The government of India, in order to encourage more FDI, has approved a scheme for granting permanent residency status (PRS) to foreign investors.
Conditions relating to this scheme shall be specified in the FDI Policy notified from time to time.
The PRS will be granted for a period of ten (10) years with multiple entry.
PRS shall be subject to review for another 10 years if the PRS holder does not come to adverse notice.
The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents.
The investment threshold to avail this scheme, shall be an investment of minimum of Rs 100 million to be brought within 18 months or Rs 250 million to be brought within 36 months.
The proposed foreign investment should also result in generating employment to at least 20 resident Indians every financial year.
PRS holders shall also be allowed to purchase one residential property and their spouse/ dependents will be permitted to take up employment in private sector and undertake studies in India.
About the author :
Bhumesh Verma is a Corporate Lawyer with over 2 decades of experience in advising domestic and international clients, with a place in "The A-List - India's Top 100 Lawyers" by India Business Law Journal. He keeps writing frequently on FDI, M&A and other corporate matters. He can be reached at firstname.lastname@example.org.