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India Approves Permanent Residency Status for Foreign Investors

September 2016, 14
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India Approves Permanent Residency Status for Foreign Investors
According to a media release by the Union Cabinet, the Indian Government has approved a new scheme called Permanent Residency Status (PRS) for foreign investors. This program is introduced as part of rules mentioned in the Foreign Direct Investment (FDI) policy. 

Earlier this month, under the chairmanship of Indian Prime Minister, Mr Narendra Modi, ‘the Union cabinet approved the PRS scheme.’ The appropriate provisions related to the program will be included in the Visa Manual. 

The major conditions for this scheme are, the foreign investor must employ at least 20 Indians, by investing a minimum of Rs. 10 crores in 18 months or Rs.25 crores in 36 months.

Under this Scheme, foreign nationals will be granted a 10-year multiple-entry visa and would be renewed for another ten years, if the beneficiary does not receive any adverse notice. 

The PRS scheme is exclusively for the foreign nationals who fulfill the requirements. Principal applicant’s spouse and dependents also come under the purview of the scheme. The spouse can take up employment in any private sector. The PRS holder can also buy residential property for their dwelling in India. 

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