Bollywood is going places and so are its denizens. Celebrities, who often end up staying away from their homesfor most part of the year, have apparently now started investing in properties abroad.
Actor Shah Rukh Khan has reportedly bought an apartment in Central London’s posh Park Lane area for a whopping £20 million, the highest ever paid by any Bollywood actor for a property abroad.Khan has a villa in Palm Jumeirah, an exclusive man-made island off the coast of Dubai, which apparently has been gifted to him and also apparently as an avenue named after him on the island of Al Dana in Ras Al Khaimah in UAE.
The other Khan rumoured to have a property in Dubai is Salman, who’s also known to make frequent trips there for the same.
Actress Mallika Sherawat, who frequents Los Angeles, has also reportedly purchased a property there.Star couple, actors Saif Ali Khan and Kareena Kapoor, who are known to take off to Switzerland every time they get a break, have reportedly splurged on a chalet there. Actress Shilpa Shetty , who is married to a UK based businessman, Raj Kundra too had earlier expressed an interest to invest in a house in UK. She had said, “I do intend to buy property there. It’s a matter of practical convenience. If I’m going to be spending a large chunk of my time there I might as well get my own apartment in London, right? Far more practical than staying in a hotel.”
A leading real estate agent from Mumbai says, “Parents of rich kids who are studying in London, often invest in property there. Besides that it is Indians with business interests investing in properties. New York, London and Manhattan are the other favourite destinations.” Sandeep Sadh, CEO of a real estate website, explains, “One needs to have a plan and be internationally travelled and well-versed with the country you want to invest in. There are a lot of things that need to be kept in mind – purpose, country laws and permissions.
For instance, no foreigner is allowed to buy or invest in property unless he/she gets a sanction from the RBI. Similarly, each country has its own rules. Canada, which is a sparsely populated country welcomes people to invest in property but they too have a certain set of law.Buying properties is not that difficult but understanding the taxation system is of prime importance.”
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