Hello,

I'm new to site so apologise if this has already been covered.

I am going out to Goa in March with the prospect of buying a property in Peace Valley, Varca - I hear the shouts don't do it, don't do it.

I am well aware that an individual FN can't legally own a property in Goa and have read several previous comments but these all seem to relate to people buying on a tourist visa.

I have been informed (rightly or wrongly) that in order to own a property in Goa, I will have to set up a business, open a bank account and obtain a business visa. This will all be organised through the company I will hopefully be purchasing from.

Has anybody else purchased a property via this route. Does anybody know if this is correct and will I actually own the freehold of the property or will it effectively still be leasehold.

I appreciate any advice anyone can give.

Thanks

Maria

Hi Maria
Where to start is the problem, opening a company in order to buy property is OK ish, however the property is then owned by THE COMPANY, not by you and as such is supposed to be used for the function of the company's trading business. The company that you set up also has to TRADE and accounts have to be produced, remember also that if you then close the company the property does not revert to you automatically, it is an asset of the company and as such has to be sold/transferred to you correctly, which means that if you don't have residency YOU can't purchase it. Also the money that comes in to India for the purchase of the property has to come through proper channels so you will have to set up a bank account, and then you will get your certifcate of remittance of Foreign Investment, which means that you can prove where the money came from and it will allow you to reclaim that amount if you leave India.
You should have a business visa BEFORE setting up the company and that is a whole new can of worms and I am not sure how the company that you have been dealing with can get you a business visa, I haven't got much time at the moment but if you want to ask specific questions please PM me or email, I normally check every 3/4 days.
Regards
Tony P

PS If you are a PIO or a NRI you don't need to do any of those things, but I am guessing that you are a Foreigner.

Hi, as Tony says so it's like the 183 day route in that it's difficult to see how you can do it unless you're retired in the UK. For further fun and harmless amusement you can spend a couple of days reading the whole 'Buyer Beware' thread.

AndyD 8-)#

The company route is tried and tested and fairly bullet proof. A private limited company in India requires a minimum of 2 directors. The Company will own any fixed assets (property, equipment etc) and the directors are free to sell their shareholding at any time. Rules apply regarding submission of audited accounts etc, so it is desirable to you are trading, although not compulsory. A good accountant can take care of company formation and make sure the company complies with all necessary regulations. If you are not resident or do not spend lengthy periods in Goa, then a trustworthy person locally having limited power if attorney to sign all the papers and deal with company affairs will make life a lot easier.

Whilst writing, I note that the doom and gloom merchants are a bit thin on the ground these days. So far I have not yet heard of anyone here who has suffered any punitive measures or has been chucked out of Goa (well, except Douglas.....)

Rob,

I must admit that the merchants of doom do scare anyone who has paid a deposit on a property in Goa as we have. However, we know several couples who have gone down the Limited company route who have so far had no problems other than the usual Indian bureaucracy! i.e. - they've not been asked to leave the country & they've not had their house taken from them.

Regards

Hemingway.

P.S. - leave for Goa 2 wks tomorrow & can't wait. . . . . . . .

There is an another side to this deal too.. according to law,
an investment brought into this country in accordance with the FEMA or FERA regulations is legal; but , you can disinvest or take back money invested by only way of "products or services" equal to the amount of your investment. It means, you will not be able to take back the money, with the appreciation of the investment, ever!
Let me say in a simple manner, you can all find loop holes and short cuts if you are so determined to own land in India.. in the long run.. it will be a loss.. it's not worth it.
I have been reading lot of posts here in this issue.. it's simple,
"No foreign national is allowed to buy immovable property in India" it is the policy of the country...
why are you guys trying to find a way around it and still do it when the country itself is not encouraging such things??
is it worth all the trouble??
it's your hard earned money.. if you value it, why not stay away and play it safe.. the whole of India is encouraging tourism.. and they are friendly.. but they do not want foreign nationals to add up to the population..
hope you all get the message.. I am not being rude.. but it's logical ...and realistic.

hi everyone,
sounds to me like rob 50 has a job to do in goa ! it's something in the name
that jumps out at me !! and don't worry babba,the doom & gloom merchants
are not getting thin on the ground, we're just watching all the "in denials"
queing up ....it is tourist season after all ! belive me all is not as it seems...
but goahead throw your money away if you're so desperate . some people
just don't want the truth, is'nt it rob!

Would it not be easier to just Rent.
Keep your money in the bank.

[QUOTE=r.i.p goans;5988777]hi everyone,
sounds to me like rob 50 has a job to do in goa ! it's something in the name
that jumps out at me !! and don't worry babba,the doom & gloom merchants
are not getting thin on the ground, we're just watching all the "in denials"
queing up ....it is tourist season after all ! beliv
e me all is not as it seems...
but goahead throw your money away if you're so desperate . some people
just don't want the truth, is'nt it rob![/QUOTE


Hi everybody,

It is my first post. l am totally overwhelmed with the Buyer Beware thread.
I have read it for many months - only now have a computer,so can join in.
Has any of the Acron readers got their sale deed registered. Foreign Nationals. or the people who have bought from the Highland Resort.

I bought a property several years ago, - doing the right thing (I thought)
x visa, number of days over the stiplated ones. Money sent through Banking channels and like over 12 of my friends and neighbours are being investigated. As far as We are aware we have done nothing wrong. Like some of your other members.
Why do people do not believe you when you try to help them.Look forward to their replies.

Yes and here is another one. Cannot tell all just at the moment. Will see how the next fews months pan out. If you want to loose your money, cause incredible stress to yourself and keep those rose tinted glasses on believing you have found a safe easy route into owning property in India,.......then go ahead and buy. Take a nice trip past Candolim and take a good look at the view from Aguada. After all if it goes totally pear shaped, you will have birds eye view of the Mandovi River and the beautiful dolphins.........from Aguada Jail!!
3 years of stress, I ask you is it really worth it. My answer. NOT A CHANCE.