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
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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In response to growing demands to introduce dual citizenship from its overseas diaspora,
India introduced the concept of the person of Indian origin (a "PIO") in 2002 and an overseas
citizen of India (an "OCI") in 2006 as categories of persons who enjoy certain legal rights in
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