Indian government brings permanent residency policy for foreign investors
The cabinet note stated, “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
New Delhi: In a landmark decision to boost foreign investments in the nation, the Government of India has introduced a major policy change by approving the scheme to grant Permanent Residency Status (PRS) to foreign investors.
The Union cabinet headed by Prime Minister Narendra Modi, on Thursday, decided to grant residency status to foreign investors subject to relevant conditions.
The cabinet note stated, “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.”
Permanent Residency Status (PRS):
- The PRS will be granted for a period of ten years with multiple entry facilities which could be renewed for another 10 years if the visitor has not come to adverse notice.
- To avail this facility the foreign investor will have to invest a minimum sum of rupees 10 crores within a period of 18 months or rupees 25 crores to be brought within 36 months.
- The investment done by the investors should result in generating employment, for at least 20 Indian residents, every financial year.
- PRS will serve as a multiple entry visa without any stay stipulation. The PRS holder will be exempted from the registration requirements.
- The PRS holder will be allowed to purchase one residential property. Their spouse or dependents would be allowed to undertake studies in India and to take up employment in the private sector.
- This policy does not stand for Pakistan and Chinese investors.
By bringing this policy India has joined the line of US, Canada and UK which grant this status to foreign investors in return for their investment.