Buying in Goa
  • Reserve Bank of India Rules for Non-Residents
  • Home Finance for NRIs & PIOs
  • Buying Process
  • Typical Payment Schedule for Off-Plan Property Purchase
  • Realty Goa Charges

Rules Governing Property Purchase in Goa by Non-Residents.
Rules pertaining to purchase and ownership of immovable property in India are governed by the Reserve Bank of India. A summary of the current prevailing laws are enumerated below. Click here to view full details on Reserve Bank of India's official website.

Rules for NRIs (Non Resident Indians) and PIOs (Persons of Indian Origin)

  • A NRI is defined as a person resident outside India who is a citizen of India.
  • A PIO is defined as a person who has at any time held an Indian passport, or whose father or grandfather has been a citizen of India.
  • NRIs & PIOs are permitted to purchase any number of residential/commercial properties in India. No special permission or filing of documents is required with RBI.
  • Under the general RBI permission available to NRIs & PIOs, funds must be remitted to India through normal banking channel or funds held in his NRE / FCNR (B) / NRO account. No consideration should be paid outside India.
  • The NRI / PIO may repatriate the sale proceeds of immovable property in India acquired by way of inward remittance through normal banking channels or by debit to NRE /FCNR (B) account. The amount to be repatriated should not exceed the amount paid for acquisition of the immovable property. Repatriation of sale proceeds of residential property purchased by NRI / PIO out of foreign exchange is restricted to not more than two such properties. Capital gains, if any, may be credited to the NRO account from where the NRI/PIO may repatriate an amount up to USD one million per financial year subject to tax compliance. See RBI website for more details.

Rules for Foreign Nationals of Non-Indian Origin

  • Foreign Nationals are permitted to lease property in India for a period of up to 5 years without the need for any special permission from the Reserve Bank of India.
  • Foreign companies who have been permitted to open an office in India are also allowed to acquire any immovable property in India, which is necessary for or incidental to carrying on such activity. This stipulation is not available to entities which are permitted to open liaison offices in India.
  • Though RBI rules allow a foreign national who is a Resident of India (i.e. one who has completed more than 182 days stay in India in the previous financial year) to buy property, the rule also states that "... the person concerned would have to obtain the approvals, and fulfill the requirements if any, prescribed by other authorities, such as the concerned State Government". We DO NOT advise foreign nationals to attempt to purchase property in Goa via this route at the moment.
  • (Please refer the RBI Website for full details)