Goa: India's Small Wonder

Located some 360 miles south of Bombay, lies Goa -- India's smallest state with the most to offer. With its major port on the Arabian sea and an emerging tourism industry for an increasingly wealthy clientele, Goa is one of the world's premier investment destinations for the years to come. As a result, it has become the country's richest state by gross domestic product per capita and its economy is growing at an astounding 8% annual rate.


Despite recent economic growth, Goa's chief city Vasco da Gama and its capital Panaji are not your typical Indian boomtowns. With under 100,000 people each, both cities are bereft of high density, skyscrapers, and congestion--and that's what makes Goa so attractive.


Business Opportunities in Tourism:

Goa is the place to wince the wealthy, young, and hip flock for the beaches, fun, and serenity. Although the state's pristine beaches are its main attraction, shopping, golf, and historical sites drew nearly 3 million visitors last year. What's unique about Goa is its diverse architecture that includes that several World Heritage sites like the Mahalsa Hindu temple, the Portuguese Basilica of Bom Jesus, and the breathtaking gothic-revival Bombay High Court of Goa. Tourism is Goa's mainstay but much growth is to be expected with the rise of the Indian middle class and Goa's increasing awareness abroad.


Business Opportunities in Offshore Gambling


Similar to riverboat and cruise gaming, Goa has begun a new industry in offshore casinos. Goa is the only place in India that allows casino gaming. Thus far, there are 5 ships that offer it, but Goa's Chief Minister Digamber Kamat, has hinted at the opportunities for more. Remember, Goa state officials are actively competing with China's casino mecca, Macau. If they're successful at attracting Indians who gamble in Nepal and Persian gulf tourists who frequent Macau, then
Goa can expect to reap tens of millions of visitors annually.


Investment Properties


While much of the world endured two or more years of declining home sales and prices, Goa has recently seen a surge in interest, mainly from expats and retirees who find it too cheap and too scenic to pass up. Before thinking of buying properties in Goa, be prepared and fully aware of foreign property ownership procedures:


- Foreigners should obtain a 6-month visa and plan on actually staying for 180 days.

- Next, you must return to your native country and request a 5-year residential visa through the Reserve Bank of India (RBI).


- Finally, upon approval, you may return to India and purchase your property.


Individuals otherwise cannot own property in Goa without having taken these steps. So the sooner you get started, the closer you are to owning a piece of this paradise.


Goa is truly a unique place and can provide you with great investment opportunities. Although Goans are known to be both peaceful and hospitable, there is a growing sentiment against foreign property ownership as well as offshore casinos. While both are still allowed, we thought it was important that you were fully aware of what's going on so that you could make the best decision.


Photos courtesy of: Goa Tourism Development Corp.