India has announced new investor visa program, giving a 10 year permanent residency to wealthy foreign investors who invest $1,500,000 (Rs 10 Crore) in India for and the investment must create atleast 20 jobs for indians. The PR can be easily renewed for another 10 years thereafter. India is currently an emerging market with growth expected 5% of GDP every year, with foreign reserves $365 billion and 66% of GDP as public debt.
Currently, all foreigners who want to stay in India for more than 180 days, must register with indian immigration authorities.
Indian Prime Minister, Narendra modi announced this news in his website
Cabinet approves grant of Permanent Residency Status to Foreign Investors.
The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved the scheme for grant of Permanent Residency Status (PRS) to foreign investors subject to the relevant conditions as specified in the FDI Policy notified by the Government from time to time.
The scheme is expected to encourage foreign investment in India and facilitate Make in India Programme. Under the Scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors.
The PRS will be granted for a period of 10 years with multiple entry. This can be reviewed for another 10 years if the PRS holder has not come to adverse notice. The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents. In order to avail this scheme, the foreign investor will have to invest a minimum of Rs. 10 crores to be brought within 18 months or Rs.25 crores to be brought within 36 months. Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year.
Permanent Residency Status will be granted for a period of 10 years initially with multiple entry facility, which can be renewed for another 10 years. PRS will serve as a multiple entry visa without any stay stipulation and PRS holders will be exempted from the registration requirements. PRS holders will be allowed to purchase one residential property for dwelling purpose. The spouse/ dependents of the PRS holder will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.
India currently offers tourist e-visa to citizens of these countries. The e-Tourist visa allows one single visit for a stay of up to 30 days in India. A maximum of two online visas can be issued within one year.
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Indian citizenship can be acquired by foreigners after 12 years of legally living in India.
It is not really clear, despite investing $1.5 million, this program will interest foreign entrepreneurs and that too just for residency, not even citizenship. The amount is still too high, if anybody has 1 million dollars, they can go apply for citizenship in Malta (European nation).
According to Henley and Partners Passport Rankings 2016 , Indian passport is ranked 85th passport in the world in passport rankings (Top 19th worst passport in the world) giving visa free access to Indians for only 52 countries.
