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Govt gives resident status to foreign investors
NEW DELHI : The Cabinet on Wednesday approved a plan to allow foreign investors to settle, emulating a policy in countries such as the US and Singapore to woo investment
Published on: Sep 1, 2016, 06:51:36 IST
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NEW DELHI : The Cabinet on Wednesday approved a plan to allow foreign investors to settle, emulating a policy in countries such as the US and Singapore to woo investment from abroad.
The proposal was mooted in the Union Budget.
To be allowed to settle, foreigners need to invest ₹10 crore ($1.49 million) over 18 months, or ₹25 crore over three years, resulting in jobs for at least 20 resident Indians every fiscal, the government said.
Those who meet the criteria would be eligible to stay for 10 years. The residency permit can be extended by a decade.
Up to now, such investors have been eligible for business visas lasting up to five years.
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