Buying homes in distant shores seem to be trend now and the frequent advertisements about properties available in Dubai, Malaysia, Mauritius etc are pointers to the options available.Most of these countries offer citizenship to property buyers.The quality of developments across many of these locations is of a very high order.
In India, if you aren’t from Uttarakhand, you can’t buy property in the State even if you are an Indian citizen. In states like Himachal Pradesh, which has relaxed its earlier law, one can not buy agricultural land. 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.
However, several overseas destinations now allow foreigners to invest in immovable assets. The U.S. and the U.K. has no restrictions on foreign investors buying property and some countries even throw in free residency for life or a specified number of years.
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.
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, 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 an advocate and/or realty broker.
So if you have the money and are willing to spend it, why not the Bahamas!
Source : The Hindu