Author Topic: Purchase of property by Foreign Nationals  (Read 2768 times)

Graham

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Purchase of property by Foreign Nationals
« on: January 24, 2011, 07:39:04 AM »
Elsewhere on my sites I have dealt in depth with the rules governing the purchase of immovable property by Foreign Nationals.

Despite the cautionary advice requesting people to obey the laws of India, there are those who feel that their desire to own property in Tiruvannamalai somehow nullifies the law. They of course find out differently.

However, I am now informed that the registration offices in Tiruvannamalai district have employed people whose sole job is to investigate foreign nationals and NRI's who try to register property in their name - it is about time that this happened, far too many people have been coerced into breaking the law by unscrupulous people, helped in no short measure by equally unscrupulous lawyers. Most lose both their money and property.

For those who want to do it legally, the RBI website answers most of the questions - go here http://www.rbi.org.in/scripts/FAQView.aspx?Id=33

What it does not tell you, is that you CANNOT purchase property even if you hold a resident's permit which is based upon a TOURIST VISA. You have to have applied for and been granted an 'X' visa, plus Resident's Permit and Visa Extension approved by the Central Government. You have to reside in India for at least 182 consecutive days in the tax year prior to the year of purchase and be classed as a resident at the time of purchase.

There are provsions for Business Visa holders, but the majority of those who come to Tiruvannamalai do not come here on business.

Please obey the laws of India and be safe. You are far better off renting property.

Graham (Admin)
« Last Edit: January 24, 2011, 05:15:12 PM by Graham »