Home in abroad/froeign land

If you are looking at purchasing a home abroad, there are a number of options, says Sonal Sachdev

If you aren’t from Uttarakhand, you can’t buy property in the State even if you are an Indian citizen. In Himachal Pradesh, which has relaxed its earlier law, you are only restricted from purchasing agricultural land now. But Goa is considering restricting land and property purchases by foreigners and outsiders to ‘protect the interests’ of natives, for whom realty prices are becoming unaffordable. In contrast, there are several overseas destinations that allow complete freedom to foreigners in buying immovable assets. The U.S. and the U.K. don’t impose any restrictions on foreign investors buying property. Some countries even throw in free residency for life or a specified number of years. 

Given the options available, it just seems unwise not to explore buying homes (or second homes) in distant shores away from your homeland — especially if you are looking to retire soon. Frequent advertisements in the dailies on properties available for sale in Dubai are just a pointer to potential options. Buying a house in Dubai entitles you to a citizenship there. Malaysia, Seychelles and Mauritius too offer citizenship to property buyers. The quality of developments across many of these locations is of a very high order.

The choice of your new home destination has to be determined by several factors, the cost of property being just one of them. Once you have decided on your affordable choices, the laws of the land (ease of sale and exit, residency rules), the climate, language, social life and amenities, key infrastructure (power, water, transport, healthcare, communications), cost of living and safety are some primary factors to consider. For instance, incidents of hate crimes against Indians in the “land down under” have diminished the allure of Australia as a relocation destination for Indians. Why go where you aren’t welcome? 

As far as language goes, though, adjustment may not be too difficult for English-speaking Indians. Consider this, even in India there are regions where you can’t get by using Hindi or English. If you don’t know the native language, the going can be tough in small towns and semi-urban areas. Also, as far as regulatory processes go, land and property records and related documentation are all in the native language of the state in India, so unless you can read the language you won’t know whether the seller’s name is correct or if the documentation is in order. To get around these hurdles, we usually engage the services of a local advocate and/or realty broker. The same is the case in a foreign land. So if you have the money and are willing to spend it, why not the Bahamas! 

 http://www.thehindu.com/features/homes-and-gardens/home-away-from-home/article7015270.ece?ref=sliderNews