India has decided to welcome foreign nationals who are willing to make significant investments in India by granting long term, hassle free residence rights in India. Nationals of certain countries may not avail of this scheme.
The information available to the public at present refers to this as "permanent residence status," but what is being offered is an initial residence status of 10 years followed by an extension of another 10 years. It is not clear whether further extensions will be permitted.
The "permanent residence status" will be granted to foreign investors for up to 20 years allowing multiple visits is meant to encourage job creation in the country. The benefit under the foreign direct investment policy is available to investors who will bring a minimum of Rs. 10 crore (about US$ 1.5 million) and generate 20 jobs every year, said an official statement issued after the union cabinet chaired by Prime Minister Narendra Modi took the decisions.
The minimum investment required under this scheme could be either Rs. 10 crore (about US$ 1.5 million) in 18 months or Rs. 25 crore (US$ 3.6 million) in 36 months. "The permanent residence status" will serve as a multiple entry visa and the investors will be exempt from FRRO/FRO registration requirements. They will be allowed to purchase one residential property for their personal use and their deponents will be allowed to take up employment in the private sector or studying in Indian educational institutes.
Details about the process, category or type of qualifying investments, date on which this scheme will be available etc. are not yet available. It is also not clear if the dependent spouse will be subject to current employment visa criteria to be able to work in India.
Further, under current regulations most foreign nationals could qualify for naturalization as an Indian citizen after staying in India for 12 years in qualifying long term status with certain stipulations on continuous stay and language requirements among other things. We were unable to determine whether foreign nationals residing in Indian under this "permanent residence status" would qualify for naturalization.
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