20-year permit for investors, study and work visas for kin

In a significant step to woo foreign investors on a long-term basis, India will offer residency permits of upto 20 years to foreigners willing to invest a minimum threshold, in a bid to attract more overseas investments.

The Union Cabinet, at a meeting chaired by Prime Minister Narendra Modi, on Wednesday approved a proposal to allow foreigners get 10-year residency permits if they invest Rs 10 crores over 18 months or Rs 25 crores over three years. The residency status can be extended by another 10 years.

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

“A certain threshold if you invest in India, the availability of visas, the right to purchase assets, employment for family members... a detailed policy was approved by the Cabinet today,” finance minister Arun Jaitley said. It is expected to encourage foreign investments in India and facilitate the “Make-in-India” programme.

Permanent residency status will be initially granted for 10 years with multiple entry, and this can be extended for a further 10 years if the holder has not drawn any adverse attention. PRS holders will be exempt from registration requirements.