palms, Siolim
 

Remy

Still not a huge problem if the "rolling lease" is renewed without ever increasing fees but I agree it is a worry. On the positive side I have just bought a new £28,000 car which will be worthless in 10 years but millions buy new cars every year... perhaps we are all stupid after all!