India has recently announced and approved the scheme for grant of Permanent Residency Status (PRS) to foreign investors. The aim of the scheme is to attract more foreign investment into India to boost the local labour market and create more domestic job opportunities. The effective start date for the scheme is not confirmed.
To be eligible, a foreign national is required to invest not less than INR 100,000,000 (around US$1.5 million) over a 18-month period, or not less than INR 250,000,000 (around US$3.7 million) over a 3-year period. Nationals of China and Pakistan are not applicable for this new program.
Under the new program, qualified investors will be granted an initial ten year multiple entries residence permit which can be extended up to 10 years. Currently, the government only grants the initial one with a validity of five years.
In addition, investors are also allowed to purchase one residential property in India and their spouses and children are permitted to work and study in India. They all will be exempted from registration requirements and free to enter and exit India as required.
Remark: Crown will continue to monitor any developments and provide updates as new information becomes available.
Source: There is no official announcement at the time of preparing this alert.
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