On Wed, 2/4/15, Jose wrote: Dear Mervyn, True.....in the West as it is in the non-West, it always is Caveat Emptor (Buyer Beware) Please advise HOW DIFFERENTLY you, Mervyn, would conduct due diligence from the illustrative case infra: The year is 1997. You visit Goa on a holiday...Fall in love with it. Decide to invest the saved up amount into that little hotel which is for sale (Happens when one is on Holiday) So, you check with a lawyer. He does the search. The title is clear. The construction has had approval from civil authorities. You get word from your lawyer that you. Would be fine to purchase this property. In circa 2000, You organise to transfer a substantial amount of funds from (say) the UK. This, obviously, has to be an official bank transfer – which (obviously) would need Reserve Bank approval. The money is paid .......... ( like in the case of many other non-citizen Goans who bought apartments in Goa before the PIO or OCI became available ) jc ps.......a story from similar times.. http://www.colaco.net/1/alexia.htm ---------------------------------------------------------------------
Doc Colaco, I am replying from Toronto where the temperature outside is -10 C and there is 10cms of snow on the ground. I am in Toronto because I have already lived at sunny, “Zimbabwe by the Sea.” In fact, one of the first “Zimbabwe’s by the Sea” as one fine morning in the1960’s, I woke up to find out that the Tanzanian Govt had nationalised our house in Zanzibar. A house with all the legal documents from the govt and which had been in the family for 50 years. Ever since, people have fled Zanzibar, Zimbabwe, etc., etc. to places where there is law and order. People who make the trek in the opposite direction, taking their assets from places of law and order and investing in corrupt places, are of little interest to me. I know what is going to happen next. Given the history of corrupt practices in the developing world, I find it difficult to sympathize with them when they return with their laments of misadventure(s). Such people need to go directly to their govts for help, and in the case of Britain, I feel that the British Govt is doing an adequate job representing them. For example, the Brits have sent a clear message to the corrupt in Goa that they better think twice before fooling with British citizens there. What IS of strong interest to me, however, is how those living in Goa have to battle corruption. One of our Goanetter’s is currently running for elections in Panjim. His platform is to clean up govt. I am more interested in his efforts than the crying of any British citizen. Lastly, to answer your question, I would advise anyone who asks, not to invest outside the country where they reside. In fact, don’t even think about it. Mervyn
