e-mail your questions to [EMAIL PROTECTED] I am thinking of buying a property in Goa next year. Is it a good time to buy? Are there any unusual procedures for foreign buiyers? Finally, are there any special requirements if I work there?
TS by e-mail Goa is a beautiful place to live and you can get a lot for your money compared with buying in Euorpe. However, property prices may soon rise as Goa attracts greater foreign investment and if legal changes allow Non-Resident Indians (NRIs) to buy property. There is pressure on the government of india to grant Indian citizenship to members of the Indian disapora (NRIs) around the world. This potential rise in the number of people holding dual citizenship is likely to coincide with the first wave of immigrants to leave India in the 1960s reaching retirement age. Many may chose to buy property in popular locations such as Goa, pushing prices up. Bureaureacy is also a deterrent to foreign buyers. All foreigners, including NRIs, must obtain cleance from the Reserve Bank of India and the local authorities in advnace of any property purchase. Prospective buyers are also required to spend a minimum of six months (which does not have to be continuous) in India in a preceeding financial year, which ends on March 31. You can, in the interim, enter into negotiations to purchase but you cannot register the deeds until after the April 1 following your six - month stay. So unless you are sure you want to make India your home. It may be better to rent. Foreign nationals who wish to work in India must obtain a residency permit from the Foreigners Regional Registration office (FRRO) and are taxed only on their Indian income, such as salaries, pensions and fees. Income from sources outside the country is not taxable unless it is remitted to India. (Bill Blevins is a managing director of Blevins Franks International and independent firm providing tax and investment advice. MY TAKE: Overseas Goenkars take it easy, while you are enjoying your sojurn in the West, the Westerners will shortly be taking a sojurn in your Mother land. Nothing against this ! Only please bear in mind the consequences of staving off the desire to move back to Goa! Cheers, Gabe Menezes. ########################################################################## # Send submissions for Goanet to [EMAIL PROTECTED] # # PLEASE remember to stay on-topic (related to Goa), and avoid top-posts # # More details on Goanet at http://joingoanet.shorturl.com/ # # Please keep your discussion/tone polite, to reflect respect to others # ##########################################################################
