Can Foreign National lease or buy property in Goa / India?
A Foreign National does not require Reserve Bank Of India (RBI) permission for leasing immovable property in India for a period not exceeding five years. Thereafter, the lease can be renewed for a further period of five years continuously on roll over basis. It is important to lease property from trustworthy developers who have a proven track record.. During the term of the lease, the lease itself can be converted into a Sale Deed if the Foreign Nastional is resident in India. From the FEMA angle, a person resident in India means a person residing in India for more than one hundred eighty two days during the course of the preceeding financial year (April-March) and who has come to or stays in India either for taking up employment, carrying on business or vocation in India or for anyother purpose, that would indicate his intention to stay in India for an uncertain period. In other words, to be treated as ‘a person resident in India’ under FEMA a person has not only to satisfy the condit
