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In an effort to grease the tracks for foreign investments, India has decided to grant Permanent Residency Status (PRS) to foreign investors who meet some set criteria in respect of minimum investment and employment generation.
The Union Cabinet on Wednesday approved the scheme that will allow foreign investors who qualify for PRS status and their families multiple entry into the country for a maximum of 20 years without any stipulation governing their stay.
They will also be exempted from registration requirement and given the right to purchase one residential property to live in.
Similar to Singapore, HK The scheme is in line with similar incentives offered by jurisdictions such as Hong Kong and Singapore, which are among the top investment destinations in the world.
“In order to avail this scheme, the foreign investor will have to invest a minimum of ₹10 crore within 18 months or ₹25 crore within 36 months,” an official release said.
“Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year,” the release added.
The spouse and dependants of the PRS holder will be allowed to take up employment in the private sector (under relaxed salary stipulations for an employment visa) or undertake studies in India.
While the PRS will be granted for 10 years, it can be reviewed for an additional 10 years if the PRS holder does not come to “adverse notice”.
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