India offers residence visa to woo investment

The Dollar Business Bureau

The government said it will grant Permanent Residency Status (PRS) to foreigners who will invest Rs.10 crore ($1.5 million) in the country.
According to the new scheme, investors need to invest Rs.10 crore ($1.5 million) in the Indian economy or Rs.25 crore ($3.75 million) over the next three years to avail of this scheme.

With this new announcement, the government plans to attract more investments in the Indian economy and further facilitate Narendra Modi-led Make in India initiative.

In return, India will allow a 10-year visa to the investors and residency for their children and spouse. They will also be allowed to buy a home for dwelling purpose.

The PRS holder and their spouse or dependents can take up jobs in private sector industry, through reduction of salary stipulations for employment visa, and can also take up studying in India.

The scheme, however, will not be available for Pakistani and Chinese citizens.

Prime Minister Narendra Modi had earlier this year announced an overhaul of foreign ownership regulation with an aim to attract overseas investment.

Currently, foreigners need to re-register every year - which results in a plethora of paperwork - and they usually need a sponsor.

The PRS will be allowed for a period of ten years with multiple entries. It can be reviewed for another ten years, in case there is no adverse notice against the PRS holder.

The benefits of this scheme will be extended only to foreign investors, who fulfill the eligibility conditions for themselves and their spouse and dependents.

“Cabinet approves grant of Permanent Residency Status for Foreign Investors, except those from Pakistan subject to conditions, this will facilitate investment and Make In India imitative,” the Union Information and Broadcasting and Urban Development Minister M Venkaiah Naidu said in a series of tweets.