How much would it cost to live comfortably in Goa for a year, including rent etc?
Starting with the air fare - about £600
Visa I think for a year are £90 taxis etc. so starting £700
We pay 10.000 month rent £120 x 12 1.440 pounds
Spending as much or as little as you want. We spend
average about £8 per day but that includes things like
dentist, clothes, and household items, petrol etc 3.000
Scooter hire 75rps day 340
This is for 2 of us so if you were on your own you would spend less but we don't eat out much in the evening.
Hope this helps a little.
Visa I think for a year are £90 taxis etc. so starting £700
We pay 10.000 month rent £120 x 12 1.440 pounds
Spending as much or as little as you want. We spend
average about £8 per day but that includes things like
dentist, clothes, and household items, petrol etc 3.000
Scooter hire 75rps day 340
This is for 2 of us so if you were on your own you would spend less but we don't eat out much in the evening.
Hope this helps a little.
if you own your own home you can live very nicely for around £500 per month per couple - that should include taxi fares and going out ,but as you have your own place you tend to spend a lot of the time enjoying your own space and staying in!! which sounds strange but is perhaps more stress free than going out every night! Brian
Hi I am trying to find people that have bought off Keith Morling on the Danika complex near Colva so if you have bought I would very much appreciate it if you could post a reply or get in touch
There are about 4 couples at the moment who are e-mailing each other that are on phase 2 but if we could make contact with anyone on phase 1 this would be brilliant
regards
Tea Girl
There are about 4 couples at the moment who are e-mailing each other that are on phase 2 but if we could make contact with anyone on phase 1 this would be brilliant
regards
Tea Girl
Is there anyone out there who is purchasing an apartment from Royston or Shelley from Casa Seashell or Seashell restaurants? I'm talking about their new phase on the way to Coco Beach - a friend of mine needs some help.
Hi Tea Girl,
I have a group of 6 purchasers on Danika, so it will be great to have further contact, especially as things are rather unclear at the moment about the Indian Government's intentions re foreign owned property.
I gather all the properties on phase II are owned by europeans.
If you would like to send me a PM with your telephone no/email address I will be in touch.
Pat
I have a group of 6 purchasers on Danika, so it will be great to have further contact, especially as things are rather unclear at the moment about the Indian Government's intentions re foreign owned property.
I gather all the properties on phase II are owned by europeans.
If you would like to send me a PM with your telephone no/email address I will be in touch.
Pat
PANAJI: In the wake of a controversy regarding foreigners buying huge plots of lands in Goa, Chief Minister Pratapsingh Rane on Wednesday said the state government would urge the Centre to curtail the duration of tourist visas from six months to three months.
"People arriving on tourist visas should not be allowed to stay for six months," Rane said.
The state government recently revealed that 482 foreigners had purchased some 12 lakh square metres of land in the state.
Local activists under the banner of Goa Bachao Andolan protested against the purchase of properties by foreigners.
The Goa government will write to the Centre, asking it to curtail the tourist visa period from six months to three months, Rane said.
PTI
"People arriving on tourist visas should not be allowed to stay for six months," Rane said.
The state government recently revealed that 482 foreigners had purchased some 12 lakh square metres of land in the state.
Local activists under the banner of Goa Bachao Andolan protested against the purchase of properties by foreigners.
The Goa government will write to the Centre, asking it to curtail the tourist visa period from six months to three months, Rane said.
PTI
Hi, Brian. Re why people are complaining: Although journalists keep harping on the matter of legality and the ways in which foreigners are bypassing the FEMA rules, that's only a tool to bring focus to the issue. But it's not really about that. It's about several things (a) politics and jockeying for position, (b) the fact that the prices expats are willing to pay are driving the real estate market in such a way as to aggressively diminish the purchasing power of a majority of Goans, (c) the fact that there is an ugly underbelly to the influx of foreigners which manifests in a flourishing drug trade and a large number of pedophiles, and this has brought a lot of activists and religious leaders on board.
masc
masc
Hi Masc I think you might be correct there is an election comming up but it is very worrying for people who have invested money in Property out in Goa Most of us have done everything the agents here in the UK have told us to do set up a company got are selves a Goan Advocate that they have recommended and now we are reading all this stuff about we have broken laws and we won't be able to register the property when it's built
Most of us just love Goa, the people, the place and we just had a dream of having a house out there and eventually retiring there to see our day's out peacefully away from all that Britain has become
Have you any first hand knowledge of the situation out there
We have e-mailed our Advocate and the agent here but they have chose to just ignore me
Id be really interested if you have we might get a nights sleep then haven't slept since this lot kicked off
all our saving are tied up in it
Tea Girl
Most of us just love Goa, the people, the place and we just had a dream of having a house out there and eventually retiring there to see our day's out peacefully away from all that Britain has become
Have you any first hand knowledge of the situation out there
We have e-mailed our Advocate and the agent here but they have chose to just ignore me
Id be really interested if you have we might get a nights sleep then haven't slept since this lot kicked off
all our saving are tied up in it
Tea Girl
Hi Teagirl
I have recently purchased a property on the Colva Oasis site, through the same company, we have also e-mailed them and had no response, we have e-mailed another friend who lives in Goa and has 2 properties, when we get a response we will let you know.
I have recently purchased a property on the Colva Oasis site, through the same company, we have also e-mailed them and had no response, we have e-mailed another friend who lives in Goa and has 2 properties, when we get a response we will let you know.
Hi Thanks for responding to my e-mail It's very worrying it seems no one wants to know now and Im very unsure about the choice of investment I've made
the thing is they are still selling them which is very concerning I wonder if they are telling people about the problems out there at the moment
I don't think so do you how much money have you parted with
Im in for about £17000
keep in touch and if I hear anything Ill post it on the boards
Tea Girl
the thing is they are still selling them which is very concerning I wonder if they are telling people about the problems out there at the moment
I don't think so do you how much money have you parted with
Im in for about £17000
keep in touch and if I hear anything Ill post it on the boards
Tea Girl
for information please read the reply from our property managers - The recent controversy has arisen because foreign nationals have been buying property in India without complying with the requirements of the Foreign Exchange Management Act 1999 (FEMA), a central law administered by India's central government. The entire issue has been stirred up by a local politician because many foreign nationals (Russians, Israelis etc.) have illegally acquired vast tracts of land and / or running businesses such as bakeries and restaurants etc (often as a front for nefarious activities) and all this has naturally upset the locals.
There has been no change in FEMA. However, registrars at local land-registry offices who are Goa state government officials have been asked by the Goa administration to ensure that the existing law is not being violated when title deeds of foreign nationals are lodged for registration.
As provided for in our contract with you, the freehold will be transferred to you as and when you complete your 182 days stay and satisfy the local authorities that you have complied with the provisions of FEMA. We enclose a note, that we may have given you earlier, about the property laws.
INFORMATION ABOUT INDIAN PROPERTY LAWS
To be eligible to buy a home in India, a foreign national of non-Indian origin is required to reside in the country for 183 days in a tax year before he or she can purchase the property on a freehold basis. Most of our customers from the UK come to Goa on 180-day tourist visas. To enable them to acquire a home, we therefore sign a lease-contract with them that enables them to enjoy the use and possession of a home in Goa in the interim (i.e. till they qualify for the freehold in the manner described below) which they otherwise would not be able to do because of their 180-day visa.
On the strength of their lease-contract as proof that they have a home in Goa, many of them have then obtained longer-term visas (i.e. of more than 6 months duration) from Indian high commissions / consulates abroad, or 6-month non-tourist visas that can be extended in India or sometimes they travel to a neighbouring country like Sri Lanka or Nepal to renew their Indian visa and return to India thereafter. This enables them to fulfil the residence criterion i.e. to stay for a 183-day period in any particular year and thereby qualify for freehold ownership.
The lease contract has a duration of 58-months (approx. 5 years) and is renewed for further 58-month periods, as necessary i.e. till such time as the customer is able to qualify for the freehold. As soon as he or she does so, we convert the lease-contract at no extra cost into a freehold (purchase) deed which is then registered in the local property registry office.
The lease arrangement is convenient because most of our clients are initially issued only 180-day visas. In any case, they usually spend only a few weeks each year in the initial stages. Most of them intend to spend longer periods in future when they will use their home in Goa for their retirement years. Therefore, they plan to qualify for the freehold electively when it is convenient for them to spend the 6-month period in India and / or when they are ready to retire. The period of residence need not be continuous but has to add up 183-days in any tax year (April to March of the following calendar year).
The reason that the lease contract has a duration of under 5-years is because the regulations prescribe that any lease arrangement of 60 months or more requires the lessee to fulfil the residency requirement.
Another aspect of Indian property regulations is that a foreign national is not permitted to repatriate the proceeds of eventual sale of the property (this legislation, as obtains in other countries like South Africa, Thailand, etc. is probably intended to discourage speculative trading in real-estate by overseas investors). Hence a foreign national based in England, for example, who sends Pounds to India for purchase of a villa or apartment, can sell his / her home at some future date if they so desire but their bankers in India are not allowed to remit the sale price in Pounds back to the country of origin of the seller. The sale proceeds have to be credited to a local bank account of the seller and can be used in any manner as he or she wishes including for the acquisition of another home in Goa. Capital-gains tax is payable on the profit that the seller will make. The tax rate is 20% of the gain if the property has been held by the owner for more than 3 years and approx. 30% of the gain if the seller sells before 3 years of purchase.
Our overseas customers are not deterred by these property-ownership regulations because they love to have a home in Goa to use on their holiday visits every year and will stay for longer periods when they retire. Even if it is not possible for them to ever qualify for the freehold, it doesn't really matter beacause their leasehold rights are secure and protected and the lease route is often the only way by which they can acquire a home of their own in Goa. Most of them will leave their home to heirs / beneficiaries since their leasehold rights can be bequeathed. Any Last Will and Testament made in the UK is valid and applicable in India.
Brian
There has been no change in FEMA. However, registrars at local land-registry offices who are Goa state government officials have been asked by the Goa administration to ensure that the existing law is not being violated when title deeds of foreign nationals are lodged for registration.
As provided for in our contract with you, the freehold will be transferred to you as and when you complete your 182 days stay and satisfy the local authorities that you have complied with the provisions of FEMA. We enclose a note, that we may have given you earlier, about the property laws.
INFORMATION ABOUT INDIAN PROPERTY LAWS
To be eligible to buy a home in India, a foreign national of non-Indian origin is required to reside in the country for 183 days in a tax year before he or she can purchase the property on a freehold basis. Most of our customers from the UK come to Goa on 180-day tourist visas. To enable them to acquire a home, we therefore sign a lease-contract with them that enables them to enjoy the use and possession of a home in Goa in the interim (i.e. till they qualify for the freehold in the manner described below) which they otherwise would not be able to do because of their 180-day visa.
On the strength of their lease-contract as proof that they have a home in Goa, many of them have then obtained longer-term visas (i.e. of more than 6 months duration) from Indian high commissions / consulates abroad, or 6-month non-tourist visas that can be extended in India or sometimes they travel to a neighbouring country like Sri Lanka or Nepal to renew their Indian visa and return to India thereafter. This enables them to fulfil the residence criterion i.e. to stay for a 183-day period in any particular year and thereby qualify for freehold ownership.
The lease contract has a duration of 58-months (approx. 5 years) and is renewed for further 58-month periods, as necessary i.e. till such time as the customer is able to qualify for the freehold. As soon as he or she does so, we convert the lease-contract at no extra cost into a freehold (purchase) deed which is then registered in the local property registry office.
The lease arrangement is convenient because most of our clients are initially issued only 180-day visas. In any case, they usually spend only a few weeks each year in the initial stages. Most of them intend to spend longer periods in future when they will use their home in Goa for their retirement years. Therefore, they plan to qualify for the freehold electively when it is convenient for them to spend the 6-month period in India and / or when they are ready to retire. The period of residence need not be continuous but has to add up 183-days in any tax year (April to March of the following calendar year).
The reason that the lease contract has a duration of under 5-years is because the regulations prescribe that any lease arrangement of 60 months or more requires the lessee to fulfil the residency requirement.
Another aspect of Indian property regulations is that a foreign national is not permitted to repatriate the proceeds of eventual sale of the property (this legislation, as obtains in other countries like South Africa, Thailand, etc. is probably intended to discourage speculative trading in real-estate by overseas investors). Hence a foreign national based in England, for example, who sends Pounds to India for purchase of a villa or apartment, can sell his / her home at some future date if they so desire but their bankers in India are not allowed to remit the sale price in Pounds back to the country of origin of the seller. The sale proceeds have to be credited to a local bank account of the seller and can be used in any manner as he or she wishes including for the acquisition of another home in Goa. Capital-gains tax is payable on the profit that the seller will make. The tax rate is 20% of the gain if the property has been held by the owner for more than 3 years and approx. 30% of the gain if the seller sells before 3 years of purchase.
Our overseas customers are not deterred by these property-ownership regulations because they love to have a home in Goa to use on their holiday visits every year and will stay for longer periods when they retire. Even if it is not possible for them to ever qualify for the freehold, it doesn't really matter beacause their leasehold rights are secure and protected and the lease route is often the only way by which they can acquire a home of their own in Goa. Most of them will leave their home to heirs / beneficiaries since their leasehold rights can be bequeathed. Any Last Will and Testament made in the UK is valid and applicable in India.
Brian
hi brian read your report concerning buying property in goa i must say it was excellent you have exsplained it perfectly in simple terms.Ithink it will have put many peoples minds at rest that have been worried about there investments in goa Elaine
Hi Tea Lady
Spoke to my friend, she also has an Villa on the Danika site, and also owns an appartment in Calangute, she is not panicking, she has spoken to Olle Hellman and also friends in Goa and what we are doing is not Illegal, the laws haven't changed, but they are looking into it a lot more for those who have done it illegally.
As long as you show some movement that you have let your appartment out through your business account you have nothing to worry about, fingers crossed it should all turn out Ok, maybe a little more stressful than hoped.
Our appartment is on the Colva Oasis Site now known as Florida Gardens, which is next to the Danika site, maybe see you there some time.
Keep intouch on the forum and if we both hear anything else we can post it, they must be more people out there confused at the moment.
I will be sending my next payment this week, it is not going to put me of.
Lynn
Spoke to my friend, she also has an Villa on the Danika site, and also owns an appartment in Calangute, she is not panicking, she has spoken to Olle Hellman and also friends in Goa and what we are doing is not Illegal, the laws haven't changed, but they are looking into it a lot more for those who have done it illegally.
As long as you show some movement that you have let your appartment out through your business account you have nothing to worry about, fingers crossed it should all turn out Ok, maybe a little more stressful than hoped.
Our appartment is on the Colva Oasis Site now known as Florida Gardens, which is next to the Danika site, maybe see you there some time.
Keep intouch on the forum and if we both hear anything else we can post it, they must be more people out there confused at the moment.
I will be sending my next payment this week, it is not going to put me of.
Lynn
Hi all,
2 articles appear in the Telegraph yesyerday you can see them on line http://www.telegraph.co.uk and do a search on Goa.
Best wishes
Tea Girl
2 articles appear in the Telegraph yesyerday you can see them on line http://www.telegraph.co.uk and do a search on Goa.
Best wishes
Tea Girl
http://www.telegraph.co.uk/property/main.jhtml?xml=/property/2006/08/05/pgoa05.xml&page=1
http://www.telegraph.co.uk/property/main.jhtml?xml=/property/2006/08/05/pgoa105.xml
These are the links provided by deutchesafrikar12 on the Goa forum.
I also will link to the RBI again as I think it is vital that people read this information before buying a property in Goa.
http://www.rbi.org.in/scripts/FAQView.aspx?Id=33
The following applies to foreign nataionals of non-Indian origin. (If you are a NRI or PIO the link above is also useful.)
Many think it is ok because they have technically leased the property. Please read Q8 and note the words "not exceeding 5 years".
As many of you know I came close to investing in Goa and was not made aware of any problems until I did my own research and found this from the RBI. I then contacted a Goan lawyer who emphasised that I could not own property in Goa. I went to a very reputable agent who was advertising property in Goa and pretended I was interested. I got back the warning that I should only invest in Goa if I was prepared to lose everything. They said that those with big property portfolios will take the risk in the hope that the legal situation will change but the agent would not let newcomers to property buying invest there.
I am not speaking with my mods hat on here just as a member. To those who have bought I really hope everything works out for you- I just didn't want to take the risk.
http://www.telegraph.co.uk/property/main.jhtml?xml=/property/2006/08/05/pgoa105.xml
These are the links provided by deutchesafrikar12 on the Goa forum.
I also will link to the RBI again as I think it is vital that people read this information before buying a property in Goa.
http://www.rbi.org.in/scripts/FAQView.aspx?Id=33
The following applies to foreign nataionals of non-Indian origin. (If you are a NRI or PIO the link above is also useful.)
Many think it is ok because they have technically leased the property. Please read Q8 and note the words "not exceeding 5 years".
As many of you know I came close to investing in Goa and was not made aware of any problems until I did my own research and found this from the RBI. I then contacted a Goan lawyer who emphasised that I could not own property in Goa. I went to a very reputable agent who was advertising property in Goa and pretended I was interested. I got back the warning that I should only invest in Goa if I was prepared to lose everything. They said that those with big property portfolios will take the risk in the hope that the legal situation will change but the agent would not let newcomers to property buying invest there.
I am not speaking with my mods hat on here just as a member. To those who have bought I really hope everything works out for you- I just didn't want to take the risk.
As of today it is now a requirement to have a business visa in order to open an indian company, and anyone who has opened a company purely to buy property will be under scrutiny
Hapi - where does it state this as we've read the Master Circular from the RBI on the 1st July and it doesn't state that anywhere - or we've missed it.
Has anybody else set up an Indian company on a tourist visa and recently been called to the Police Foreigners Registration office to give all the paperwork regarding the company set up and visa's etc. The Superintendent had a stack of companies set up by foreigners on tourist visa's on her desk as long as her arm - she has to write a report on them all and then forward them to the Goa Home Department. She has no idea what action will be taken and when.
The worst thing about it all is that they are trying to blame the advocates when it was company house that set up our company with copies of our tourist visa knowing full well we were on them. Somebody should have prevented the company set up at that stage or told us that you are not able to set up a company on a tourist visa so how are we to know. Our company advocate still swears we have done nothing illegal by setting up a compnay with business purposes on the 100% tourism route. No prior permission is needed from the RBI. We shouldn't have officials and police worrying and hassling people now (we had one hour to get to Panijim with all our paperwork from Calangute!).
We've met countless people over the last month who are selling up, had come to invest but have changed their minds and are sick of the daily harrassment in the papers -- removed --
-- Edited by MarkJ to remove libellous comments --
Hapi - where does it state this as we've read the Master Circular from the RBI on the 1st July and it doesn't state that anywhere - or we've missed it.
Has anybody else set up an Indian company on a tourist visa and recently been called to the Police Foreigners Registration office to give all the paperwork regarding the company set up and visa's etc. The Superintendent had a stack of companies set up by foreigners on tourist visa's on her desk as long as her arm - she has to write a report on them all and then forward them to the Goa Home Department. She has no idea what action will be taken and when.
The worst thing about it all is that they are trying to blame the advocates when it was company house that set up our company with copies of our tourist visa knowing full well we were on them. Somebody should have prevented the company set up at that stage or told us that you are not able to set up a company on a tourist visa so how are we to know. Our company advocate still swears we have done nothing illegal by setting up a compnay with business purposes on the 100% tourism route. No prior permission is needed from the RBI. We shouldn't have officials and police worrying and hassling people now (we had one hour to get to Panijim with all our paperwork from Calangute!).
We've met countless people over the last month who are selling up, had come to invest but have changed their minds and are sick of the daily harrassment in the papers -- removed --
-- Edited by MarkJ to remove libellous comments --
I don't own or plan to own in Goa, but found this piece interesting.
GFF xx
http://oheraldo.in/node/17619
GFF xx
http://oheraldo.in/node/17619
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