In a bid to attract more overseas funds, the government today approved a new policy that promises granting residency to high net-worth foreign nationals.
As per the decision of the Union Cabinet, chaired by PM Narnedra Modi, foreign investors bringing in at least Rs 10 crore capital will be eligible for residency status, easier visa regime and employment for family members among other benefits.
"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 told media after the meet.
The scheme is expected to encourage foreign investment in India and facilitate the Make in India programme. Under the scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of permanent residency status to foreign investors.
An official statement said permanent residency status will be granted for a period of 10 years with multiple entries. This can be reviewed for another 10 years if the holder has not come to adverse notice.
The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents.
"In order to avail this scheme, the foreign investor 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. Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year," the statement said.
The permanent residency status will be granted for a period of 10 years initially with multiple entry facility, which can be renewed for another 10 years.
The status will serve as a multiple entry visa without any stay stipulation and holders will be exempted from the registration requirements.
This status holders will be allowed to purchase one residential property for dwelling purpose. The spouse/ dependents will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.
With PTI Inputs