New Delhi: The Union Cabinet has approved a policy to grant permanent residency to foreign investors bringing in at least Rs 10 crore capital in a bid to attract more overseas funds.
Permanent residency status will allow investors to enter India multiple times without any stay stipulation, allow them to buy residential property and their spouses to take up employment in private sector or study in India without employment or student visa.
"A certain threshold if you invest in India, then there will be 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 today," Finance Minister Arun Jaitley said after the Cabinet meeting.
The Cabinet imposed eligibility conditions after the Union Ministry of Home Affairs had moved a cabinet note on permanent residency for foreign investors.
To get a permanent residency status, the investor should make a minimum investment of Rs 10 crores within 18 months or 25 crores within 36 months. The government also specified that the investor can avail of the benefits only if his investment generates employment for at least 20 resident Indians every year.
The permanent residency status will be granted initially for 10 years and can be renewed for another 10 years subsequently. The benefits of this scheme will be available to the investor, their spouses and their dependents.
Jaitley had announced in this year's budget that as part of Modi government's Make in India policy, foreign investors will be given incentives like permanent residency if they invest in the country.
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