On Mon, 2/2/15, Marshall Mendonza wrote: The RBI guidelines on acquisition of immovable property by NRI's, PIO's and Foreign Nationals is very clear. If one has gone through it or studied it, there should be no confusion. I am appending below weblink to the guidelines and also highlighting critical points which are all self-explanatory: Extract: 8.Purchase of Immovable Property in India by a Foreign National of Non-Indian Origin resident outside India i. Foreign nationals of non-Indian origin resident outside India* are not permitted *to acquire any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India. However, they can acquire or transfer immovable property in India, on lease, not exceeding five years without the prior permission of the Reserve Bank http://rbidocs.rbi.org.in/rdocs/notification/PDFs/04MCNIP010713.pdf -------------------------------------------------------------------------------------------------
Folks, The caveat, as always, is, "Buyer beware." A person buying property in the west takes low risks, as the process involves checks by several govt and fiscal agencies. You have to pay for these services. The rewards of buying property in the west, are also low. A person goes outside this comfort zone only when the prospect of a great deal entices him to take the high risk. What usually makes matters worse, much worse, is when the buyer has not done the research on the restrictions of selling the same property [in the foreign jurisdiction.] Mervyn
