With the aim of increasing foreign investment, the Government of India has proposed a special residency program by which foreign investors will be allowed to live in India under a “permanent residency status”.
To be eligible, foreigners will be required to invest $1.5 million over 18 months, or $3.7 million over three years, and create jobs for at least 20 resident Indians every fiscal year. Overseas investors will be allowed to buy one residential property, and spouses and children will be permitted to work or study. Those who meet the criteria will be eligible to stay for 10 years. This residency permit can be extended by a decade, reports Reuters.
The government has pointed to a 23 percent rise in foreign direct investment to $55.5 billion in the fiscal year to March as proof its policies are gaining traction.
