Permanent residency in India to foreign HNIs

Permanent residency in India to foreign HNIs

Permanent residency in India to foreign HNIs

The Union Cabinet on Wednesday approved giving permanent residency certificate (PRS) to foreigners up to 20 years, if they invest Rs 10 crore in 18 months, or Rs 25 crore over a period of three years.

Investors would also be allowed to buy one residential property and their spouses and children can work or study here. However, this scheme would not be available to Pakistani or Chinese citizens.

“The PRS will be granted for a period of 10 years with multiple-entry. This can be reviewed for another 10 years if the PRS-holder has not come to adverse notice,” an official statement said after the Cabinet meeting.

Uptil now, such investors were eligible for business visas lasting up to five years. The new scheme is on the lines of Singapore where the government hands out permanent residency to high net-worth individuals.

The Cabinet approval comes close on the heels of the government unveiling sweeping reforms to rules on FDI, clearing the way for firms like Apple to open stores and also easing norms for civil aviation to pharmaceuticals.

The new rule also allows spouses or dependents of the PRS holders to take up employment in the private sector and undertake studies.

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 PRS to foreign investors.