Doesn’t matter which part of the world Indians live in, their heart always resides in India. Buying a property in India has not only been an emotional decision but a quite fruitful in terms of financial gains for many of our NRI friends. But not many are familiar with the legal structure in place that allows NRIs to invest in India. The Reserve Bank of India allows NRIs and PIOs to buy immovable property in India under general permission. To help you understand better we have split the RBI guidelines in following points.
* To qualify as a NRI, one needs to be an Indian Citizen who stays abroad for employment/carrying a business or vocation outside India, or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad as a non-resident.
* A foreign national can acquire a Person of Indian Origin(PIO) status if
o You have held an Indian passport at any time. OR
o Your father or paternal grandfather is/was a citizen of India.
For further information we suggest you contact an Indian Consulate in your country.
* If you meet either of these two above mentioned conditions you are able to purchase immovable property in India. But this permission ONLY extends to residential and commercial properties and NOT for agricultural property. However there are no restrictions on the number of residential/commercial properties that can be purchased.
“This is a summary of the Government’s regulations. Contact us for the personalized advice relevant to your case”
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