The Cabinet in India recently announced a scheme for granting Permanent Residency Status (PRS) to foreign investors. The aim of the scheme is to attract more foreign investment into India, to boost the local labor market and create more domestic job opportunities. The effective start date has not been confirmed.
To be eligible, a foreign national is required to invest:
- No less than INR 100,000,000 (around US$ 1.5 million) over a 18-month period
- No less than INR 250,000,000 (around US$ 3.7 million) over a three-year period
Nationals of China and Pakistan cannot apply for this program.
Under the new program, qualified investors will be granted an initial 10-year, multiple-entry residence permit, which can be extended up to 10 years. Currently, the government only grants the initial permit for five years.
Additionally, investors are allowed to purchase one residential property in India and their spouses and children are permitted to work and study in India. They will all be exempt from registration requirements and free to enter and exit India as required.
Crown will continue to monitor any developments and provide updates as new information becomes available.
No source available at the time of writing.
Disclaimer: The above information is provided for general information purposes only and should not be construed as legal advice. If you have any further inquiries regarding the applicability of this information, please contact Debra Beynon, Regional Immigration Manager, APAC: firstname.lastname@example.org.