Emulating Singapore-model, India will offer residency permits of up to 20 years to foreigners willing to invest a minimum threshold in the country, under a new policy aimed at attracting more overseas investments.
The Cabinet, headed by Prime Minister Narendra Modi, approved a proposal to allow foreigners get 10 year residency permits if they invest Rs 10 crore over 18 months or Rs 25 crore over three years. The residency status can be extended by another 10 years.
Investors would also be allowed to buy one residential property and their spouses and children can work or study here. However, this scheme would not be available for Pakistani or Chinese citizen.
"A certain threshold if you invest in India, then the availability of visa, the availability of the right to purchase assets, the availability of employment for family members, there is a detailed policy that has been approved by the Cabinet today," Finance Minister Arun Jaitley said after the meeting.
The scheme is expected to encourage foreign investment in India and facilitate Make in India Programme. Under the Scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors.
An official statement said permanent residency status will be granted for 10 years with multiple entry. This can be reviewed for another 10 years if the holder has not come to adverse notice.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
