India Grants Permanent Residency Status to Foreign Investors

Posted on : 20-09-2016 | Back | Print
The Government of India announced a scheme for grant of Permanent Residency Status (PRS) to foreign investors to encourage foreign investment in India and facilitate Make in India Programme on 31st August, 2016. To become eligible under this scheme, the foreign investors should invest a minimum of Rs. 100 million within 18 months or Rs. 250 million within 36 months and their investment should result in generating employment to at least 20 resident Indians every financial year. The spouse and dependents of the eligible foreign investors will also be covered by this scheme.

The PRS will serve as multiple entry visa without any stipulation of stay. It will be granted for a period of 10 years initially, which can be renewed for another 10 years. PRS holders will be exempted from registration requirements. They will be allowed to purchase one residential property for dwelling purpose. The spouse and dependents of the PRS holder will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.

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