Buying abroad can be complicated, especially if you don't speak the local language. So make sure you do a good research, get good financial and legal advice.
We would suggest our visitors to read the following information.
How does a foreign national qualify to be a resident of India?
A foreign National who has stayed in India for more than 182 days during the course of the preceding financial year
i.e. April to March and who has come to or stays in India either for taking up employment, carrying on business
or Vocation (not Vacation) in India or for any other purpose that would indicate his intention to stay in India
for an uncertain period.
Can a foreign national having qualified as resident of India buy a property in India?
Yes! but not a Agricultural Land and provided he has complied with the Regulations of Reserve Bank of
India viz a viz regulations of the Foreign Exchange Management Act,1999 which regulates/controls foreigners
activity in India. Such foreigner nationals are advised to study the clause 6(3) (i) of Foreign Exchange
Management Act, 1999 read with FEMA Notification No. FEMA 21|2000-RB dated 3rd May, 2000 and Master Circular
No. 05|2005-06 dated 1st July 2006 available on website www.rbi.org.in which deals with the acquisition
of immovable property by such foreign nationals before intending to buy any property in India (Goa).
Can a foreign national buy a property on business?
A foreign National having stayed for more than 182 days in India on business or commercial
visa can buy property by forming a Company under the Indian Companies Act,1956 and
register the properties under the name of the Company. However if the Company goes on
liquidation the Government of India can take over such properties.
What if the foreign national is unable to complete 182 days during the financial year?
A foreign National not able to complete 182 days in a financial year he can take the property on
short term lease (Not more than five Years) from the owner of the land (Agreement of Sale & Development
would be in violations of FEEMA & RBI Rules) until such time he acquires the title of a Resident of
India for the Registration of the property.
How can a foreign national differentiate agricultural land to a residential property or in a settlement zone ?
In the case of State of Goa a Form called I & XIV is issued by the Revenue office of the Village which
will indicate the area of the property and nature of the property but not necessarily the TRUE ownership
of the property in the OCCUPANTS column. Also other person holding Rights and nature of Rights are shown.
In the case of settlement zone to confirm with the Town & Country Planning Department, Government of Goa.
How can you verify a freehold property ?
In the case of State of Goa check ownership title by examining the Certificate of Inscription and Description of
the property down the family line to the Seller. Other States in India have separate family laws governing family assets.
The best option is to consult a experienced solicitor.
Top Seven Tips For Buying a Property Abroad
Do your research before you visit Goa. Read as much information about the buying process and the area as you can get hold of.
Talk to people who live/own property in the area you want to move to. Visit the areas you are looking at buying in and talk to the people who live there to get a better understanding of what it is like to live there and other useful information about the facilities etc.
Don't be afraid to ask questions
Some people can be embarrassed when asking questions, but don't be. Any respected sales person will be happy to answer as many questions as you have for them. For most people, buying property abroad is a big step and a big investment. You need to be sure that all your queries are laid to rest before making a big decision.
Trust your instincts
You will know when someone is trying to rush you into a decision that you are not comfortable with. Similarly, you will know when you have found the property that is right for you. Trust your instincts and don't let anyone rush you into a decision. Some clients find their dream property immediately while it takes others a little while to find their perfect home. A good agent will have done their research on what your requirements are before meeting you and should be able to find the property that is right for you within three days.
Don't rush into anything
Don't be pressured into rushing into the wrong decision, but equally, when you feel the property is right, don't hesitate either. You don't want to lose out to someone who is willing to make the decision.
Take good independent financial and legal advice as soon as possible
One of the mistakes many people make is that they don't get good independent financial and legal advice. This can result in all sorts of problems later down the line. Make sure you get the best advice as soon as possible. Any reputable agent will have independent partners in these fields that they can recommend to you.
Make sure your agent offers an after care service
Setting up home abroad can be stressful, especially if you don't speak the language. A reputable agent will have an aftercare service to make sure that your needs are taken care of. A good agent is always available to you after the sale to give helpful advice and answer any questions that you may have.