In a major policy change aimed at making life easier for overseas investors and making India a more attractive investment destination, the Centre on Wednesday decided to grant permanent residency status for 10 years to foreign investors.
In doing so, India joins countries like the US, and Canada. The American EB-5 visa is almost fully subscribed, largely by Indian and Chinese millionaires.
The Union Cabinet decided to grant the status to foreigners if they invest Rs 10 crore over 18 months or Rs 25 crore over three years. The status 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. No registration requirements would be mandated. During this period, investors would be allowed to buy one residential property and their spouses and children would also be allowed to work or study in India. The scheme would, however, not be available for Pakistani and Chinese citizens.
The move to grant PR status followed several complaints from companies and investors who grudged the lengthy process to obtain a visa, which were often for short duration. To address the concern, the government announced the plan in the budget and followed it up with the Cabinet decision on Wednesday .“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,“ finance minister Arun Jaitley said after the meeting.
Hindustan News 01/09/2016: http://epaper.livehindustan.com/