The Centre came up with a move which can be a big attraction. Yes! PR for 10 years by investing in India.
Centre has decided to grant permanent residency status for 10 years to overseas investors. In a major policy change aimed at making India a more attractive investment destination for overseas investors, the Centre on Wednesday decided to grant permanent residency status for 10 years to foreign investors.
“The scheme is expected to encourage foreign investment in India and facilitate the Make in India programme,” the government said in a statement. “Under the scheme, suitable provisions will be incorporated in the visa manual to provide for the grant of PRS to foreign investors.”
The amount required for investment is Rs 10 crore over 18 months or Rs 25 crore over three years. This will allow multiple entry to visitors for 10 years, which can be extended for another 10 years if the visitor does not receive adverse notice. And no mandatory registration requirements.
The residency benefits will allow them to buy one residential property. Not available for Pakistani and Chinese citizens, the spouses and children of investors will also be allowed to work or study in India.
Such step adds India to the list of countries like, the US, Canada and the UK which grant PR status in return for investment.