Express hot tips: Realty hotspots abroad
According to the Foreign Exchange Management Act (FEMA) a person resident in India can acquire property abroad by way of gift or inheritance from a person residing outside India. The Indian resident can also buy immovable property outside India during the duration of his employment in that country.
FEMA also allows the Indian resident the liberty to remit up to $200,000 per financial year, which also helps the person with cash much needed to buy the dream property outside India. That means a couple can invest $400,000 abroad. Let us examine three popular cities where Indians are buying property: Dubai, London and Singapore.
Dubai is an all-time favourite with Indians, owing to its proximity to India, as it is inflation-resistant, and the ease of buying property across all income levels. According to the Real Estate Investment Promotion and Management Centre at the Dubai Land Department, Indian investors have bought a total of 2,153 properties valued at Rs 5,670 crore (3.751 billion dirhams).
Areas like Jumeirah, Downtown Dubai and Marina are among the country’s most popular and upscale locations. A 1,500-sq ft apartment in Downtown Dubai costs Rs 3-4 crore.
You need four main documents: a copy of your passport, proof
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