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Foreign investors can get permanent residency for Rs10 crore

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The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved a scheme to grant Permanent Residency Status (PRS) to foreign investors who invest a stipulated minimum amount in the country.

Foreign investors will have to invest a minimum of Rs 10 crore to be brought within 18 months or Rs 25 crore to be brought within 36 months to avail of the scheme. The foreign investment should also result in generating employment to at least 20 resident Indians every financial year.

The PRS will be granted for a period of 10 years with multiple entry, and can be reviewed for another 10 years if there is no adverse notice against the PRS holder. The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, and his or her spouse and dependents.

PRS will serve as a multiple entry visa without any stay stipulation and PRS holders will be exempted from registration requirements. PRS holders will be allowed to purchase one residential property for dwelling purpose. The spouse or dependents of the PRS holder will be allowed to take up employment in private sector, through relaxation of salary stipulations for Employment Visa, and undertake studies in India.

The scheme is expected to encourage foreign investment in India and facilitate the Make in India Programme. Suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors under the scheme.

The grant of PRS to foreign investors under the scheme will be subject to relevant conditions as specified in the FDI Policy notified by the Government from time to time.

-source:- http://indianexpress.com/article/business/business-others/permanent-residency-status-prs-to-foreign-investorsfor-10-crore-3007129/

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