powerhouse

I often wonder what we would of done if this thread had been around when we decided to purchase our property in Goa, probably we would of kept our money in our pocket and continued as a normal tourist. However you can't turn back the clock and like many others we took the plunge and now find ourselves in new unchartered territory.
We started looking in 2000 and eventually bought an Acron property in Candolim (off plan) in April 2003. Eveything went very smoothly and we eventually took possession of the property on a five year lease in January 2005 so we have two years left on it.
Acron have been around for a long time so there must be others who have purchased on a 5 lease and managed to renew it?
I guess we will find out what happens in two years when the lease is due to roll over as stated in our possession certificate. We always knew that we would not be in the position to do our 183 day for many years and were happy to buy on a lease that we assumed at the time would automatically renew.
I don't have any regrets, too bad if I did, we love the time we spend at the house, we would just like to get out a little more often. I live in hope that eventually things will be sorted and we will be allowed to enjoy our properties without the constant worry that one day we may have to give it all up.

Roger D

I have recently returned from Goa and like so many have seen the ideal property and I am very tempted to buy. The proceedure I was told to follow by an advocate may apply to you.
1 - Form your own private limited company in India. In order to do this you have to open bank accounts etc,. The transactions for opening your company are best carried out by an advocate.
2 - Register this company with the Reserve Bank Of India and when approved you will get a registration number for the company.
3 - When you have this registration number you can then transfer the freehold of the property from the builder in to your company.
All this costs money and the actual costs depends on the value of your present property. You will also have to employ an accountant to do the yearly returns from your company, again at a cost, however, the costs involved are cheaper than the loss of your property if you are unable to extend your lease for another 5 years.
Would be pleased to know if any one has used this method of purchasing property in Goa and if so was it a success or failure.

powerhouse

When we originally purchased the property we were advised that some people were being told to start companies, however they must legally trade, not just be a front to get hold of the freehold. It is not advisable to do anything illegal as the authorities seen to be investigating everything and everyone and from personal experience if you do anything wrong the fines and consequences can be spiteful

old man

It is not advisable to purchase through any channel at the moment. But there are still some idiots out there who will not listen.
Have you had any comeback from your investigation powerhouse?

powerhouse

We have not been investigated for buying a property as we are still on a 5 year lease. We had a other problems with the authorites and I can asure anyone that ignorance is not accepted as an excuse. We were investigated for not paying a tax that we did not know we had to pay, the end result was we had to pay the tax and the fine was 100%. You learn quickly to make sure anything you do is legal.

a_f_d

Roger D said well most people I've spoken to say use an accountant not an advocate, also, what is it going to do this company? as powerhouse said it has to be a real company and actually trade. I also hear that it takes at least two years to wind up a company before you can dispose of its assets.
otoh I hear the sub-registrar is still accepting sales to companies.

AndyD 8-)#

a_f_d

what was the tax? - just curious.

AndyD 8-)#

powerhouse

I will give you an example. Many decide to rent out their properties whilst they are not resident, this often helps with looking after the property, however India law is a minefield with rules and regulations constantly changing, not even the lawyers, advocated and accountants can keep up with things. One of the rules is that if you rent out a property which has a swimming pool and air contidioning etc you must register and pay luxury tax, if you dont you will end up with a big fine. Also some are renting and receiving the income in the UK this is also against the regulations as any income derived from property in India has to be paid in India in Rupees. I have heard that some are being caught out because they advertise on the internet.

Return of Santan

Hi All,

I am new to this site but have been reading the Goa pages for over a year now.
We to thought we could buy a piece paradise in Goa but its now obvious we can't:curse:
We have all been "charmed "by Goa (inc taxi drivers, advocates, builders etc)but I now feel the lucky charm is very much tarnished through Goa's own greed.(Will the MLAs still be fiddling as Goa burns ?)
I read with interest recently about possible compensation from the government if FN property is confiscated... all I can say is HA !
What will happen to our properties there ? will they fall into ruin just like the Portugese houses that the SAVEGOA front are insisting is their heritage( The only ones I have seen refurbished are by Brits!)
Unfortunately the medias focus is very much on Goa at present due to the Scarlett tragedy and one should not generally capitalise on such events, but I feel we all have a very personal financial tragedy to face and therefore attention must be drawn to our plight.
There are people here in the UK actively "working behind the scenes"( the Goan authorities do observe and contact this site)contacting the press,MPs etc and I feel we ALL MUST DO OUR BIT to get maximum exposure whilst we can,so PLEASE DO SOMETHING !

Its OVA4GOA !

Kan-conned

Daff

Hi folks, we have been watching quietly from the sidelines for a while and we are resigned to the fact that our apartment will never be ours. What it is currently is a very expensive 5 year lease which may or may not be renewed.
Just a passing thought and we feel sure that someone will shoot us down but could this situation not be resolved by a compromise. We are given long term leases - say 50 years - in exchange for the monies we have spent to support the building of these properties. Goa keeps it land and buildings for Goa and we invest in the area and keep the properties in good order. Tax could be paid on rentals so the government gets its share too! Maybe thats too simplistic. Look forward to hearing everyone elses comments (and we are sure there will be many) Happy days

a_f_d

Hear Hear!

People often pooh-pooh the idea of talking to their MP's but they do have a surprising amount of clout (btw anyone have Keith Vaz as MP?)
Apparantly the FO are talking about giving 10 year visas to Indians, so ask your MP to campaign for a quid pro quo!
Point out that there are an estimated 50,000 - 60,000 Goans in the UK who I hope are made truly welcome. Ask why a very few hundred Brits in Goa are being persecuted and denied due process!

AndyD 8-)#

old man

Now that is too logical for them.

old man

Give us some addresses to write to and we will all contact them, Andy.

Return of Santan

Hi Daff and all,

Unfortunately Indians don't do simplicity they prefer to go right round the houses ( sorry about the pun) then finish the task with a head wobble
I have tried to advocate a high capital gains tax (CGT) for FNs which would cool the market right down at a stroke,but again its to simple....
They nearly all want their cake and to be able to eat it and ask for second helpings !
I am sure Keith Vaz is a very good MP but he has in the passed "fallen from grace" a little with his alleged dealings with the Indian Hinduja brothers
All our concerted efforts must be made from the UK where at least we have a voice,even the big travel agents should be made aware of what actually happens in Goa.
The crime rate over there is much higher than reported and is artificiallly "kept low" for the obvious reasons....

Kan-conned

pips

Having been resident in Goa for the last seven years, I am no longer entitled to the sevices of an MP back in the U.K. (Yes, I am am one of the saddos who burned her bridges). However, I am considering contacting David Miliband, British Foreign Minister to see if he can assist in this predicament of ours. Any views on this thought?