Invest Rs.10 crore, get Indian residency
In a policy aimed at wooing foreign investors, the Indian government announced that foreign investors bringing in a minimum of Rs.10 crore capital will be be eligible for permanent residence status. To avail this scheme, the investment needs to be at least Rs.10 crore over 18 months or Rs.25 crore over 3 years. The permanent residency status will be granted for a 10-year period.
Business visa current provisions
Business Visa is given to individuals visiting India for business purposes like making sales, or establishing contacts, on behalf of companies outside India. Under the current provisions, business visas are granted to investors for up to 5 years or less. (US citizens can get up to 10 years) Further, the period of stay for each visit is stipulated to 6 months.
Employment generation through the scheme
The foreign investment under the said scheme should also be able to generate employment opportunities for at least 20 resident Indian citizens each financial year.
Benefits and caveats of the scheme
The permanent residency status obtained through the investment route will serve as a 'multiple entry' visa for 10 years without any stay stipulation. During this period, the foreign investors will be allowed to purchase one residential property and their spouse/dependents can work or study in India. The scheme though is not available for the Chinese and Pakistani citizens.
Other countries offering immigrant investor visas
India now joins countries like the US, UK, Canada, Australia, New Zealand, Singapore, Hong Kong, etc, which already have programs in place to grant renewable/permanent residence status in return for investment. In the US for instance it is called the 'EB-5 Immigrant Investor Program'. Entrepreneurs making a minimum of $500,000 investment and creating 10 permanent jobs qualify for the EB-5 visa.
