Are you traveling to India this year? Well, that is just great. Indians are some of the friendliest and kindest people you will ever meet, not to mention that there amazing sights to see. Do not forget that as a foreign national entering India it is necessary to possess a valid tourist visa. Make sure that you get an India online visa. Thanks to the Indian Government, you can now apply for a visa from the comfort of your home. You will absolutely love South Asia. Actually, you will not be able to resist the temptation of buying a home there. You can purchase property while visiting India on a tourist visa. If you would like to know more about the subject, keep on reading.
Process of purchasing property in India
Purchasing real estate in India is one of the most rewarding and experiences from a financial and emotional point of view. There is property for every need and budget. Real estate is an investment that never ceases to grow, providing significant returns. If you ever get tired of your home in India, you can always rent it out to tourists. But why should you? You have a holiday heaven when you want to get away from it all. Now, let us talk a little bit about the purchasing process. You can acquire residential property in India. Nonetheless, you have to meet the residency requirements. More precisely, you need to stay in the country for some time to determine residential status. The tourist visa lasts for 180 days and you have to stay at least 183 days in India. The good news is that you can change your visa type. Go back home and get a residency permit.
Identify the right property
There are certain things you must do while purchasing real estate. The most important one is identifying the right property in India. You should not go at it alone. Hire a real estate agent and start your search for the perfect home. There is no such thing as right or wrong property. There is only the property that best suits your needs. Determine what you want in terms of amenities, features, and specifications. And then go house hunting. You will be happy to hear that there are various assets developing in India. You are spoilt for choice, that is for sure. See what houses meet your requirements and which ones do not. It is a good idea to take pictures. This will make the decision-making process smoother.
Transfer money to purchase property in India
All transfers that exceeds $10,000 must be declared and is subject to capital gains tax. Financial institutions are required to report all significant cash transactions. You may be asked to prove the legal source of your cash. If the income was earned overseas on your personal savings, you have nothing to worry about. If you want, you can repatriate your money to a foreign bank account. Just know that the money will be deducted as income tax.
Comments(6)