The Union Cabinet on Wednesday Aug 31,2016 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 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.
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.
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